All Forum Posts by: Teri Skrab

Hi Nathan,

Thank you so much for responding. This is all great info to think though. Much appreciated!

Thank you both for your responses. We are seeking guidance from an attorney waiting for a call back. We just wanted to see if there were any other ways of getting creative or guidance to hopefully make the right decisions. We look forward to this endeavor and hope to build our portfolio. Thanks!

Hello BP!

Our parents recently sold their condo in SC but did not do a 1031 exchange, as they didn't understand it as they are older. And didn't reach out. but, they now want to put the money into another property. So they approached us as we have been working towards getting into STR's. We found a house in the Poconos and actually it just went under contract yesterday. Things moved a little more quickly then expected.

We would like to set it up under an LLC before we go to closing which will be mid April. This is a cash purchase. Our parents are putting in the majority of the funding and we are covering about $10,000+ closing costs. We are located in PA where the property is. Our parents are in MD. Are there any major flags or concerns how to properly set up the LLC. The contract origonally was signed under our parents names and did not include ours yet. We will be fully managing the property ourselves for our parents. So ownership, they are mostly funding we are funding a lil + sweat equity. Thinking about structuring the LLC to pay us for the managment. But would it be an issue if we are on the LLC also as owners/members? Is it an issue to have members from two states. To get paid, would it be ok as long as it is structured as we are Managers in the LLC. And can take a paycheck. Or does this have any conflict of interest?

We are excited, as this will be our first STR, but now are heads are spinning as it wasn't fully thoughtout, before making the offer. And now we have limited time to set up LLC & banking before going to closing.

Any thoughts or suggestions is greatly appreciated!

Thanks so much!

Hi Alicia,

Thanks for the info! Yes, DIG is a great network. Thanks! Happy Investing as well!

Hi Kiersten,

Thanks for Reaching out! Great to meet you! That's awesome having 4 doors + under your belt! Congrats! Sounds like you guys are doing it right covering a lot of avenues. We would love to meet up sometime. I'll reach out to you soon! Congrats and looking forward to meeting you!

Hi Donovan, 

Thanks for reaching out. New Hanover is a great area. We really like it. Awesome! Hopefully all the new developments have been doing you well as a realtor. The area still has lots of opportunities for investing. Have you been doing local deals or venturing to other areas?

Any local investors here from surrounding areas? Collegeville, Pottstown, Royersford, King of Prussia, Pennsburg, East Greenville?   

Hi Brian,

Thanks for reaching out and for the inspiration! I'll keep ya in mind if we need anything! Congrats on your 7 deals!

We have attempted to contact an abandon home by using both Google and Facebook to try to track an owner down. If you have a hard time finding the owner, sometimes you can see through google who is related to the owner. You can try to reach out to relatives in order to try to reach the owner.  Sometimes you can get a phone number from google or find them on Facebook and send a message. If it's a good deal it's worth the effort.

Hi Daniel, 

My Husband and I are interested in the same topic. We are looking into funding options and had the same thought, starting with our family and friends.We are new to this as well but I was thinking about presenting it as a business proposal and showing them a sampling of a property we already ran numbers on. This way they can easily see how we asses a deal and what the potential looks like. Tell them that it's also an opportunity for them to make money on the deal as well by loaning it out at a negotiated interest rate. It would be a good way to see if they would be interested and think of it as an open credit limit for you. If they are interested, find out what they would be willing to loan out, and when you do find the deal and run the numbers, you can show them that one specifically so they are apart of it and not just loaning out money in good faith on the first deal. You can do it with a few family members and it would help to know what could be available to you so you are ready when you find that deal! Hope this helps a little. Good luck on your first deal!

~Teri