All Forum Posts by: Logan Eckstein

@Jonathan Greene

Ah, that makes sense. Thanks

Hello, everybody!

I'm about to start investing in commercial multifamily properties and using passive partners to fund the down payment, closing costs, etc. I would be handling everything involved with closing the deal, hiring management, and increasing NOI. The investors would only be providing capital, and in exchange, they would receive the majority of equity in the deal.

I've read on the forums that it is best to look for investors and deals at the same time, which is what I've decided to do.

My question is, what is the best way to get a busy investor on board if I don't have a deal yet? I would present them with something similar to the above, emphasizing that they would have a completely passive role and would get the majority of the equity. Additionally, I would tell them the maximum purchase price I am looking for and the ROI I am expecting. What can I do to make partnering with me seem like an easy decision?

Sorry for what might be a loaded question, thanks as always!

First off, I do realize that these types of questions should be discussed with an attorney before any action is taken. I'm definitely going to talk to one, but there are still a few things I'm researching.

Say I found a partner who was willing to form an LLC with me to invest in a property. They would bring all the capital (down payment, closing costs, LLC setup fees, etc.) and I would be doing all the work involved to get the deal done. My understanding is that the capital for the deal would need to be held inside an LLC bank account, otherwise, I would run the risk of violating SEC laws and unintentionally forming an illegal syndication. If someone could clarify on that it would be greatly appreciated.

Additionally, if the capital was held in an LLC account, how should payments be made? I would imagine I would simply confirm every payment I send out with my partner, but that seems to ruin the point of me handling all the work so that they can have a completely hands-off experience. Thanks for the insight!

Hello all, I'm looking to start investing in small-medium sized apartment complexes and I'm trying to figure out the best way to set up a business entity. I would be funding the down payment and closing costs with capital partners and offering them 70% equity.

From what I understand I would form an LLC with my partner so both of our names would be attached to it. If I did this, I would have to form a new LLC if I wanted to partner with a different investor on another deal. So, would it be better to form a sort of 'personal' LLC that I am the sole owner of and keep my partners on the outside of that? How would I even structure that, legally speaking?

Sorry if this seems like a dumb question, but this side of real estate continues to elude me for now.

Hello all, I'm looking to start investing in small-medium sized apartment complexes and I'm trying to figure out the best way to set up a business entity. I would be funding the down payment and closing costs with capital partners and offering them 70% equity.

From what I understand I would form an LLC with my partner so both of our names would be attached to it. If I did this, I would have to form a new LLC if I wanted to partner with a different investor on another deal. So, would it be better to form a sort of 'personal' LLC that I am the sole owner of and keep my partners on the outside of that? How would I even structure that, legally speaking?

Sorry if this seems like a dumb question, but this side of real estate continues to elude me for now.

Hello BP family.

I recently started taking my first steps as a wholesaler after turning 18. I pulled a list of around 800 absentee houses from listsource, then skiptraced them and sent out a Ringless Voicemail campaign using slybroadcast. To my amazement I received four calls back. They went to voicemail, and I just called back the first caller.

It didn't go too well. The other end of the line was a man in his mid-thirties, and his main concern seemed to be how I got his number and name.

[Me]: Hi, is this M? 

[M]: Dead silence.

[Me:] Hi, is this M? This is Logan with Triangle Wholesaling, I'm calling about--

[M]: Excuse me, WHO did you say this was?

[Me]: Um...M? Do I have the wrong number?

[M]: How did you get this number? (Getting angrier). I did NOT give you permission to call me, take me off your list.

From there on I was a mess, spewing apologies and trying to explain that his name and number are on public records all over the internet.

I shared that partly because I found it very funny and I think some of you will as well, but also because I have a question relating to it. I'm looking at the other three numbers that have called me back, and I'm honestly dreading calling them. What if they're the same thing? While rude people don't SUPER bother me, I'm concerned about how I'm going to market to my list now. I sent out my RVMs, but didn't get many calls back. Should I cold call them now, or do an SMS campaign, or something else?

My conundrum is I'm short on funds, as I've already spent a couple hundred dollars getting this list together and skiptraced. Besides cold-calling, which I'm dreading a little, what can I do that is relatively cheap to market towards my list? Should I do another RVM campaign?

Thanks for all the help.

Yeah, that makes sense. I'll think of some things like that!

Hey BP! I’m starting out wholesaling and I want to make a website I can put on my letters to direct potential sellers to. I’ve looked at some other investors and wholesalers websites to try and get an idea of what I should to for.

What are some ideas or things I should do in order to funnel leads in through my website?

What are some ways to improve my ranking and SEO on search engines? How could I become #1?

Does it matter what platform I use?

I’ve been using square space to try and build a simple but elegant website containing an about page, a contact page, and a form homeowners can fill out if they want to sell their house. Is there anything else I need or that I should do?

It does seem to be that these properties were sold as a bundle, which are now being split up. Thanks for the help!

I was looking at some small multi-families on Zillow, just to analyze prices, when I came across a couple of homes in my area (Durham, NC) that had sold for around 500k in 2018. Now, in 2019, the homes are listed for around 250k, a 50% decrease from just one year ago. This doesn't seem to be a market trend, just a thing on these two duplexes. What could cause a price drop like this?