All Forum Posts by: Mike Sola

@Joe Funari what are typical start-up cost and maintenance cost for an LLC/S-corp

@Joe Funari I have read that a conventional lender

will not provide loans under an LLC. Can you comment on that?

@Joe Funari what do you mean by setup an REI company? Do you mean setting up an LLC? What else does that entail? I am trying to figure out what I should do before I get too deep into REI so that I do not have to catch up later on.

And ill be cliche: "Rich Dad Poor Dad". The most impactful thing for me is the concept of "how can I do it" vs "i cant do it". It applies to everything in life. Another one is "10x" by Grant Cardone, and the 4 Hour Work Week by Tim Ferris.

If you are brand new to REI, I would definitely recommend "The Book on Rental Property Investing" by @Brandon Turner. It covers the basics of everything.

Change your mind from " I can't do it" to "How can I do it" - paraphrase from Rich Dad Poor Dad

This topic comes up in "Investing with Little to No Money" from BP publishing (I just finished it and highly recommended) and they make very similar points. The most significant point for me is am I at more risk if I invest 5,000 or 100,000. I obviously have a lot less to lose if I only invest 5,000 of my own money (or better yet $0) vs 100,000. Also, the ROI on 5,000 should be a lot higher vs 100,000. Personally, I would rather spread 100,000 over multiple properties to have more sources of cash flow

I do not hold any properties yet but have been educating myself a lot. This question does come up a lot, though. Some people say that if you analyze your deal for cash flow, you can mitigate the effects of a market downturn since you do not plan on selling it in the near future. It would only work for buy and hold properties. If you are really worried, try analyzing the deal with 0% appreciation and see what your ROI would be. I am interested in other people's response also.

@Don Taylor, I'm jealous that you are in Raleigh! I love the area, and I feel like it has a lot of excellent opportunities for real estate because of the universities in the area, and it is the "Silicon Valley" of the East. I plan on starting locally in Jacksonville/Wilmington, NC but I hope to expand to Fayetteville and Raleigh at some point

@Frank Patalano Awesome! Thank you for the advice! I will email some realtors and banks now and try to lay the foundation for the future.

So all the work I have been doing now is education. I am currently overseas, but I am moving to NC shortly. After all the research and learning I have done, I would like to start with multi-family properties and work my way up to larger apartment complexes. I want to use the FHA 203k to fund my first deal with the hope that I can rehab a property and then refinance out of the FHA loan once I meet the requirements to do so. I want to use the BRRRR method for my general strategy. However, I am not afraid to adapt to what happens on the ground. If I find a great deal on a single family, I will either pursue it myself or use it as an opportunity to learn wholesaling.

I currently live overseas and I am just starting to learn about REI. What is holding me back now is the fact that I am overseas but I am moving to NC in a few months. My goal is to have a property within 90 days of being back.