All Forum Posts by: Michael Dahlheim

Welcome back Kyle. I’m new to investing, so probably can’t help much besides input about the Cambridge area or North Minneapolis.

Thank you @Clint Galliano.  I'm guessing these people may not have done this very often, or at all, and just do not know how it would work.  I don't see why it wouldn't work just fine, but I'm letting it slide this time.  Thank you for your input!!

I'll send you a message and would like to connect with you...even in person since we live right next door if you are still in North Branch (I'm in Cambridge).  The title company lady said that they wanted my personal name because it becomes a problem putting my "assumed name" (company name) when I want to file a claim for insurance or go to sell the property.  I asked what the problems would be, but they could not answer it.  For the time being I just said to put it in my name until I can really learn more about the legal side of things.

The funny thing is I was reading the infamous Rich Dad Poor Dad last night and, as much of the book does say, a corporation is the best way to save all sorts of money via tax deductions.  I'll look into this later, but I just thought it was interesting that I was having this issue and the book "told me".  Does anyone have insight on using a corporation?  Of course I know the answer will be to speak with my tax professional, but I'm asking the business owners as well (BiggerPockets people).  

As to John Woodrich, I have the home under contract for $10,000 and am not using a bank for any of the money. I will look to refinance through a bank if the BRRRR calculator plays out correctly. I actually may have a renter for the house already as well, so getting some of the repairs done fast will be necessary.

I live in Minnesota and had to look into this a few months ago. The state of Minnesota actually has a generic lease agreement that is pretty darn good. I’ll try to send a link once I get to my computer.

I am currently working on my second deal under my own name.  My first property started as my family residence that we then moved out of and I have it on a lease option contract and collecting monthly income.  I am going through a purchase now that I am attempting to use my company name under, but it is not going so well as a sole proprietor because the realtor and title company want me to use my personal name rather than the company name.  

I will say that I have a separate business checking/saving account that I opened several years ago for a woodworking business that operates under the same sole proprietorship business name. It does help to keep the money separate for tax purposes. I can see an LLC being helpful for liability reasons, but probably not necessary if you are doing everything that you should do anyway as a good business owner.

I have a noob question that I'm sure I actually already have answers to and could find somewhere, but for the sake of finding really good, direct answers, here goes my post. I've analyzed a few properties and have to call to look at them and get under contract. I'm assuming the process should be as follows, but correct me if I'm wrong: 1. Analyze the property at face value with your estimated numbers 2. Call the seller/realtor to look at the property and get closer final numbers for analysis. 3. Give the offer and reason for you offer and negotiate until a deal is agreed upon (making sure you stay within your analysis numbers) 4. Put it under contract...paperwork for this is where? Get the funding, etc. Any help is greatly appreciated

Hello everyone, I initially learned about BiggerPockets about 2 years ago when I initially purchased some audiobooks on "low and no money down" purchases.  I've read several different books on real estate investing and, like many people, have now read the Rich Dad books to really change my view of money to get me even more excited about investments.  I put my personal house on a lease/option agreement with a family, so I have my foot in the door on real estate investing, but after losing my job two months ago I have really wanted to make a big go at this because I never want to work for someone else again.

I've been watching a lot of webinars through BiggerPockets as well as Rich Dad as well as started listening to the BiggerPockets podcasts and am up to about #30.  I believe I have much of the knowledge to get going in real estate investing, I just need to pull the trigger on another property.  My biggest hold up is just doing the financing side of things since I no longer have a job to easily get a loan from a bank.  I have been searching hard money lenders and other sources, but really need to get a business started first.  

My goals...I really want to "retire" by the age of 45 (currently 35), but I'm sure my idea of retire will mean that I just pick up another house/property when I find a good deal.  I want to automate the business so that I can travel the world and still have money rolling in.  My family is my priority in life and I want to be there at all times to go to the first dentist appointment with my 2 year old daughter, go to her sporting events when she gets a little older, spend a week hiking in the mountains with my wife, and just enjoying life with my family without the stress of an everyday 9-5 job.  

I haven't used my BiggerPockets membership very much yet besides analyzing some properties, but I think that will start to change since I have finally started to build my team for a business in real estate investing. I have a friend that is a plumber and wants to get involved as well and asks me everyday when I'm going to get my first house to work on. My plan at this point is to do a few flips to build some cash for using as downpayment for BRRR properties. I look forward to speaking with everyone!