All Forum Posts by: Rob Beland

 Just get in your car and drive downtown. Find a credit union. 

 Thanks Rick. Great advice.

@David Dachterathat is absolutely false information for a new investor. Give me the name of an underwriter for any bank that will lend to an LLC without a personal guarantee.

I think we're all in agreement that LeafGuard is a waste of money and a complete gimic. Sorry if any of you have purchased them. I'm sure they work fine but so doesn't any seamless gutter system with their "brand" of leaf protection. Look up a local company in your area that does seamless gutters and get a consultation. Gutters are cheap. You're talking a few hundred dollars for a small house. In my area, MA, it's about $5-6 linear foot installed and the covers are a bit extra. 

@Scott Gardner who does the agent work for? If he works for you, then you determine your deposit amount. If he works for the seller, he will make a suggestion but if he wants to sell the property he needs to make the investment work for both sides. You should consider the value of the property as it relates to the value of the deposit. $1,000 is pretty standard. $2,000 could be considered excessive if you are purchasing a $60K property but might be standard if the property is $300K.

It really doesn't matter what state you choose to set up your LLC if it's not going to be in the state where you do business. Judges have ruled time and time again that even if your LLC is set up in a different state, you are bound by the laws of the state where you do business. You can google reasons to set up an LLC in "fill in any state" and you will find reasons why that state is better than the next. Could you give some examples of why an investor in MA is better off setting up an LLC in Utah as opposed to here in Massachusetts?

Multi-Member LLC assumes the investor has business partners and "usually" assumes most investors have partners which is actually quite the opposite of reality.

@Teresa Milleryou're missing one major consideration. Do you actually need an LLC or an S-Corp. You can in fact buy real estate, do flips, wholesale deals, etc...as a sole proprietor. You need to take an internal survey so to speak of your personal net worth. What are you looking to protect with the LLC for example? Determine the value of all of your real estate including your personal residence and then subtract the balance of all of your mortgages. Secondly, add up all of the money you have in savings/checking and in investments like a 401K, IRA, etc... Now determine the value of your large purchase items like your cars, boats, etc...and subtract the loan balances. This calculation will give you your net worth. If you are sued then your net worth is the extent of what your exposure is in the lawsuit. You should also consider a basic liability insurance policy. If your net worth is less than $500K you can get a liability policy for a few hundred dollars per year as opposed to setting up multiple corporate entities that will cost you thousands per year to establish and maintain. How much money are you making monthly/annually from your investment deals? The costs associated with LLCs and S-Corps will quickly eat away at your profits in the beginning of your investing career. Good luck Teresa. Lots of interesting advice on which entity to use but not enough consideration on whether or not you even need the entity at this stage of your investing career.

That's a nearly impossible question to answer. You haven't given enough information. Where are the condos being built @Logan Hicks? Is there sewer/water at the site, in the street? Is the site level or is there a lot of site work required? How many condos are in a "set"? Do the condos require any special permits or site plan approvals? Will these be townhouse style or garden style? Garages? I could go on and on...You should drive around the area where you want to build these condos and see who is building new construction in that area and go to the site and find out who the builder is and have a conversation with them. Also with a post like this you should state the city/county and state where you are looking to build so the post will come up on the radar of local investors/builders in your area. Good luck. 

I just send them a one-two page addendum if I'm going to renew on the same terms. Most of my tenants are TAW so there is no renewal. The only renewals I do are on SFRs. the addendum basically says all terms are the same except that rent is increasing and it has some acknowledgement of the security deposit. Don't overthink things like this @Steve Rozenberg. You could also very easily mail them a new lease for signature.