All Forum Posts by: Account Closed

Thanks for all of your input.

Instead of firing off a lot of lowball offers, I'll submit a few at a time that are not terribly low. I've been looking for a deal for a few weeks now, with no success. The offers I've submitted so far have been pretty close to what they were asking.
I just wish I knew of a better means to locate deals.

Bill, I am not using a Realtor, I have recently acquired my own agent license, and as you all have mentioned, perhaps it wouldn't be in my best interest to start off with that kind of reputation.

Hello BP,

I have about 60k cash ready, and would like to make the leap of making my first small flip. I've been looking at lower-end condos that I could buy around 15-20k discount with >5k estimated repairs. Since this will be my first REI attempt, I wanted to keep it relatively simple to gain some practical experience.

After spending a few weeks mining the MLS and having made 2 offers that weren't accepted. I am consider taking a different approach.

Would it be a good idea to make about 20 extremely low offers per day that are contingent upon inspection? Being a newly licensed agent and having access to the MLS, I could send out contracts myself with little effort involved. I'd be targeting handyman specials, estate sales, and REOs. This would be 140 offers per week, and I'd have time to inspect them further if I get any takers before committing.

Any downside to firing off bulk blind offers?
Many thanks BP,
Elan

Many thanks you for all of your input guys.

Hello BP,

I've been reading a few books and it is often started that one should primarily only buy from owners with equity. I'm aware that this is probably a profoundly stupid question to ask, but why would buying from owners who don't have much equity in their property be discouraged?

Many thanks,

Elan

Hello BP,

I've been reading a few books and it is often started that one should primarily only buy from owners with equity. I'm aware that this is probably a profoundly stupid question to ask, but why would buying from owners who don't have much equity in their property be discouraged?

Many thanks,

Elan

Thank you Mike and Ellis, your input is very much appreciated.
We have decided to go with an LLC for now and will work out a more detailed structure when things begin to take off.

We would like to find sources of capital from those countries, especially China, as there seems to be a lot of money being invested in American RE from China.
But as for the near future we will be doing investments with our own capital.

Hello BP!

My first post here, hopefully of many.

A friend and I have decided to start a REI business together in Florida.
I've been researching different business structures, and the amount of information is a little overwhelming. There are so many options and we are trying to decide on which route to take.

Basically, we will begin by combining our capital to carry out our own investments, but hope to expand to China and Japan once we have gained some marketable experience. My partner is native Chinese and I am American but fluent in Japanese.

The option that currently seems most appealing is LLC.
However, what would be the differences between registering out company with multiple members (2), or one member and the other as a manager instead?

A major concern is how taxes should be undertaken. If we file with 2 members, will we have to file taxes for the LLC, and will having only one member allow for taxes to be filed individually instead?

I've read somewhere that filing minutes might be required and not sure what is involved in this.

Should we be considering other business structures other than LLC.
Advantages and disadvantages of potential structures?

Sorry if I'm being dense here.
We would overwhelming appreciate any help you more experienced investors out there could offer.

Many, many thanks in advance!