All Forum Posts by: Dan Miller

Are there any other authors that generally write good RE investing books, either on general concepts (i.e. Real Estate Investing for Dummies) or on more specific ones (i.e. Wholesaling, foreclosure/pre-foreclosure, or rental properties)?

Looking to grab a book or two to read on the beach during vacation.

Thanks!

Hi all,

I'm trying to figure out how to build a power team and who should be on it. I think the most important pieces for me right now are an accountant and maybe a RE attorney, but not sure what role each plays. I know that a CPA is the tax expert. What about the RE attorney? Which plays a role in advising on the best legal entity to set up?

I've heard that I should form an LLC, but don't really know how/where to do that. My wife is an attorney, and she said she can set it up (she does banking law, but close enough). However, we're not sure in what state to set it up. We've heard that Delaware and Nevada have the best tax benefits, but not sure if that really applies to us or not. I live in DC, so it's likely, even if I stay local, that I'll do business in MD, VA, and DC.

If I spend money on courses or books or equipment (i.e. laptop), am I able to deduct those expenses from my taxes if I do NOT have an LLC? What if I have an LLC? Could I then deduct those expenses as educational/business expenses?

Thanks,
Dan

Hi John,

Thanks for your feedback. The land deal is an interesting one. It's a lot in a gated retirement community right near a top golf course. The lot is attractive for a few reasons. 1) it's about 2x the size of the typical lot in that community, but not the biggest by any stretch. 2) it's somewhat secluded on a cul-de-sac. 3) all utilities and sewers are already in place. 4) my friend (who is also buying a lot under similar conditions down the street) has a strong network in the area and was able to find these under market value by about 20-25%.

You are spot on that it does tie up capital, and thus it wouldn't have been my top choice, but I've found a way to use little of my own money and I expect to flip it for about a small absolute profit in about a year, but a large profit relative to my actual cash down. I agree that there's some risk here. I don't think I'll plan to do too many of these types of deals as a result.

Thanks,
Da

Hi Calixto,

I don't yet have a buyers list. Two of the most important things I need to learn about are 1) how to find the properties; 2) how to find the buyers.

I'm also trying to figure out how to build a power team and who should be on it. Lastly, I've heard that I should form an LLC, but don't really know how/where to do that. If for nothing else, I'd love to have it, so that I can deduct any types of education (seminars, books, etc.). Not really sure where to start...

I envision myself initially with single family homes or possibly duplexes. I guess long-term there's no reason why I can't have apartment buildings or commercial property, but that's probably a bit too big for me right now.

Dan

Hi BiggerPockets members and staff,

I am another newbie investor, just getting started in the world of real estate investing. I live in Washington, DC and am a financial analyst at a Fortune 500 company. I have two main goals in real estate: 1) to learn how to wholesale effectively so that I can generate quick cash with confidence, but without the added hassles of taking ownership. 2) To ultimately build a portfolio of properties that generate passive income and enable my family to enjoy our lives my thoroughly.

I am 30 years old and married. No kids...yet. :) I am an avid sports enthusiast. I play ice hockey and softball, and also love to watch pro sports (NFL, MLB, and NHL mainly). Big Philadelphia Eagles fan (not a good year this year, though). :cry:

I have taken one 3-day seminar so far on real estate and read several of the Rich Dad Poor Dad books, which I liked very much. I am about to buy my first property, which is a plot of land in a retirement community down South. I continue to want to read and take whatever courses (online or live) that will help me build my confidence in RE investing, build my team, and move forward. Those first few steps are the scariest, and they keep getting in my way.

Looking forward to interacting with you on this great site!

Dan :D

John and Ryan,

Thanks for your responses. I am a new member and will go to the new members forum and introduce myself. Great tip. Looking forward to future discussions and interactions. Thanks again for the help and the tips.

Dan

I'm looking to start learning about real estate investing. I have a decent amount of basic knowledge on the subject, but I'd like to hear any recommendations on good authors or books that you'd recommend for a beginner. I was thinking about Real Estate investing for Dummies or some of Robert Shemin's books. Any thoughts? What about wholesaling books?

Thanks!

Dan