All Forum Posts by: Eddie Starr

Hi, BP!

I'm wondering if a HELOC or Home Equity Loan is possible for a manufactured home (in-laws). It's not "mobile," has a walled foundation. It sits on about 20A of "Designated forest" land (via the county site).

The original mortgage was $110k, and they own about $20k.

I've read how either type of equity loan on a manufactured home can be very difficult, even with other investors. Someone, on a different thread, suggested making a note, and selling the note to an investor, but not sure how to structure that note..?

Anyone know if the above property could get an equity loan, either on the house, or the house+land?

Renatus is a scam, and a waste of time and money.

I tried them first, when I's getting into real estate. So bad, I went looking for extra info, and came across BP. 

They want to hit you with "education ain't free" "not having education can cost" or other sales pitches. Bunk.

Wasted money on the essentials, and was told by my "mentor" that he'd team with us on doing deals. On one deal, when I'd a Agent to help, the Agent said a lot of what he was doing was illegal. Then, when we lost out on the deal, I was networking with another wholesaler, who happened to get the deal!

Gave me no idea what his "buyers" criteria were, and "Armchair Holdings," or something like that, was a company I couldn't find nothing on, and the phone number went to some employment agency, I think, on the "POF."

I thought I'd found a good REI group off MeetUp, but it's a Renatus scam, which I don't have time for, these days.

@William W. Humphrey: That would be awesome. What I'm planning on, at the events, is to be strictly educational. I have, on a few slides I've put together, some "thumbnail deals." This shows how much the asking price of MFH deals, their gross, expenses, and net. I do similar for some commercial deals.

It's my understanding that as long as I'm not saying "here's a deal, jump on board," I'm ok. I will list a few different SDIRA/Solok firms, as mentioned, and tell them, at the end, to do their research. Of course, I'll mention at the beginning, a sort of disclaimer, "I do investing, and the purpose of this workshop is to educate you on options." Then, I leave it to the attendees to either connect with me for more info, or "...so long, and thanks for all the fish." (Hitch Hikers' Guide to the Galaxy reference).

@Bernard Reisz: TY for your responses! Yes, I've seen a few vids talking about the potential of the retirement accounts. In my slideshow, I make reference to the "...people had their 401ks become 201ks..." citing a US News Story estimates $2 Trillion were lost in retirement plans. This emphasizes the importance of diversifying. I also, as yet, don't have any investors. I've spoken to a few people at some inter-church events, and have drawn up interest. Now, I'm looking for some guidance, to put things together, and make things awesome, providing some good, basic education, without a ton of jargon to push the "everyman" away.

@Alina Trigub That's an idea, too. I'm thinking of both webinars, and events in the Spokane, Washington, Coeur D'Alene, Idaho areas. Open for suggestions.

You already have me doing extra research, to learn about UDFI and/or UBTI. Wow! Bernard, you mentioned ways to mitigate UBIT?

Again, thanks, all, for your initial comments! I've given votes of kudos for y'all!

Looking for some feedback, and maybe some ideas to help flesh out what I'm working at.

I'm looking to reach out to my community, offering free workshops to introduce people to the concepts of investing with their IRAs, 401ks, etc, by rolling them into (as applies, full or part) into and SDIRA or solo401k.

I'm aware of the SEC R&R, and not to be doing any general solicitations. The initial goals of the workshops would be to present information to open them into the concepts of using retirement money for investing, and to provide them with the sites of the companies that are admins/custodians of these type accounts, so they can do additional research, and to also point them to the SEC info.

In holding these workshops, I'm looking at establishing “Pre-Existing” and “Substantive” Relationships; realizing that this is a long-term strategy.

With the idea of it being passive for the investors, my thought is for them to invest in my LLC, and then the LLC buys assets, which I'm thinking to focus on commercial; possibly businesses with strong cash-flow that are also selling real estate as part of the transaction.

I'm also thinking, in the workshops, to possibly include those with equity in their properties. I would provide them some information on HELOCs, cash-out refis, and Equity Loans, and provide them with additional research sources, so that they can decide which applies best to their situation, and work with them under a similar idea as to the retirement investors.

Would like some feedback, and maybe someone I can bounce ideas back and forth on...

