All Forum Posts by: Nate Kimball

As an LLC, what would be the best way to get a business line of credit established? I would assume that one or two of us with the highest credit scores would go to some bank and establish a line of credit in the business's name, but I'm not 100% sure on that.

Thanks for the warm welcome, everyone!

Who would've thought that people would want to come to my little ole town to vacation? Haha, as far as where I play, I play at Zumanity at the NYNY. I sometimes sub out on some other shows (Donny & Marie, Barry Manilow) but the Zu schedule doesn't allow for a whole lot of that.

Real estate wise, I've been working mainly with buyers on the residential end. I have a lot of people in my niche musician/artist market who trust me and I've built up some good referral business that way. I admittedly have never done much on the investing end (thus, my presence here), but I'm open to connect with anyone here who is looking to buy some property. I'll probably learn a lot about investing just by transacting a few deals for you all, anyhow :)

Thanks again for the welcomes, everyone. If you ever make it out to Vegas, be sure to stop by the Zumanity theater!

Great info, guys...thank you for the insight on that. I can definitely understand where going into business with friends could turn ugly. The best we can do is set all of our guidelines and agree upon them beforehand, and in the event of unforseen circumstances (repairs, extra fees, etc...), resolve them democratically. I know you shook your heads at that, so...you know...just wish us luck :)

So as far as our group investment plan, this is the basic idea we had: we will each put $1k a month into a business account so we'll be contributing $5k/month as a group. I'm thinking buy-and-holds are a good plan right now in Vegas, and we're looking to buy cheaper SFRs (40-70k). As soon as we hit the 25% mark with some cushion for closing costs and expenses, we'll make our first purchase. With all luck, we can buy about 3-4 properties/year at this rate and, so long as I made wise choices, stay in the green if even $100/house.

Does this sound like a decent plan? Is there a point where we should refocus our money into paying off loans on the previous homes? Again, thank you for all of your wisdom and insight.

Hello everyone,

I'm new to the forums, but have been reading the posts and articles here for some time now. I seek your wisdom!

A small group of friends and myself all work jobs with low hours and good income. We have a mutual interest in starting a purchasing group. I suppose before we even discuss our first purchase, we need to iron out the legalities of purchasing homes as a group. So I have a few questions as to where to start with this...

1. Should we Incorporate (i.e. S-Corp.) or LLC? What would be the pros/cons of one or the other?

2. How does purchasing a home work as an LLC or Corp.? Is one individual responsible for the proof of funds and then title is taken in the business name or does it work differently?

3. Are there grants available through HUD or other government agencies to get a group such as ours on its feet?

4. Once we have laid down the business foundation, I discussed with my buddies the idea of making our first purchase a cheap SFR ($40-60k) in the University area and offering as a rental to students. Any yeas/nays with this idea?

I know that is a lot to process, but I would appreciate any help you can provide for us on this subject. We're all new at this, and we just want to make sure it is done correctly. If any of these topics have been covered in exhaustive detail, I apologize, but please feel free to post a link to save time/aggravation.

Thank you all and I look forward to getting to know you all better as our group goes through this initial process!

Hello everyone,

My name is Nate Kimball and, until today, I have only been a forum troll, so to speak. I joined this site because I am amazed at how willing the sages here are to forfeit their wisdom and experience to newbies, and I am also taken back by how eager newbies are to communicate their experiences as they take their first steps into REI.

I am a Realtor in the Las Vegas area, but this is admittedly not my main line of work. I am a professional trombonist in a high-profile show on the strip. I have been speaking with four of my close musician friends (who have equal or greater success in music and also hold similar day jobs) about starting a friendly purchasing group. Though this may not be the proper area of the forum to discuss this in further detail, I am confident that there is enough collective knowledge here to help us build our foundation and make a good first step.

Thank you all for the opportunity to join such a great active community and I look forward to getting to know you all better!