All Forum Posts by: David P.

@Michaela G. You may have to form the association to be able to accomplish this as then everyone would need to pitch in for the cost and the electricity, etc.  This is going to be an undertaking, but it would be best to talk to the city planner and see if they can provide suggestions. 

Often times you may get the approval and if the gated community improves the neighborhood then a grant maybe provided to help with this effort.

Additionally, it sounds as if there is opportunity knocking and if you PM me with the information, we  can discuss more off-line.

Best of luck!

Matt, I know this is an old post, but were you able to find any information out on this property????

@Karin Crompton don't bring up anything about the GC you let go, and personally I would cut all ties with them altogether.  Also, you don't want to slander the guy as this can open you up for liability!  Keep the relationship with all your contractors professional and as for the dumpster, you are probably on the hook for it anyway so the company will be more than happy to sign it over to you and change contact information - they want to get paid too!  

Bottom line; since you are doing the GC duties yourself, then I don't think subs will even question why there is not GS, but be sure they know they must provide a quote for all work and they you will be getting other quotes as well.  This just comes from experience and having a release of funds based upon work is vital to getting the job completed on-time and within budget.

Best of luck!

Way to go @Mark Ferguson keep it up!  I'm curious too as how you paid for this one?

@Schyler Witt got pics/video?

Hi @Mark Ainley how about just posting the numbers, and some photos and see where it goes and the interest.  Although a "C neighborhood" some investors like this type of property.  You could offer the management for 1 year to keep the transition smooth, which is a big plus especially being turn-key.  

Another idea is to just sell the partner's percentage of the deal.  This way the partner can get out clean and you keep everything the same; management etc.  And no need to get tenant involved and they are not worried that management is changing etc.

Sometimes you don't need to make it any harder on yourself; use the KISS method! (no offence intended)

Welcome to BiggerPockets @Becky Shuta !!!!  I see you will be taking your RE Exam tomorrow - CONGRATULATIONS!  Take it easy tonight and try not to be overwhelmed by the process.  You have a lot of supporters here on BP, so you are in great hands. Be sure to keep your positive attitude - remember you CAN and it WILL happen.  It is never too late for a new career and you are only as old as you think you are!

Best of luck and I know you will have a successful future!

LOVE doesn't quite describe the feeling I have; it is something SO much more!  As others have said, it's an excellent tool for networking and learning - not just the podcast but also the forums!  Additionally, there are the blogs and free books and documents that others that have posted that have helped tremendously as well!

I have been investing for 7+ years and have done a few properties with a single mentor-ship but often times not all the answers.  With BiggerPockets, there are many mentors who care and reply to post even if they have been asked previously.  This has installed confidence to doing more deals and networking with others throughout the world!

BiggerPockets doesn't cost a whole lot and is well worth the small investment!  Thank you @Joshua Dorkin and @Brandon Turner for making BiggerPockets such a SUCCESS!

@Mark Spivey @Heath S. is right on; I would recommend two LLCs, one for the property and no EIN, and a Management LLC with EIN for opening the bank account. This way you do all of the bills under your management company and when you rent, all of your leases are under your management company and not the same as the LLC which holds the property. The other thing is try and keep your personal name off the business entity(s) and have registered agent do the paperwork - this is more about asset protection than anything else. When you file taxes, you can file under your personal taxes.

Btw, this is not legal or financial advice; please see an attorney to help you set up your business entities correctly and seek advice from your CPA/Accountant for your taxes.

Best of luck!

@Tom Scott like others have said, maybe taking on a partner would be best; find someone who will compliment you in your endeavors.  Remember that "No Money" down deals get done all the time, just be creative and some percentage of a deal is better than no deal!

Best of luck and PM me if you would like to discuss further PM me - I am always on the hunt for great deals myself but welcome opportunities that I can partner as well.