All Forum Posts by: Michael Jimenez

Fayette-Nam!

Go to BUILD YOUR TEAM at the top of your screen and you can search for other MEMBERS or LOCAL MEETUPS in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

It totally depends on your goals. Do you know what type of investing you want to do?

@Michael Jimenez

Springfield! Let's go! Okay, back to your question. You only need an LLC when you need it. It takes less than a week to get one setup in MA so no need to pull the trigger and spend the money to early.

When will you need it? If you want to purchase the property you plan on buying with the LLC or the financing you using requires you to use one, then I would be opening up my entity prior to closing.

@Michael Jimenez

This depends. What type of property are you getting? If it's a single family and your net worth outside of your primary residence is less than $1M and your financing the purchase then buy in your name. A lot of factors to consider but if you can start out buying in your name to get better rates and have an umbrella policy and a good pm then very little need for a LLC

I'm about to acquire my first property and am going to split it 50-50 with a partner. Does anyone have an example or a general template for a partnership agreement? Thanks in advance!

Cleveland's multifamily market is saturated and/or overpriced right now in my opinion. I've delved into this on other forums, so I won't harp on it here, but I think a SFR would be better fitting at that price point. It does also depend on your level of rehab, where you're sourcing the deal, etc.

In terms of your timeline, December and the winter in general can be an interesting time to start the search. Usually volume is lower but so are buyers, especially on snowy days or non ideal weather. So it can be great for determined buyers. That being said, the last year has been pretty strange with high buyer activity, with some open houses with a line down the road.

You'll probably want to determine your strategy in terms of the scale of turn-key to full gut rehabs. That may determine where you want to invest as well as what loan vehicle. Saying this since many minor things can possibly fail an FHA and VA loan but be saved by a smaller 203k (renovation FHA loan). I'm a fan of the 203k loan.

If your targeting MA (or not but want to talk with other investors either way), depending on your availability and when you come back to the states we have meetups for Massachusetts in person and virtually still for likeminded investors to meet other investors.

Thank you for your service and stay safe out there.