All Forum Posts by: Kelly Byrd

Originally posted by @Bo Kim:

Hey kelly

I am in the same predicament. I live in CA and have rentals in MO and IN. I was initially hoping to open 2 llcs one in each state...May I ask what you ended up doing?

Sure! I formed an LLC in South Dakota, where the property is.

Originally posted by @Sarah B.:

• I have just moved here to Sioux Falls and am preparing to purchase my first rental here.  (I have other properties elsewhere).  Are the meetings on the 3rd Sat of every month still occurring?  I would love to be involved.  

 
From my notes on the last one (I got teleconferenced in) the next meeting is Feb 17th. 9am. 

My approach to this has been:

• Get monthly income and expense numbers from the seller. 
• Verify income with copies of leases, if there is significant other income (laundry, etc) get verification of that. 
• Verify expenses with copies of utilities bills or invoices for big items. If these don't match your model, figure out why.
• Verify the net income with tax returns.

@Aaron Q.: You should to talk to a self-directed IRA specialist about how this works and the various details. BiggerPockets has a page introducing this topic, with a list of companies who can answer questions and set up the IRA for you:
https://www.biggerpockets.com/rei/self-directed-ir...

Originally posted by @Kaleb Carsten:

@kellybyrd I'll have to check. I post it to BP occasionally but I'm not the organizer

Thanks @Kaleb, looking forward to it.

I'm out of state but got started investing in Sioux Falls last year. I'd be happy to answer whatever I can. About the RE meeting, could I call into that?

"Brandon's Code"?  I'm on the fence about PRO membership right now or waiting for the a concrete use in the future.

I'm investing in Sioux Falls from out of state, so I would like to join remotely. Maybe by phone or computer? There is another group that has posted their monthly meeting invites in the past. But I haven't seen an invite in a couple of months.

A private money lender is just someone you know or connect with. It could be a current friend or family member, a coworker. It could be also be someone you haven't met yet. Maybe someone you meet at a local REI meetup, or on BiggerPockets or somewhere else.

The requirements for this are up to you and the lender. Try to look at it from the point of view of the person who would loan you money. What would that person want to see in order to make a decision?  

I'll second the advice from others, find a deal. If you have a good deal with a plan that shows how you'll pay back a lender and several exit strategies showing you've thought thru possible complications, then finding a lender shouldn't be a problem.

@Mike Albani: So what I would do is run this thru the Bigger Pocket calculator for buy-n-hold. If there are numbers the calculator is asking for but you don't have, find out what they are, or decide on a reasonable substitute you can use. Those expenses sound low to me, but I don't know the area. The 100 acres may give you a way to force some appreciation, depending on local zoning regulations and such. Do you have an idea of what you would do with it?

You could always make an offer contingent on due diligence, verifying financials, neighborhood, zoning, etc. Then when you dig into the property if you find something you can't make work, use that contingency to back out of the deal. It's not bullet proof, you could end up in a fight over your earnest money, but it does get you under contract and able to start analyzing the actual records of the property and hopefully it all checks out and you'll close!