All Forum Posts by: Stephen J Davis

The biggest hurdle is building your buyers list. The first thing to do is to join a local real estate investor group and build one. Let them tell you what they want and go find just that. The rest is easy.

You did it backwards. You build a buyers list first then find deals. Join a local real estate investor group to build your list. Don't give up and good luck.

A turn key deal almost always has all of the profit taken out of it. Plus, at that price, it is probably a rough area.

Join a local real estate investor group to build your buyers list and surround yourself with like minded people. You can also find coaches and mentors there as you grow.

You have three levels of protection:

1. Management style: Keep your property in perfect condition and take great care of your tenants and their needs. This is the number one and most powerful layer of protection. Prevention.

2. Insurance: I keep $300,000 liability on each house and a $1 million umbrella policy over all of them.

3. LLC: You can use an LLC to manage the properties. Don't transfer the properties to an LLC as that is considered a sale.

I like the point that it is best to do it before it breaks down. It will always break at the worst possible time. LOL. Like right before Thanksgiving dinner. When I purchase, I replace any system that does not have 5 or more years left on it's life expectancy. This includes AC, roof, water heater, and appliances. That way it does not come out of my cash flow. Google appliance life expectancy.

There is no need to put single-family into an LLC. Keep $300,000 liability on each house and have a $1 million umbrellas policy in place over all of your property for protection. Plus, moving it to an LLC is considered a sale and the note is due in full at that time.

Check out www.mynd.co Great leadership.

Your first step would be to join a local real estate investor group. A forum like this does not replace that. They will have all of the contracts that you need.

You should already be a member of a local real estate investor group. Build a buyers list there.