All Forum Posts by: Michael Newman

@Wendy Patton

Hey Wendy, I’m gathering leads but I’m still unsure about some things. I was googling for tips and I saw you have your own website; that’s legit.. nice. I have 4 contracts from this website- the lease option agreement memo, the right of first purchase, the actual lease option contract, and the tenant application. If you could take 5 mins out of your day, I would truly appreciate if you could explain what needs to be sent and in what order

@Wendy Patton thank you for your advice. I see that you're a leasing expert LOL. I want to start in Florida, so should I create an LLC in Florida strictly for my lease options? For apartment buildings, they get their own LLC of course. I'm going to talk to an attorney tmrw about it but I'd like to know more about it

@Brian Mcmenamin thank you I appreciate it. I'm not too sure about the legal side of lease options. I do have my parent LLC in Wyoming (best asset protection laws) and am forming new ones for each rental who's member is the parent LLC. It's the best protection you can get.

Am I protected from a lease re-lease option? I assume the tenant-buyer is responsible for the property. Can I get screwed in any way if I use my name on for rent lease option? Basically, should I set up an LLC for lease options to tag to my parent LLC or is this separate venture safe without it?

What are some good sources online for deals (distressed/motivated)?

@Michael Newman local REI Event*

Ken McElroy’s 3 book package is all you need to get started. Commercial loan companies can easily be found and they charge 4.5-4.7% & as far as investors go, go to a local REI and ask a panelist if they’re willing to invest. If not, ask for referrals. This is all you need. Best of luck to everybody out there and to BiggerPockets for leading me to this point.

What’re the best now and the best projected in the years to come?

What’re the best you’ve seen recently?

Hello everyone, how can I find a good attorney?