All Forum Posts by: Tim Delaney

Quote from @Rebecca Cho:

Quote from @Tim Delaney:

Thanks for the mention @Scott Trench.

Welcome @Rebecca Cho! As Scott mentioned, I am bullish on Buffalo for many reasons. I've heard good things about Rochester as well. I am not an agent or property manager, but if you need any help or advice please don't hesitate to reach out. I love talking business, real estate and the business of real estate. I do have a great agent recommendation if you need one.

Hi Tim, thanks so much for the warm welcome! I’d love to connect and am very interested in hearing about your agent recommendation. I'll be reaching out shortly!

p.s - I was trying to find the episode of the BiggerPockets podcast where you were a guest but couldn’t find it. Would you mind pointing me in the right direction? Thanks.

Hi Rebecca, definitely reach out!

I was on BP Money Episode 325:  https://www.biggerpockets.com/blog/money-325

For some reason the signatures in the Forum seem to assign random podcast numbers to past guests, I’ve noticed this with other people as well. The link does work though and takes you to the podcast page.

Quote from @Otis Clayton:

Quote from @Tim Delaney:

The first place you should start is why do you want a partner? What do you bring to the table and what do you need from a partner?

Nothing wrong with partnerships - I have used one to scale way faster than I would have on my own because he brought skills I didn’t have - but if you can do a deal on your own first to get a better understanding of the entire process it may help you identify what you need from a partner and what types of things should be in the operating agreement.

As for the operating agreement, be sure you sit down with an experienced attorney who will help go over the dozens of scenarios that may come up and how you would like to handle them.

 Hey Tim

I feel truly blessed by your response. I definitely want to scale but with people I like. I dont want the money to become an issue but a by product of helping others ( scaling ). 

I didnt think of the operating agreement so I appreciate that feedback. 

Do you think WE need an attorney or I need an attorney?

I am looking to add 2 -3 partners in the next 3 months. I have 1 in the works.

For all parties to be completely protected each person in theory should have their own attorney. However, that can get costly quickly and slow things down. Without knowing the nature of your partnerships it’s tough to say specifically. If you are just partnering on a deal by deal basis then one attorney that both parties feel comfortable with is probably sufficient. If you are talking about investments of multiple 6+ figures that will be tied up for years then you may want to have your own.

Thanks for the mention @Scott Trench.

Welcome @Rebecca Cho! As Scott mentioned, I am bullish on Buffalo for many reasons. I've heard good things about Rochester as well. I am not an agent or property manager, but if you need any help or advice please don't hesitate to reach out. I love talking business, real estate and the business of real estate. I do have a great agent recommendation if you need one.

If you are buying a primary then you will not necessarily be able to utilize the LLC for this property. I'm sure someone will tell you that you can transfer title of the house after closing, but what purpose would that serve? The loan is still in your name so any liability protection would be pierced. I suppose your LLC could be the property management company - but I think you are just over complicating things. Use the LLC to buy your first non- owner occupied investment property.

The first place you should start is why do you want a partner? What do you bring to the table and what do you need from a partner?

Nothing wrong with partnerships - I have used one to scale way faster than I would have on my own because he brought skills I didn’t have - but if you can do a deal on your own first to get a better understanding of the entire process it may help you identify what you need from a partner and what types of things should be in the operating agreement.

As for the operating agreement, be sure you sit down with an experienced attorney who will help go over the dozens of scenarios that may come up and how you would like to handle them.

Quote from @Raul Fernandez Jr:

@Tim Delaney thank you for your response

 You're welcome! Keep us posted on what you end up doing.

Try some local small banks or look in the tools on BP

My deductibles are usually $2-5000. I generally prefer higher since I don’t plan on putting in small claims, it’s basically just for catastrophic loses and the savings in premiums over multpiple properties for multiple years should balance that out if I have ever have to use the insurance.

Welcome!

Quote from @Stan Boshart:

Do you think that demand will be high for something like that?  I feel like there will be lots of people that are ready to get our of their home offices! How would you advertise or market it?

 You would have to know your market. I know there are a lot of professionals in the suburb that I am looking that need a place to meet clients but don't necessarily want to go to their downtown offices regularly. LinkedIn, Chamber of Commerce, signage and Networking for marketing