All Forum Posts by: Nick Martin

@Jeremy Pace

thanks, I was unaware those even existed! It seems as if most are once a week local meetings. My situation is that I'm working in West Texas/ New Mexico and will be buying properties out East. I will have to do most of my research and networking online. I'm planning on purchasing most of these properties based on photos and video from a trusted realtor.

 My plan right now is to put half down on each property and finance the remaining balance for 10-15 yrs. This will allow us to purchase properties at a faster rate than paying cash for each. I did discuss this topic with my friend but he wasn't super helpful or super knowledgeable on the subject. His brother in law talked him into the decision.

Can you explain a little further (in amateur terms) how that works? Does that structure double your protection? My attorney is telling me that South Carolina and Tennessee might not recognize a Texas series LLC in their state. Any ideas on that?

I believe to have found my first rental property. It's a duplex, asking price is $71,000, tenants pay all utilities and mow grass, gross rent is $1,300/mo. Great school district, good rental history, etc. A friend of mine dissolved his LLCs last year and put all 9 of his 4 units, $500,000 personal house and vehicles into trusts and raised his insurance coverage to 3 million. He says that it is a far simpler process, less yearly paperwork and easier financing. I am planning to buy properties in East Tennessee, South Carolina and North Georgia because that is where we want to put down roots in a few years. I will have a property management company hired for all properties. Our five year goal is to purchase 20 properties. How should I structure myself????

Hi everyone! I'm seeking some advice/ input. We're planning to purchase long term rental properties in Tennessee and South Carolina- we're looking in the best school districts, safe neighborhoods, properties with good history and looking for great deals ( looking to pay approx. $65 sq. ft. in a $100 sq. ft. area). My wife and I have picked that location because we plan on "putting down roots" there in the next several years. Currently I am a consultant in the oil field and my sites keep me near the Texas and New Mexico state line. We sold our home in Indiana and purchased a new RV to travel for work. This has allowed us to be nearly debt free while earning $280k/yr. Our goal is to use our income to purchase properties putting half down and financing the remainder on a 10 yr. note so the properties will be self sufficient, afford 10% to a management company while still turning a profit. Most of the duplexes are in the $80,000 range so we can afford to purchase one property each quarter. Also I will be purchasing these properties remotely (from my location) relying solely on pictures and videos. I understand this implies a lot of trust in the realtor and the management company. Any advice, tips, tricks, pointers are greatly appreciated. My accountant tells me the Texas and Nevada series LLCs are the safest, not sure how much truth there is to that statement? The attorney I spoke with said I have to make sure that the States I'm purchasing in recognize a Texas LLC? Also purchasing from out of town I will have to have a registered agent, any recommendations? Is the worth the extra paperwork of an LLC or should I just put the properties into separate land trusts and carry higher insurance? Our short term goal ( 5 yrs. ) is to acquire 20 properties which will give us a sustainable income by age 35.

Hi Taylor!
I think that's a great point you bring up. I know several people myself that got out of rentals just because of headaches dealing with the tenants, my neighbor is one of them. I think a property management company might be a Godsend, especially for those who plan to do a lot of traveling!

I guess my biggest question would be this, what's the smartest way to go about acquiring multiple properties in a reasonably short amount of time (5 years) with my available resources? Is a 4 plex the best property to start with or should I start with cheaper SFR's? I do have good credit.

Hi Joel and Aaron, thanks for the replies! I am currently living in the home. I have 25k in savings and 102k in a retirement account being managed by vanguard, I really don't want to touch this one. The refi was done by a bank because I was looking into pulling out some equity for down payment. My wife's onboard with rentals 100 %!!!

Hi, just signed up with BP yesterday. All I can say is WOW! I'm so impressed with the wealth of information and depth of knowledge I have already found. I'm 27 years old and already fed up with the rat race. I want to create income so I can enjoy more time with my two sons and beautiful wife. I've spent my last 5 years working 6-7 days a week 10-13 hr shifts as quality control in the oil industry. Great job for someone my age no doubt but there has to be something more!
I'm wanting to give rentals a try. I thought I knew what I wanted but after reading through multiple posts the purchasing arrangements and creative financing possibilities have my head spinning! I'm hoping to get some feedback from people who have already failed their way to success!
Where I'm at currently....I purchased a very nice foreclosure nearly two years ago in N.W. Indiana that needed some work. I have most of the work completed and the property just appraised for 296k, I currently owe 192k. I can put this property on the market this fall, without paying capital gains tax.
Should I find another home and pay cash for it and then finance a 4 plex? Should I buy 3 or 4 small SFR by the lake with cash (there's some really decent ones from 40-55k). My original goal was 6 4 plexes in 5 years but it sounds like getting funding for that many properties may be difficult and not happen in 5 years. I'm here for solid advice and expertise please help!!! What would be my best direction starting out?