All Forum Posts by: Marc Ramsay

I'll send over my broker's Uncle Frank. Old school Italian type. Won't be any issues after that 'discussion'.

I had a mentor I paid big bucks for, and I got some great info, networking contacts, and a few sweet deals out of it, and it really kickstarter my investing. However, I didn't know about BP at the time and all the great resources you can find here. I don't regret having a mentor, but would probably skip it if I was starting out now.

Instead of paying $25K for a mentor, pay yourself in time and read, read, read.

Speaking of good books, I just finished a great one and it talks about the whole real estate education bootcamps and mentors option (not positively I might add), but also has a lot of great, down to earth advice based on real-world experience. It is from a Canadian author based on their Canadian RE investment experience, however, 99% of the info works on the U.S. side of the border as well. The Book is 'More than Cashflow' by Julie Broad. Available on Amazon.com.

Welcome to BP. May your education here prove fruitful!

Google Image Search -> Santa Family

Found it!!!

:)

I agree with @Karen Margrave, put something other than a default icon for your profile pic, unless your name is so unique that no one would ever confuse you with someone else. Kind of like @Bill Gulley. :)

I'm sure there is a photo that others who know you would take one look at and go, yes, that's him (or her)...

I always set up the LLC in the state where my investments are located. In the case of a MF purchase, I set up a single asset LLC, and if it's SFH's I put several into a portfolio under one LLC in order to reduce management and accounting costs. As mentioned previously, the Operating Agreement is simpler if it only has to work in one state, and you don't have to register it as a foreign entity in the state you are investing in.

I don't think capitalization of the LLC works the same as it does with a c-corp. For my LLC's I always create 100 shares at $1 each, and if multiple partners are involved we all put in $1 for every percentage point we each own.

Thanks Anita. PM sent.

Thanks Mike! Will do.

I am firing my live-in maintenance guy who was supposed to be taking care of the common area cleaning, but has done a terrible job, and am looking for some referrals for someone new to clean the common areas twice a week.

There are 6 building entrances with 2 floors and 8 units off each entrance. Some are tiled, others carpeted. Also need the property walked once a week and any garbage on the property picked up. Not a lot of work, but it needs to get done.

I have looked into finding someone else in the building and offering a reduce rent deal to, but no one has volunteered.

Thanks,

Marc

The OA is a private document between the parties involved. It should not be filed or posted anywhere, Yes, the members of the OA can amend the OA at any time, but the OA must remain in your company's records, as well as any updates or replacements. You'll need this if you ever go to court. Technically, the bank probably doesn't have the right to retain a copy, however they probably should see it to confirm who the LLC's members are. You don't need to have it notarized, or anything like that (at least not in Ohio). I suppose you could present anything you wanted to the bank and say it's the OA and how would they know if it was or wasn't?

The problem with the State's boilerplate is it is not written with your best interests in mind. Kind of like dying without a will.