All Forum Posts by: Steven Stokes

@Steven Hamilton II Thank you. I should have been more specific when I was saying corp. I should have been more specific. 

I really don't want to get into a fight with anyone on here. I only offer advice from my own personal experience. 

I understand what you are saying and I appreciate explaining more about this topic. 

Thank you for the offer to message you. I haven't even done any business in Ill but I'll be happy to buy you a drink if you're ever in San Francisco. lol

Thanks

@Natalie Kolodij  

When I said corp, I meant not personal. I do realize that an LLC is a hybrid corporation but that was not the point I was trying to make. The point I was trying to make is to get professional advice for his personal situation.

I did not say Steven's advice was wrong. I did say that blanket statements are not helpful. If that is too rough on accountant's egos here on BP then I don't know what to say. 

I don't see anywhere that I was disrespectful to Steven. Matter of fact I did say "I enjoy and respect his contributions."  Just because I do not blindly follow blanket statements from people on random real estate forums doesn't mean that I'm wrong to give the advice I gave.  

@Steven Hamilton II  OK I do admit I am not an expert in this area. 

To say, "I have no idea what I'm talking about" is rude and unhelpful to this discussion just because I slightly disagreed with you. I hope this is not the way you treat everyone who disagrees with you.

I also guess these other CPAs and real estate attorneys, who have written post on holding real estate in an LLCs (most for California) also have no idea what they are talking about either. 

If you read the following links (all from CPAs and real estate attorneys) they all recommend holding real estate in an LLC for liability protection.

https://www.nerdwallet.com/ask/question/what-is-th...

https://odgerslawgroup.com/california-real-estate-...

http://www.yourlegalcorner.com/articles.asp?cat=ll...

It looks like what most CPAs and attorneys in California advise is holding your real estate in an LLC. Which is basically what I've been saying.

I do not want to get into a pissing match with you or anyone, I'm just saying people should get professional advice for their own personal situation where they live. 

But if you think that is stupid then we disagree. 

What I like about BP is that no one is trying to "sell" you their magic system or paid guru training for the most part this website has a range of experience levels that fluctuate from time to time. 

I think anyone who comes in here with unrealistic expectations will find a lot of cold water being thrown on their idea very quickly (especially from the more experienced posters).  

In my opinion, BP is one of the best Real Estate Investment websites on the internet. 

I hope this helps.

@Steven Hamilton II  While I appreciate what you're saying. I think everyone's situation is different. To make a blanket statement about what EVERYONE should do or not do, I feel, does not necessarily appreciate the nuance of an investor's personal and financial situation. 

The four issues you stated are real but there are ways around it and there are always pros and cons to any structure you hold an investment. 

This is just my opinion. I do enjoy and respect your post. 

@Genesis Pacheco I am not familiar with the New York market, except I do understand living in the middle of an expensive market. 

Everything @Brian G.  said soounds spot on!

I'm in San Francisco. I do know a number of investors who are doing well with AirBNB and some flips. The numbers to make that happen are a little too far out for me. 

For example, I have a friend who does flips in the city. He buys older homes that are for sale for around 550k and tried to squeeze out between 20 to 50k on each deal (Most of them falling closer to the 20k). 

I don't like the door fee to enter the SF market. While it's not bad money, I can do three deals like this almost anywhere else in the country. 

So, my friend, it's not impossible to get deals done in expensive markets, but you don't have to play in the deep end if you do not want to and being a new investor it's probably better if you didn't. 

But no matter what you decide there's good advice and guidance on this site. Use it to your advantage and profit. 

Good luck!

@Alicia Mahase Hi Alicia, congratulations on trying to learn more and improve your future. I agree with what everyone said but please do not get stuck in study mode. All the education in the world will not prepare you for everything you will face personally. The best teacher is action.

Do not wait until you feel like you know more because that day will never come. Get out, network, go to investment club meeting, develop a plan and work you plan. Persistence and consistency is your friend and will make you successful. If you do those two things keep learning and keep moving forward, you will be unstoppable. 

 I wish you the best of luck.

If you ever need anything please feel free.

I hope this helps.

Stephen

Those are some amazing returns and in such a small time. You should write a book on how you were able to accomplish that. Even experienced investors have trouble putting multiple deals together at this rate. You must have an awesome deal flow system and processes.

@Eric Matson Yea, it sounds like you need a new lender. 

@Marty Gold oh sorry I should have explained. For most people, it means Travel and Entertainment.