All Forum Posts by: Dean Hulsing

Would it be better to just change the name with a DBA (doing business as)? That would be my recommendation but I️ would just call a few lawyers and they should be able to give you this advice at a nominal fee, probably free!

January 17th @ 4:37pm

Just an update on this thread.  I was in negotiations and I decided to not pull the trigger.  I have moved on and purchased a few other properties.  I spoke with a contractor that was working there and he stated that the building sold a few months ago for 95K over my negotiated price.  I feel that they overpaid but I also feel that i missed out on an opportunity.  I think that it just goes to show that even running all the numbers the process is the important part of it all.  I am looking forward to the next multifamily.  Thanks again everyone that has posted on this thread!

I am in the process of naming my LLC. It is between Global Property Solutions LLC (GPS, LLC) and Empire Property & Investment Co. LLC (EPIC, LLC). Please let me know your thoughts. It will be a series LLC. (this means I can have multiple various investments under one name- ie... SFR, Multi-family, Vacation rentals, investor subsidized, etc)

@Brent Coombs I actually sold it for more than my asking price $85K, but I had to pay $2k of the closing costs to the buyer).  I have since invested the difference into three opportunities.  The first was a ridiculous low ball offer that the bank wanted to get rid of @17K for a duplex (but the improvements will be close to 35K).  My second opportunity was a hard money deal for 25k at 8.75% for one year.  The last one is a duplex that was on the market for a while and was listed for 47K.  I am closing on Thursday @ $28620.  I look forward to the increased cash flow and continuing to build my portfolio.  I am a looking forward to more of the opportunities that real estate provides.  It is starting to become fun again!!!  Thanks for the input and the post!

I have also heard that Memphis Invest is better to go within regards to quality and tenant selection, thanks for the input.  

Hello Wes, I feel that there is a chance that you might get hurt if you are trying to tackle to many deals at once but this is only my opinion.  I feel that you have to have proof of concept, not only in theory but also to build the confidence first on your own.  Did you ask your mentor and what was their answer when you asked them? Is the mentor someone that you work for?  If they are then they should be able to know your situation better and advise you accordingly.  I wish you the best and welcome to BP.

Thank you.  I have never thought of using USAA.  I have heard that their rates are very good and they are easy to work with.  I have had insurance with them for several years.  I really appreciate the information and discussion. 

@Charlie DiLisio That is a good idea. I am not sure about a HELOC when I don't live there. It sounds great but what are the banks that don't charge for an appraisal? I have a long term account with US BANK but I don't currently have any loans with them.

@Paul Smythe Thank you! Some more information about the property..... I actually own the property outright so the cash flow would be great. I was more interested in getting an opinion of what the time frame I should be contemplating on holding the property and if there are calculations that would help make my decision easier. The appraisal would cost about $350 and I would estimate another $1000 (or so) for the closing cost on the a 75% LTV loan. I spoke to the local bank and asked them to do an appraisal but then I held back this appraisal because of a couple of showings that seemed promising.