Greetings, BP community. Doing reading on various creative strategies for buying real estate, real estate businesses, and so on. I'm looking for suggestions on how to structure an offer. Right now, it's just a scenario, but fine tuning it, I plan to use it when the kinks are out.

The scenario is that there's a motivated seller (wanting to retire, sell it off for other ventures...) of a rather profitable business; the asking price is low, and the net cash is more than enough to pay for the business.

What I'm thinking is that I offer them more than their asking price, have a loan to "cash them out," and then I and some associates can then take over running the business, with the cashflow paying off the cash out loan.

How much should I offer, as a guide? A set number higher, or a percentage higher? 

Would this be something a business broker, or commercial real estate broker, shoot down?

The main thing we would be bringing to the table are Veterans with different management skill sets, for running the business.

Tips for how to do this offer? @Omar Khan, I saw you tagged on a similar post, so maybe you can help?

I've started a thread over on the lease option forum, and I wanted feedback from the rehab side. 

I really could use some feedback, and my intention is to get feedback from the more experienced members, on both sides of the equation, not to spam, or the like. 

I recently began talking with one guy who has been doing this for a bit, so I know it's possible. I just want others' feedback on this.

Thank you!

A friend that I do some JV wholesaling with was recently contacted by a seller of a luxury home. This is something that is "above our pay grades," as we generally don't do the +$1M range, neither SFH, nor MFH.

The seller and family are wanting to not "blast it all over the internet," and it's unlisted.

- 9,300 Total Square Feet
- 9,065 Total Square Feet Livable Space
- 230,868 square foot private secluded lot
- 6 Master Bedrooms with 5 full Bathrooms and 2 half baths
- 2000 ft long 15' walking trail through woods to water
- "Great room" for entertaining: 40' x 35'
- 3 car 2 story garage; electric
- Seperate Work Studio
- 5.3 Acres secluded and private on the water. Lots of additions can be added.
- Just over 30 mins from Boston
- Grandfathered boathouse

New:
- roof (30 year warrenty)
- Plumbing
- Electric
- Each room Cable & Ethernet Ready

Zoned For High End B&B or Conference Center.

Previously owned by philanthropist and a Pulitzer Prize Winning Author.
The property is valued between $2.8M-­‐$3.1M consistently and the land alone is worth $1.6M. They're looking for $2.2M.

What would be the best way to find a buyer, especially since they don't want it "blast it all over the internet?" Put it on the Market Place, with an NDA?

@Michael Plaks:

That's generally my understanding. If one is conducting business in a state, they must either register as a foreign entity, or register as an entity in state (through a RA?), if it's not a state they're already registered in..

Now, my main question is, for those who've done so, since you need to either register as a foreign entity, OR register with an RA service, which have other wholesalers done?

Is it easier and cost effective to register as a foreign entity, and pay whatever fees the states charge? Or to set up an LLC in each state I do business in, and have a RA?

@Steven Hamilton II:

Thanks for the feedback. Yes, my plan would be to use the same corporation name, and register it in each state I'm doing business in.

I'm also aware that one needs to beware not to co-mingle funds; use the business for personal, or visa-versa. This can lead, in short, to "piercing the corporate veil," and any protections the corporation had provided are gone.

Do you offer services to set up registered agents in multiple states, or is there service you suggest? I've seen how they state they can set up the corporation, for a fee, but I don't see why I should bother with that. I believe all I would need to do is select the RA service, and when I register the LLC with the SOS, use the RA's information. Or is worth the small extra fee to have them do it all?

Again, thank you, Steven, for 

I've some questions about one of everyone's favorite subjects: taxes and the IRS. I am NOT looking for "legal or similar advise," as I know that can't "be done." I just want to hear what others who've done such business have done for their businesses.

For those who have wholesaled in multiple states, do you use a C-corp, LLC, S-Corp, LLC-S-Corp, LLC-C-Corp, or something else? Do you have a "Master Corporation," and then a separate corporation for each state you do business in? Or do you have your corporation(s) where you do the bulk of your business, and then, for where ever you do a few deals, simply register as a "foreign entity?"

For those that opt to have multiple corporations, do you have someone you know as a registered agent, or do you pay an annual fee to a 3rd party? If the latter, who do you use? Has www.myllc.com or freeregisteredagent.com been good? Any you would avoid, or recommend?