All Forum Posts by: Reece Iovine

Not illegal in Ohio, but you cant market the property for sale. You can only market the contract for sale. So if you post on say Facebook you can not post pictures of the property. You need to post with out pictures have people reach out to you then you can send them pictures. You could always try working with and learning from an experienced wholesaler first.

Looking for a Mentee to join the REAF co brokerage under the Iovine Equities, LLC Team.

The goal of this position is to help you learn as much as possible about investment real estate, while helping me find off market deals for myself and my clients!

The hope for this position is to find a mentee with drive to stay on after a 6-12 month rotation as a full time acquisition manager for Iovine Equities, LLC.

This position is unpaid, however you receive 50% of any commission I collect per deal you find and nurture to closing.

If you are interested in learning more, fill out the form below and schedule a time to chat with me.

https://forms.gle/z3tpcoyEpriL...

Real estate is a business :) Look at your long term goals can you achieve them with rentals? If you really really want to start something else, look into a business that is supplemental to what you are already doing in real estate.

I have QuickBooks online for each LLC. The llc could hold 10 properties and still be in one quickbooks account. In all reality separating expenses by property with in an llc is for reporting purposes only as they all filter into the llc tax return (I could be wrong). Honestly I would pay the couple hundred bucks for a bookkeeper to initially set up QuickBooks for you based on your situation and teach you how to record your expenses. For me each property in the llc is its own expense category then I have subaccounts under each property for the Schedule E categories. Then also need separately track cap ex etc.

Talk to an attorney but if you own the properties yourself a umbrella policy might be good enough. If you own property with a partner then create an llc. In ohio you can just file this your self. I have an llc to keep property separate from personal and because I have a partner so the llc outlines ownership and responsibilities. 

Not an accountant or attorney (should consult with both) However my accountant/attorney told me create a separate llc for different ownership percentages or partners. I hold about 1M dollars of value in each property before creating a new one. Or 1 property per llc if they are larger properties not 1-4 units. The only reason I see to have a holding company is for branding purposes and consolidation for example all your contractors can bill the holding company and you invoice the separate llcs. Each llc will cost money each year for accounting and will require bookkeeping so only create what is needed. 

-What areas are you targeting and why?

Columbus OH in the below neighborhoods. Gentrifying areas with strong appreciation and cashflow, that have some external stimulus for growth.

-What systems and tools helped you to achieve success?

Find the right team members and don't lose hope. A lot of investors burn out looking for deals. It's hard but worth the effort. A great real estate agent specializing in investment property is a must. With out the deal nothing matters.

-What pitfalls should we try to avoid?

Over analyzing, reading bigger pockets articles from 5 years ago, etc. The market is competitive, I work with a lot of real estate investors that are stuck with book knowledge but that info doesn't apply anymore and it keeps them from buying that first deal. 

-What recommendations do you have?

Identify a market and jump in with a real estate agent. The rest will fall together with the right agent, they will help with lenders, PM, contractors, etc.

Cold call! Find a great deal and I guarantee you can find a partner to bring the money!

Cashflow pays the bills appreciation grows your wealth. I've added 400K in equity on my properties and they cashflow 2,193 bucks a month...No way cashflow can ever pay what value add and annual appreciation do :)

I personally like east and south of downtown. I can send you a list of property managers :)