All Forum Posts by: Michael Pazirandeh

I found a lender who will do just what you're asking. His name is Eric Veronica and works for First Federal Lakewood. Feel free to message me and I'll send you his contact info. I've refinanced two properties in Toledo that I acquired for around $35K each.

I appreciate all the advice and input. Truly, I've learned a lot already!

I have yet to hear examples of people getting sued. You're all just telling me that I need to wear a hard hat (which trust me...I get). Any tangible examples would be most appreciated. Thanks in advance!

I understand why many people set up an LLC for their investment properties, but my question is simple: "Is it worth it?" I've asked several investors and they always say I MUST set up an LLC to protect myself from getting sued and losing the property. And I get that. However, I always ask the following question and get the following response:

Me: "Have you or someone you know ever been sued?"

Them: "No, but it's just for your protection"

That's like me saying, "Hey, why aren't you wearing a hard helmet when you walk outside. Didn't you hear about the guy who died when a tree fell on him?" Yes, it's safer for me to walk around with a hard helmet at all times, but I'm NEVER going to actually do it since it's inconvenient. I see the LLC like wearing a hard helmet. Yes, it'll protect me, but the likelihood of a tenant suing and winning is very unlikely (as long as you treat them with respect and dignity) like the tree following on your head.

I would love to hear stories about Bigger Pocket members getting sued and losing your property as well as why you got sued. Thanks!

@Wade Sikkink, that is completely true that you most likely won't be working with the same players. Appreciate the advice and different perspective. I will definitely keep the painting example in the back of my mind. 

@Matt K., I'll definitely use that closing cost strategy! Thanks!

@Account Closed, very good point about "negotiating against myself." There are so many aspects to real estate, and I'm creating a google doc to compile all my notes. I just hope I don't drop the ball when game time comes =)

Thanks @Account Closed

Hello all! I'm currently reading one of the suggested business books in the podcast titled "Trump Style Negotiation" by George H. Ross. The author says you need to understand the other side and its needs. Here's an excerpt from the book:

"For example, let's say...the other side must feel they are "winning" the negotiation. A smart way for me to get them to trust me, develop rapport, and gain a sense of satisfaction, is for me to make lots of small concessions. Let them win everything that's unimportant but nothing that is critical to your position."

My question is when you are negotiating a new deal which items do you consider to be "small concessions?" I know in other podcasts, an investor who is doing seller financing might negotiate a higher purchase price as long as the monthly payment is low enough to generate cash flow. What other items do you negotiate, and which items do you don't mind conceding to the seller. Thanks! 

@Paul Khazansky, Appreciate your insights! Very helpful!

Thanks @Antoine Martel! Appreciate the insight!

Hello all! I was listening to Podcast #238 with Michael "Swanny" Swan and have a quick question. At the 57:10 mark, Swanny makes the following comment: "If you have a loan of $1,000,000 or more then you can get those better loan terms." What exactly are those better loan terms? Lower interest rates? Thanks in advance!