All Forum Posts by: Ian Kuchman

Hey Guys, I'm an investor in Rochester, NY. I would like to meet-up at Johnnys at your next scheduled meeting. I used to love Johnnys, it's where I met my wife! See you July 5th. Drop a line if anything changes.

Hey Mike - I would imagine you are purchasing your property under your name in order to get better terms and conditions on your loan. I only know a couple banks who will give a commercial mortgage to a LLC (Canandaigua National), and they will want minimum 20% down. If that's the case you won't need to form an LLC until you close. I would close the deal, talk to your lawyer in the meantime, then form your LLC after you close.

There are pros and cons to any investing approach. However, if your goal is to generate enough PASSIVE income to be financially free, what is your definition of passive, and what do you want to be doing with your freedom?

Fixing and flipping properties may or may not fit within your goals.

Just a thought...

Great discussion guys. I love the idea of an abundance mentality. What goes around comes around.

Remember, this agent can repay you in the future by buy throwing a sweet investment deal your way when the time is right.

Good things.

I wouldn't offer anything more than 70% of $335k minus a potential assignment fee (say $2k) if your looking to flip it to investors. If you want to flip this at retail price then your best bet would be to do a rent-to-own deal.

I also would agree with Shaun Reilly - figure out what the numbers would look like from an investors stand point. They are going to want to know NOI, ROI, etc. So, having good estimates of your rent and expenses would be useful to know.

If the numbers look good, get it under contract and hustle. Start by going to your local REIA. Next see if anybody on BP Marketplace is interested based on your numbers.

If your goal is to cash flow rental properties then I would get as much bang for your buck as you possibly can. Put another way, leverage that $40k as much as you can.

On the other hand, if you want to fix and flip another property to pull an even higher line of credit, you could either pay cash or partner up.

I see two paths: (1) cash flow properties; or (2) fix and flip.

I've gotta say that I use Mint for my personal financing purposes. I will often just use Mint to sort my expenses and income into categories where I will then export the .cv to a spreadsheet and run my financial reports.

I think it would be pretty cool if they made a really simple and highly useful software application for Real Estate investors. Create something that is designed by the real estate investor. Anyone interested in partnering up?

Thanks Steve and Scott. I am also seeing that a lot of REIs are using QuickBooks, Excel and Google Docs. Dropbox is another good one.

If you guys haven't already, look into Evernote. It's the best thing since sliced bread. Get that installed on your browser and phone, very handy.

Kenny - I am definitely going to look into the sql and crm you refer to. Looks like it is very customizable with regards to manipulating numbers and reports to fit your needs.

Thanks guys!

I am wondering what types of software there are on the marketplace, and what function they serve to help investors. I would love to see what folks are using out there that I may be unaware of...

I guess a more specific question is, what kinds of things are people doing with QuickBooks PRO, or equivalent, besides tracking expenses and collected rent.

Is there anyone out there using a VA to perform these types of tasks?

Thanks for your feedback!

Ian

Not taking the tenant screening process seriously. I've been guilty of getting lazy and just taking the first reasonable applicant without doing any verifying...I paid...