All Forum Posts by: Stephen E.

@Michael Carps @Alan Russell @Paul Argenbright @Trey McGovern

I would like to announce that the East Carolina REIA is meeting for the first time 11AUG17 at 6 PM at the Keller Williams Market Center Conference Room at 6:00 P.M.

Please see our Facebook for further information. ECREIA

I am looking for ideas what statistics are used to establish a market profile. What I have gathered is a demographic of the target area(s) that you would like to purchase properties. What are primary sources for information vs secondary sources? Who has detailed aggregation  of data presented?

Do you get more specific on the property type or have a high level then narrow into the specifics? Does the profile change depending on strategy that is used, hold vs wholesale vs flip? I am a buy and hold investor who will use equity to continue growth.

The information that I have gathered so far (Other factors?):

Population:

Employers:

Crime Rate:

Income Level:

Employment rate/ Unemployment rate:

@Andrew Holmes

Thank you! This is what i understand. You have a LLC, Company and Personal Insurance to mitigate the risk of what could be shifted to you. Does alot of this depend on how you structure the company and what level of personal risk or assessment is assigned by the court?

@Darsh Patel

Before you setup an LLC make sure you seek out some legal advice on the protection and liabilities that your specific state or the state of the purchase will be held. Some states don't offer LLCs in the way of much protection and have higher tax rates. It can be a great benefit but you should have more information before you dive into it completely. A few questions to ask yourself: What kidn of investor are you? Do you plan to have enormous growth in the next year? What benefit would you have from setting up a LLC beside for liability purposes? Do you have a team member, Lawyer & CPA who could assist you in the setup and ask questions? What are the other kind of protections and reduction of liability that can be pursued to decrease your overall personal responsibility and assets? What type of Landlord are you or your Property Manager? What states offer the greatest amount of tax and liability protections for LLCs.

 Also, Have liability insurance and a umbrella policy is a great thing; GREAT IDEA! Cost is not bad.

The other decision you would have to think about is how you are going to structure the LLC and how the flow through processes will be conducted.

@Andrew Holmes

I would agree that have one property for Each LLC would a hassle and think you have a good idea in limiting the number per LLC. Why you do have a limit per LLC? Why do you have 4 time the amount in personal liability vs property? Why have it per property and what kind of account would be need to accomplish this strategy?

@David Dachtera,

Yes, Mindset is the most powerful tool we have at our disposal but also our greatest enemy. Education helps expand that mindset and allow for growth into new areas.

A point of perspective that I see as a newbie reading this forum is that, All agree that you need PM at some point in your investing career. The timing and preference is the biggest difference. Timing being how much you have personally and  willingness to use your time to the units.

My personal view is that a PM is not the end all solution for everything but having experience being a landlord through mentorship or personal experience is important. Not all have a luxury of time but we all have a chance for education. I believe education is the most important part to this piece. If we are not willing to educate ourselves then it makes it harder to educate others and appropriately mange them . Another is do you have criteria for hiring a PM? That is something I learned recently. That a lack of criteria is like throwing darts at a barn and hoping something good comes out of it. It make it hard to find a property and makes it harder to evaluate it properly.

I am looking for what other investors have used to Evaluate a market or niche. What level do you start at and what factors are used to determine a criteria in that area or market? Do you have a tolerance level or are open for all ideas RE that comes your way?

Overall, I would get legal advise from your area or the area where the SFR resides.

Another option would be to contact both tenants and ask them if they would like a change to the lease. In situations that can be difficult, try to active find the best solution for all parties involved. It increases your reputation as a manager and leader of your organizations. 

This is a very good discussion of numbers. Could all explain what rules you are using and why?

My research into a market has been cursory and still learning how or what to conduct the research upon. I normally ask others, i.e. Real Agents and local officials, what they think. 

The best overview I have seen of a market research comes from A triangle that showed country, region, state, city, street. I cannot seem to find it.