All Forum Posts by: Krizelle Pum

 Thanks for the links, Vivek! We'll make sure to research/network more and be cautious with executing our plans! 

Hi James! Would love to meet you and your wife and hear about your REI plans... Let's set a meeting soon! :)

With our goals, partnering makes sense because of split liabilities and responsibilities as well as more money to get it all started. Depending on the properties we consider, we might be able to purchase 2-3 with initial investment. We're aware of the possible headaches that may arise, but I think in the long run it'll be worth it. We are also planning on just saving the cash flow and rolling it over to purchase other properties. Hopefully it goes as planned!  

Hello Ali! Thank you so much for your input! Very true about what you said with having partners. We're hoping that since we've set terms and expectations that we will not run into too many problems with working together. There are so many factors that can go wrong and something my husband and I discussed and considered for a long time. We'll see how it goes! 

If you don't mind me asking, what areas do you have your turnkey properties in? Any specific company you would suggest working with? And did you set up LLCs for the properties you have?

 I will make sure to look at the links you've included here and will definitely contact Amanda. Have a good night! 

 Thanks Darrin! Definitely a lot to consider and it can be a overwhelming! We'll make sure that we do our due diligence! Would really like to chat with the person you know from Irvine. Let me know how I can connect with her! :) 

That's awesome! Can't wait to hear about the two deals you're waiting to close on. Good luck! :) 

Hi Austin! We're on the same boat. My husband and I are partnering up with a couple of friends to buy out of state rental properties (we all work full time jobs too). We live in Long Beach/Cerritos area... We were initially going to start an LLC, but now not so sure anymore. Some say a regular partnership will do for what we're trying to do. Really interested to see the responses on this post.

Have you guys talked to a RE attorney? We're looking to team up with one in our area...still searching so if you have a great attorney you can refer us to that would be super helpful! :) 

Thanks Basit for the input! No, the other couple does not have tax experience. They are good friends who share the same goals. We thought long and hard about the partnership and weighed in the pros and cons...in the end, we just decided it would be beneficial to split the liabilities and also with partnering we'd be able to acquire properties faster since we would split all the cost of getting it all started. 

You're absolutely right that it can get complicated as far as setting responsibilities and making decisions considering that we're all newbies too! Right now, we meet in a weekly/bi-weekly basis to make sure we are all on the same page. We set goals and make sure that we're all doing our parts. 

Right now, we're trying to learn as much as we can before we make an offer on our first deal. We know very little about the differences in structure between a partnership and LLC and which one would be better in our situation. When we asked our CPA, it was mainly for tax purposes...We definitely need to network more and hopefully find great CPA and attorney in our area to team up with!

Currently, we're looking at Columbus and Dayton OH/Kansas City and St. Louis MO. Or if we were to do it on our own and not go with a turnkey company...maybe Henderson, NV since we have friends there and we visit Vegas quite often so it will be just easier for us to manage. 

@Larry Fried Thank you so much for your response!!! We were able to set up a phone meeting with OutYard last night and like you said it was a marketing firm. We're going to set up a meeting in person along with our partners to learn more about it next week. The owner we spoke to seemed to be very knowledgeable and responsive to all our questions. We will definitely take your advice and make sure we travel to the markets we're considering. We're super excited and can't wait to close our first deal! :) Again, thank you! 

Hello everyone,

We are getting ready to start investing in real estate out of state...primarily buy and hold SFRs and small multi-families. My husband and I are partnering up with 2 friends (another married couple). We are located in Long Beach/Cerritos in California. We all work full time jobs and our main goal is to make passive income.

We were initially going to start an LLC, but our tax guy advised us not to and after reading more about it on BP it, we're leading more into just creating a regular partnership. Any thoughts on this and can you guys refer us to any real estate CPA and lawyers we can talk to to lead us to the right decision?

Also, because of our situation and goals, we are really interested going through a turnkey property company to get started. Has anyone done business with OutYard Invest? If so, how was your experience? And does anyone have a company they would suggest? 

Thanks so much in advance! We're new to this and would really appreciate any comment/advice/referrals.