All Forum Posts by: Marc Ramsay

Great podcast guys. It really didn't seem like 2 hours because I really enjoyed listening to it. It was good to hear some validation for a lot of what I do and how I do it in the podcast with respect to MF investing. MF is a different beast, but once you get your systems in place and are able to do quick initial evaluations. It all becomes much easier, and you don't waste a lot of time on the crappy deals, and are able to find and focus on the good deals.

Keep up the good work guys. What's next on the Podcast agenda?

Hey @Greg Rulfs and @Shahriar K. thanks for the plugs for the MeetUp! Sua is running the next one on the 26th and the topic is finding alternate sources of financing,. Should be good. I'll be in Cleveland so I can't make that one. Some co-host I am!

Welcome @Matthew McLean . Glad you found BP and the amazing learning and networking resource that it is. Let us know if and when you're back in the Vancouver area and hopefully you can make it out to one of the better RE MeetUps around town. There are a couple of good one's that I will recommend if you're interested.

Enjoy!

Was there a fire in the toilet? If so that's some explosive sh.. they got there... :)

Hi @Traxon Rachell , welcome to BP!

I am also in the Cleveland market investing in a lot of distressed SFH and Multis. I'd love to meet up on my next trip to Cleveland and see what you're up to and if we can do any business together.

You will find that this is the BEST RE forum out there. Period. End of discussion. There is so much great info here, and so many knowledgeable people who are more than willing to offer advice and assistance. All you have to do is ask.

Enjoy!

I have been working with the seller on the numbers and I have convinced him he needs to be at $1,155,000 ($55,000 per house). This gives an 11% CAP without PM, and 10% with PM. These are all fully rehabbed houses that will have passed the local City inspections prior to sale. Most of these houses could easily be resold, or even lease optioned to their tenants for much more than the purchase price. The City inspections are tougher than most home inspections as they require all deficiencies to be remediatied.

Thank you for your consideration.

Hi everyone;

I'm looking for lawyers in GA and WY who will set up and maintain LLP's for a reasonable price. This stuff is so cookie cutter these days, and I get annoyed at the lawyers who charge thousands of dollars for work which is templated for the most part.

Thanks in advance for any referrals.

Marc

And legal fees...

I also have to agree. I have been closely watching the Cleveland market for 2 years and where I could find lots of opportunities 2 years ago, it's much harder now. Most of the listed properties are at 9 and 10 CAPs. These are Cleveland properties people! Not Houston!

I'm focusing on finding off-market properties as the listed stuff is just getting stupid.

@Sharon Tzib and @Eric Tait , thank you both. I will probably take you up on your offers and drop you a PM next week.

I use an LLC for portfolios of SF homes, and separate LLC's for each MF property over 10 units. I also keep LLC's within the state that they are set up in. So for my OH properties I use an OH LLC.

As LLC's don't have articles of incorporation like a C or S-Corp does, they need a solid Operating Agreement. If some lawyer tries to sell you a 10 page O/A it's probably not adequate. Mine have been written and rewritten by 4 different lawyers now, and I'm at 29 pages.

LLC's provide a good mechanism to protect you and your investment, but like any corporate structure there are things you need to do in order to protect the structure and make sure it remains solid. Simply registering an LLC with the Secretary of State isn't good enough.

Good luck!