All Forum Posts by: Skyler Smith

I need some advice. How important is the name of the LLC you vest your property into? Is it like naming a wifi network? Basically I'm wondering if there's a tangible difference between "Skyler's funky company LLC" and "Secured Multifamily Investments." Would potential buyers care? Would other investors care? I'm sure I'm not seeing something here, but I can't think of the negative consequences of goofy names right now. How do you guys choose your LLC names?

This is the "there are two types of people" meme. Are there two types of investors?

That's some great cash to have saved up. I got started on a house hacked 4plex, and I think that's a great foot in the door. How long do you think it'll take you to save up another $15k? If you're at a very high earning job, I would keep funneling the money into long term buy and hold assets. 

If you don't expect to get another $15k anytime soon, think about the ROI of a wholesaling direct mail campaign. A great return on a SFR or duplex is still going to be very low compared to a marketing budget for a good wholesaler. There will be work involved, but if you put a few thousand dollars into mailing postcards and picked up the phone right when it rang, you could make your money back in just a few months with little risk, and it could help give you a lot of experience. Once your marketing is going well, you'll be selling more houses and when you're ready to get into your first long term rental you'll already have the deal pipeline in place to get wholesale price for it!

Hey Deimen!

Glad to have you here. I always love to see more wholesalers! The more deals the merrier, I say :)

Welcome to Bigger Pockets Korey! 

Utah real estate is hot in a lot of markets, but 1% rule deals are littered throughout Ogden. I'm on a couple of wholesalers lists and see 2% rule multifamily deals in Ogden every couple of months. 

Even in the more conservative markets like Logan you can get the 1% rule if you wait and source the property properly. Even though there are a lot of properties on the market that are not priced at 1%, the deals are out there. 

If you're looking to reposition your portfolio, it might not be a bad time to sell the condo. Might want to look at what kind of cash flow you're getting from that as well.

Sounds great, Drew!

I started out investing part time, but it was a real challenge while working in an unrelated field full time. I'm not investing full time now, but getting my real estate license makes me full time in "real estate" and I feel that there are a ton of benefits that come from going full time.

I'm sure you'll do great with your wholesaling and flipping business, there are hungry investors here in Logan that are always on the lookout for deals! Make sure to follow up on here when you move out to Smithfield, there are a couple of investor groups that meet regularly - plus it'll be nice to meet you anyway!

Good luck with the sale of your duplex

@Gerald Bruno

Hey man, welcome! Too bad about the frustrations with your Utah property. Depending on where your property is and what it is, it might be worth selling it. SFRs are on fire in certain parts of Utah, and if you're in a rush or trouble we have some good wholesalers and flippers here as well. Lots of opportunity, so if you need someone to drive by the property and give you a hand, for sure reach out to somebody on here. BP is full of great investors and friends!

@Kyle Cluff 

This is a great question, and I agree with Blair - if you're trying to get deals under contract from sellers that are already working with agents, you've missed your chance.

I have seen some wholesalers that team up with an agent on marketing. You offering to front a lot of the money for a direct mail campaign would be a huge draw for an agent. There might be seller leads that don't want to sell to you, but could convert into listings for the agent. That type of mutual relationship could be very good, and I think many agents would work with you and be willing to write offers for you. If you had your real estate license, you could refer all of those leads for a referral fee! $$$$$

You'll be less likely to find an agent that will blast a hundred offers a week out for you, so you'd only want to get them involved after you've vetted a lead properly. Don't try to wholesale off the MLS by writing an offer on every property, unless your agent is totally on board with being "that guy."

Wholesaling can be a good foot in the door, but it takes work and it will take advertising. Read up on Utah state law, don't get mixed up in selling real estate without a license. Not all advertising costs money, but there will be time or other investments! No free lunches here. Good luck, buddy!

@Rob James I almost forgot - you might want to have an idea which property you are interested in on the Cali side before you get your Utah property under contract. One of the frustrating limitations for 1031 exchange properties is how quickly you are required to find the replacement property. Otherwise you might be required to make a hasty investment decision! 

The link in my previous post details all of the time restrictions and other important 1031 information as well.

A 1031 exchange can cross state boundaries, and from the description you've given of your Utah property it should qualify, even though you only recently approved the land. See the reference below for more info and context. :)   Where's your vacation home located?

From irs.gov:

Both properties must be similar enough to qualify as "like-kind." Like-kind property is property of the same nature, character or class. Quality or grade does not matter. Most real estate will be like-kind to other real estate. For example, real property that is improved with a residential rental house is like-kind to vacant land.

http://www.irs.gov/uac/Like-Kind-Exchanges-Under-I...

@Jared Vidales 

I'm interested if you ever ended up trying this? The two big dialers I've seen for Realtors are Landvoice.com and mojo dialer. Seems like it wouldn't be too expensive to try out.

If you tried it, what did you think??