All Forum Posts by: Matthew Rembish

Start with the LLC and then to be safe, get another one to put the first one in. Why stop there, i say just keep creating llc's.  Don't worry about actually making money because people are just going to sue you as soon as you have any and that is why you need llc's.  In fact, you better start posting under your llc name just in case.

If you own your personal home in your personal name the line of credit will also be in your personal name. That being said you can have an llc and loan it money to flip houses in the llc and have your llc pay the note but you will be personally responsible for the note. 

This by the way is what I do. My line of credit is 80 LTV - mortgage amount on my personal house and at 4%interest rate on im using. I buy all my flips this way if I'm decide to keep the property I REFI in my LLC.

@Matthew Rembish Apart from the "how-to," the "why" is extremely important and overlooked by many when first starting out. With a strong "why," the "how-to" will eventually follow. Passion and determination are both key factors to success in any business endeavor. Best of luck! 

Try to hook up with someone local (or at least within driving distance) that is doing what you want to do.  Offer to work for them/with them for FREE or cheap, in exchange for the education and networking.    

That's a really good idea, and I have actually been trying to find that kind of mentor but it's a lot harder than I thought. I've been searching at REI clubs too. Thanks for the reply!!!

Matthew - DO get yourself onto the BiggerPockets podcast (under the Learn tab) and start listening from show #1!!!  I'm new to investing myself and have been working on getting educated for a few months.  I've listened to a good 60 shows now and I've got to say I haven't found any better way to learn. I particularly like the fact that, in listening to so many different voices from the community, I can see the consensus on what tips and techniques most investors utilize. At the same time, it is inspirational to realize that REI isn't a "one-size-fits-all" endeavor - everybody's story is unique.

Welcome to BP and good luck to you!

Hey @Jay Hinrichs  I completely agree, my 50/50 equity partners are great!

@Matthew Rembish Right now I am working with 3 private investors on a 50/50 split. One was a client that I did maintenance work on his property, the other two were people I met through friends/family. Each one took some time to develop our relationships, talk to about real estate and eventually figuring out what kind of deals would be a good fit for us. I go to a lot of networking/REI groups but I don't you're likely to find these kind of people there. I don't know what everyone else's experience is, but I think you'll mostly find hard money or maybe some higher interest private lenders at those kind of events. Private partners or private lenders are most likely going to come about by talking to people about real estate, what you're doing/want to do, and asking people if they would be interested or know someone who might be interested in investing. It's kinda funny, but my mom was actually my biggest salesperson when it came to this last year. She was calling me every week with someone she thought I should talk to about investing. My advice is to get out there and talk to people.