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All Forum Posts by: Account Closed

Account Closed has started 9 posts and replied 27 times.

Post: Can an introvert be successful in REI?

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

Another introvert here. I'm a newbie to the REI scene but already dabbling around in it with one property to my name, and more to come of course. The older I get, the easier it is for me to open up, and I love having one-on-one conversations with people I know well. But put me in a group with people I don't know, and I clam up. I have to take people on my own time. Something that I'm sure has caused me to lose potential friends, but the friends who stick around are good enough for me. I'm one that takes years and years to fully trust... but when I reach that point when I'm all in, you're pretty much a friend for life.

I haven't yet faced a situation in RE that I've been overwhelmed with that I can think of, but it's still pretty early in the game for me. What has definitely helped me open up more has been traveling, for one. It pushes you way out of your comfort zone and puts you in contact with all sorts of people. Another has been attending meet-up groups... scary going in, but usually gratifying after since you've already established something in common from the get go.

Not sure I'm in the position to be giving advice, but I encourage you to push your boundaries. One last thing that helped me, incredibly, was getting a job at Starbucks (though any coffee shop would do ;) I was in the position where people wanted to make small talk. I learned to talk back... slowly, painfully, at first and then progressively better. Smiling helps more than you could possibly imagine!

Good luck... just get out there, tiger! :)

Post: Operating multiple LLCs

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

Thanks @Terry Portier !

Post: Operating multiple LLCs

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

I plan on getting an umbrella policy just for personal protection (in all areas of my life, not just real estate). I was going to combine this with my property LLCs, rather than doing either/or. NC is not a series LLC state so what I believe I was going to do was have each property LLC be owned by my larger parent LLC. I do not plan on doing anything outside of buy-and-hold/rental investments - no flipping or construction, though I might acquire a property or two that needs some work.

@Terry Portier - Given this, if each property/child LLC is then commercially insured, is this adequate protection? For me, there is no such thing as "overkill" in this sense... want to make sure my businesses are indestructible.

Post: Operating multiple LLCs

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

Thanks everyone, I really appreciate the thoughtful responses!

Post: Operating multiple LLCs

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

So I have a question that I've doggedly tried to find the answer to. I've heard from the REI community that it's best to put each investment property under their own LLC for personal asset protection. However I've also noticed that many real estate entrepreneurs run their own company, "ABZ Properties LLC." My question is... how is that structure set up? Is each property LLC bundled under the umbrella of the ABZ Properties LLC? If so doesn't that put the whole of ABZ Properties at risk? I am just wondering, as I foresee myself setting up a similar LLC in the future, and am trying to understand all the details of it. Thanks very much!

Post: Renting Condo - Should I Use An Agent?

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

I prefer to screen tenants myself, as my peace of mind makes up for the work/time required. I've had my unit managed by a PM before who took care of locating and screening tenants and got screwed over (horrible tenants who trashed the unit and the PM didn't get a security deposit). I've found that both me and the tenants are happier with this situation -- I feel better knowing I vetted them personally, and they are happier because I obviously am more flexible and understanding as a landlord since I am more comfortable with them as my tenants.

However, not to say all RE agents will do a poor job (I'm an RE agent myself). But instead of choosing blindly, I would ask around and get a feel for who in the area has a good reputation - usually good reputations are backed up by good people (cause people talk). I'd certainly do this myself were I in the same position, rather than choosing a realtor blindly.

Post: Student rental: enticer service #5

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

Love it! Thanks for sharing!

Post: Family loan

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

Thanks Ellis, that answers my question!

Post: Family loan

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

Technically, she would be loaning me the money to pay off the condo and I would then pay her back + interest with a private loan. My question was if it made a difference if her name was on the loan already...

Post: Family loan

Account ClosedPosted
  • Real Estate Investor
  • Raleigh, NC
  • Posts 27
  • Votes 1

My mother co-signed my loan for my condo a few years ago. Considering creative financing options - a family loan (from her) for the remaining balance of the mortgage so I wouldn't be under a bank loan anymore. Is this even possible?

Thanks in advance for any help!