All Forum Posts by: Pat G.

Lamont:

Only if you can make more money with the extra time it will bring you! And how does that $320 impact your Net Income, and value of your property?

Pat

Chris:

Put together an investors package and go find private investors to put up their money and then give them a preferred return on their investment. 

Pat

Mitesh:

Congrats on the $100K. That is good that you are limited on your day-to-day management because Commercial RE doesn't require as much of your time as single family residential.

When I owed my retail strip mall (24,000 Sq. Ft) I hired a broker to manage it all. From new tenants to the existing tenants, I was around the mall but nobody knew I owned it. 

Now if you go into apartments you can have a live-in manager or have an onsite management office, it all depends on number of units. 

Which is better, that will depend on the area you plan on buying in. My thoughts are people always need housing. You have to go into each with a plan, i.e. retail "I will only look at 3 store fronts and above (10,000 Sq Ft. +) or I will only look at 24 to 100 units in the apartment world. This way you know what you are looking for first and then find the area that holds those. 

Who is to say you can't do both? And you should not use your own money, keep the $100K in the bank and use private investors. 

Hope that helps and not confuses. 

Pat

Simona:

I just Googled "housing market for Carbondale, PA" and a bunch of data came up. Also, you could see if there is a local REIA in the area.

I also Googled "economic data for Carbondale, PA" and more data came up. 

You could search for a local realtor and tell them that you will be buying more in the area and that you need someone to sell the current property. 

Hope that helps. 

John:

Congrats on the deal. There is a guy that does only student housing that I heard about some years ago. He takes care of everything for the renter, meals, Landry, even down to supplying the plates and knives and forks. Now for that convenience they do pay about market rent, but for college kids it was worth it. I will have to look in my library to see if I can find this materials.

One big thing to think about is the time that school is not in session - summer time and how to make up that rental shortfall.

I wish I could be more of assistance.

Nerissa:

I just found your post, sorry for the late response. Dave was trained by the Master Ron LeGrand many years ago. I have taken his course and know of several very successful people whom have taken the information and "Took Action".  Dave is the real deal and has built up a nice portfolio.

Another person to look into is Lance Edwards in TX. I have his course and when I was speaking did Joint Ventures with him, nice guy. His URL is

http://www.apartmentwealthinfo.com/ .

Both teach about the same, it is all in who you like and the way they teach because the basics of investing are the same.

The main point is to pick one, or both and then GET STARTED! 

Good Luck

Pat Gage

www.patgage.com

Sean: 

@Sean Matthews awesome questions. All great advice, first an LLC is considered a Flow-thru entity, meaning that it goes on your tax returns. Seek advice from an lawyer whom is also an investor they would know exactly what to do.

As a person that has set up out of state LLC's in NV I can say one cost that you have to figure is you have to have a registered agent in the state that your LLC is located in. That registered agent (for it to be considered "Real") is the person that would have to receive legal papers and the like that are served on the LLC. You can use The Company Store for that. I don't know what the cost per month is. For me the cost of doing an out of state LLC was not worth it. What is your aim with doing an out of state LLC? The tax savings, if any may not be worth it.

Good luck

D:

I agree with the earlier post all good things to do. You can also try buying the property "Subject To" meaning buying the house by taking over the previous owners mortgage, if any. Now, if he/she has equity -can they take a promissory note for equity and wait for it. If no equity then it should be a easy one, they may owe you money to buy the house. I say that because if they have no equity and use a realtor with closing costs that is about 6% in fees alone plus the negative equity. They are going to pay somebody why not you! 

If there is no mortgage you can still buy it by using selling financing, but having the owner wait for their equity. Just have to see if they need the money right now.

Good luck!

Carlos:

Great question. It varies allover the place. It sounds like you are looking for a lot so it is going to be expensive. 

Don't let this stop you from getting out there and getting your hands into RE. When you get your first deal than you can go to the Calf Secretory of States and register a LLC for a couple hundred dollars.

Also this depends on how many properties you current own. Rule of thumb is about 5 homes in one LLC (depending on equity)

Michael:

First what type of property - Residential or Commercial

From there we can assist you. When you respond please tell me like this

Residential - wholesales

Commercial - apartments

Then I can assist you.

Thanks in advance.