All Forum Posts by: Nathan Waters

@Ronald Rohde

At first I thought it was reasonable. But I just wanted to get some feedback from others. I have used this attorney for a few years for several small simple items including drafting the leases that I curently use. 

@Jason Hirko, I guess I didn't really think of this as syndication because its such a small transaction. I have 3-4 people that are investing a total of $40k. I always thought of syndication as much larger transactions on big multifamilies. I'm trying to dip my feet in the water with these investors and establish some trust while using the funds to renovate my next project. The way I am going about it ensures that their money is tied to an equitable house that is cashflowing. I'm hoping to segway this into larger projects if all goes well. Otherwise I'm limited to purchasing one deal per year roughly. 

Thanks both for your input.

what's the typical fee most people have paid or are willing to pay for legal fees? My attorney wants $2000 to create a joint venture contract for private investors to tie their money as a lien against love of my houses. He will also record the lien. It seems a little steep. My other concern is that he has never done this specific type of contract. I'm trying to be open minded because we all start somewhere. Could use some words of wisdom here. 

I've seen this new ad pop up on Facebook that grabbed my attention. It's titled Wakeup Warrior. Any one else see this or by any chance participated in it? It looks like it's a motivational program that is in its infancy stages. Just curious if anyone knows anything other than what's on their website.

@Rabih El-Khoury

I'm curious what you mean by putting profits in an escrow account to raise interest. I am only familiar with using escrow accounts to pay for taxes and insurance. I know they can be used for other purposes, this is just the only thing I have used them for. Are the escrow accounts you are referring to being used for purchases of new properties and if so, is there some benefit other than using a checking/ savings account? Or is this for sale of property and you are doing a 1031 transfer?

 They are a bit less in certain areas. One thing I recommend is to look at the rates broken down by county. If you are willing to relocate to another area, you will likely have better luck. The other thing to keep in mind is that the taxes are just the cost of doing business. If the house has neutral cashflow but you are able to live free, its not to bad of a deal and will give you experience. Some others may have a different take on that of coarse.

I do like the idea of purchasing land in a soon to be developed area. It is something I'm looking at for myself.

I know in Texas, not sure about elsewhere, you get a substantial discount on the property taxes if its greater than 10 acres. I think the minimum might be 12 acres, but I could be wrong. The reason is that the 10 acres is considered farm land/ undeveloped and the homestead sits on the remaining land. Something to research before purchasing only 8 acres or subdividing into much smaller plots for yourself. You could end up with a higher tax bill on an 8 acre plot than a 15 or 20 acre. Someone else may know more about this than I do.

@Lavone Ealy

Update this thread with your progess. What type of campaign, how many mailers, how many waves of campaigns you send out and your response rate.

@Rafael Norat

I sent you a PM with my email address. Thanks. I really appreciate all the feedback and insight.

I have contacted my title company and left a message with my attorney. I was planning on presenting them with the JV contract as well as a timeline of the project. I was also going to present my exit strategies and contingencies. Has anyone used a power point or just a few pages highlighting the details?