All Forum Posts by: Account Closed

Don,

:welcome:

Given your background are you looking to invest in RE or are you more focused on being a service provider and advisor to RE investors.

Given your long history what is your view of the CA market? I started investing about the same time you started working in the field. My memory of CA was that it has seen more than one dip over the years (late 1980's, 1990's, 2002). Each time the market came back after some individuals suffered pain.

Your view?

John Corey

The car loan can have more of a negative impact to one's credit score than a LOC that has been established but not drawn down. So, by having credit capacity but less outstanding current commitments the lenders sees more free cash flow.

Cash in the bank is nice but not as helpful on the score as paying off the car.

John Corey

You can do both.

1. Get an EIN and you can start to build a company credit file.

2. Your tax returns will not change much as a sole member LLC. You can just file based on your tax returns.

3. Even if you elected to file as a partnership the tax impact is almost zero compared to a sole member filing under the tax ID of the individual. Some extra paperwork but no difference in the tax paid.

Best that you get a tax professional explain the subtle differences and then help fill out the paperwork.

John Corey

Camkos,

Thanks for the update as to what is the most surprising. Like you I feel it is both fun and rather scary to learn a new market and a new country. What you do not know you do not know. Some days go better than others. Frustrations when you hit too many speed bumps :badwords:.

I took a look at your website. I put it on my list of sites to check so I can hear more about your travels and investments.

Good luck. Stay in touch. If you look at the UK market let me know as I am active there. London makes Oz look like a bargain.

John Corey

Beachbum,

:welcome:

I have a question for you. I heard Jeffrey Taylor speak; He is known as Mr Landlord. After during the Q&A he was asked how to find a property manager in different cities in the US. He said that if people wanted to find managers who are well educated in PM and who tend to follow ideas similar to what Mr Landlord promotes the NARPM is the way to go.

I have been to th NARPM site so have an idea of the group's focus.

What would you say sets property managers who are members of NARPM apart from other residential proeprty managers.

Thanks in advance,
John Corey

:welcome: Glad you can join us.

As to getting started.

Think of it this way. There is no perfect deal. What you do not know you do not know will tend to stay that way until you make a move. Certain things are just hard to see until you are in the market.

I take it you are looking to buy and then hold as a rental to university students.

Do you have skills when it comes to rehab work or other things that can be applied to a home you might buy?

What do you think is the one things stopping you from pulling the trigger? :shoot:

Have you joined or at least attended a local REIA meeting where you can rub shoulders with other RE investors?

I have family south of where you are. Close to the DE boarder. Maybe the next time I am in the area we can meet up for a coffee. We can share stories about how our deals are coming along.

John Corey

Welcome!

Would you mind saying more about this other network? Just curious as to the focus and what you learned from the experience.

John Corey

Deven,

Welcome.

It sounds like you do have some assets to start with. The fact that you own your own home means that you know what it is like to actually buy a property, obtain a loan and other details such as maintenance.

To get started spend some time reading. Both online and books. That will help you get a sense of the range of possible directions.

You also can look for a local REIA. That is a local investor group that meets in your area and discusses RE. Such groups are a great way to find out about local resources and trends.

Visit open houses, call ads in the paper and take other steps to come up to speed. Actually looking at properties to see if they are something you would buy is a great way to push back any fears and to train your eye as to what deals looks like.

Good luck.

John Corey

Plaurent,

Welcome to the forum and to the US. I spent about a year working for a software company in Paris a few years back.

As to your question. Your visa status will have no impact. The US does not care if an investor is from outside the US.

What will matter if your lack of a credit history in the US. Hence borrowing money is a challenge when your credit file shows very little activity and a short history. That can be worked on but it takes a bit of time. As you have cash you are at less of a disadvantage.

Think of it this way. There are investors who started with negative credit and no cash. You have unknown credit (in the US) and cash so you are still better off than some. Your starting point is your starting point.

I presently live in the UK and the US. I invest in both market. If you have cross boarder questions get in touch. I used to live and work in Silicon Valley (my degree is in computer science) so I know a bit about CA also.

The biggest thing to consider is are you trying to build a RE portfolio in the US or just buying and then selling. Different strategies will imply different requirements.

Send me a message if you want to dig into details.

John Corey[/url]

You need to read more of the book and look at the context. Many of his ideas are based on market conditions, tax strategies and lender requirements at the time. Understanding what was imposed and what was by design will help you make things to today and your market.

So, read a few more chapters and see if it makes sense. If not we can pick up the conversation. Maybe best if done by citing sections so those who have the book can look up the sections before commenting.

Deal?

John Corey