All Forum Posts by: Perry Pelitera

I would look for local investment groups on BP for meet-up events. You could look to mentors to guide you through the process but be sure to do your due diligence before spending any money. I know Mesa area has a meet up group - check out @Shiloh Lundahl

@Shiloh Lundahl

Hi Melanie,

There are a few groups to check out. I know a group that has a meet up in the Mesa area. What part of town are in you located? 

A good general group is AZREIA (azreia.org). They offer training and information about real estate investing.

Best,

Perry

Depends if you want to be an investor. If you do want to invest, what type of investor (i.e., buy and hold, rent to own, BRRRR, etc.) do you want to become. The proceeds could be used for other investments that are more aligned with your goals. There are plenty of exit strategies to utilize.

If it is to become a rental - who will manage? Are the mechanical system in stable condition? Is the property structure sound? Do you want to be a landlord?

You could rent to own - rent at market rates and have tenant buy an option to purchase the property in the future at preset amount. Rents are just rent and monies are NOT held for future purchase. 

Just sell the property and use the proceeds for other investment goals. 

All of these have tax consequences and you should consult your accountant about how to minimize liabilities. 

Check out trash-team.com, they can handle weekly services for your STR.

Additionally, hard money lenders may only lend to LLC or some other business entity. Some will lend to a private person. I would get your LLC (in AZ it's about $50) but takes some time due to covid. I have an LLC for many reasons and one is the ability to get hard money.

Shiloh,

Great recap of your journey. You have built a great team and partnerships. Investing in one of your deals was one of my best investments. The guidance and mentoring on doing a deal solo was more than I expected. Your assistant is awesome and hits it out of the park. I look forward to learning more as we both grow our portfolios. 

Thanks again for your help. 

@Alex Verdugo - In AZ, you can file an LLC online directly with the State. I think it only cost me $50. You will receive a document via email with approval notification.

Check out the Meet up in Mesa on January 23rd, https://www.biggerpockets.com/forums/521/topics/65...

It has a good turn out of people in different stages of the investing.

Looking to learn from community blogs/podcasts about the investing process.  Have lived in Phoenix area for just over a year.  I have been getting emails from key word alerts but finally posting.

I have the construction, mechanical and project management skills needed to maintain/rehab properties.  Looking to build a manageable portfolio of properties while developing relationships and contacts for mutual growth.

Paul,

I live in the Phoenix area.  How long have you been investing? I would like to learn about the tools you used to find, evaluate and secure these properties.

Perry