All Forum Posts by: Mark Cairns

"- Who shows your properties?

- Level of prescreening performed on buyer before they can view the property

- Who is best fit to handle the coordination of the showing, contracts, and closing? This is time consuming and I'd like to know who others are using for this effort. Realtors? Closing coordinator as an assistant?"

Much of this work, certainly the showing of the properties, can be farmed out to Leasing Agents, who will generally charge about 1 month's rent.  Sometimes you can negotiate less.  

Much of the Tenant-Buyer pre-screening can be farmed out to VAs who you pay to answer the phone (Google Voice, Vumber, etc.) that you set up to receive calls from your marketing.  One of the fastest simplest ways to pre-screen is with 1 question:  "How much money do you have set aside for an upfront payment?"  

You can also screen applicants (debt-to-income ratios, income verification, background checks, etc.) through tenant-screening services such as TenantVerification.com, ScreentheTenant.com, e-renter.com.  Do this for the serious applicants, i.e., the ones who have a large option payment available, show a willingness to work with a credit-repair agency, and seem genuinely excited about the home.  

@Meena Price,  

Keep it simple.  ESPECIALLY when just starting out.  

You don't need an LLC to wholesale, but there are some benefits -- such as professional branding (which was mentioned in an earlier comment), easier to get funding (like transactional funding), etc. About half of the investors you meet here in Philly will say "LLC!" and the other half will say "No LLC!" I'm on Team LLC. You decide what's best for you.

If you set up an LLC in another state, you still have to register that LLC in PA, as a foreign entity doing business in PA, so you're paying to set up in 2 states, and have to concern yourself with taxes in 2 states, etc.  I looked extensively at those other "popular" states that gurus love to tell you you need to set up in, but decided that, for me, at this stage of the game, it made much more sense just to keep it all here in PA.  And when I filed my taxes this past year, I was SO glad I kept it simple.  

If the day comes that you decide you want to hold properties as rentals, THEN you should perhaps consider some more complex business structure, at least setting up individual LLCs for each property.  Or not.  Up to you.  But in my opinion, best to cross that more-complicated bridge when you find it.  

-  Have fun!  
    Mark  

Congrats!  Very inspiring.  

Thanks @Paulette Midgette!  

Thanks @Charles Davis and @Tim Butters.  (Hm.  I still haven't figured out why the "@" name-tagging isn't working in my posts.)  

Tim, I've never done the Clark Park shows, and yep they do great stuff.  I had the opportunity to be in their "Winter's Tale" this summer, but it conflicts with Commonwealth's "The Tempest" which I'm doing instead.  (Commonwealth Classic Theatre Company does a free-in-the-parks production every summer that they tour around to many parks in the Philadelphia area, for a few weeks in July.  I work for them probably every other summer.)  The dates & locations will probably be posted at their website pretty soon.  

Thanks for the advice on the networking groups.  I do participate in DIG's DelCo Subgroup and frequently attend the Breakfast Subgoup on Friday mornings, and have found those to be immensely helpful.  I'll still most likely join the DelCo Properties Investors group (thanks again Rafael!) to focus on this area.  

Thanks @Dave Visaya, @Jonathan Casillas and @Rafael Floresta!  

(I don't think my "@" tags worked.  Not sure what I'm doing wrong.)  

And thanks Rafael for the tip on DelCo Property Investors group.  I joined the Philly area DIG group last month -- are you there as well?  

Thanks Essie!  I look forward to further contact with you -- it would be interesting to compare notes as we're both delving into a new enterprise.  

Hi Rafael  -  

Thanks for the welcome, and for the lead.  And yep, I would be interested in more information on it.  Please let me know if there's any way we can help you as well.  

-  Thanks again, 
    Mark  

Thanks Aloma!