All Forum Posts by: Tony Mi

Thanks so much for your response @Kyle Shankin, I really appreciate it. It'll be very interesting to figure all of this out.

Thank you both for your input. This really helped

I've been researching real estate investing and it's fairly obvious that the best way to shield myself from liability is to have my real estate held in an llc. Does anyone have any recommended books or websites that detail the best ways to go about forming said llc? In my personal case, I'm looking to long-distance invest (I'm going through David greene's book currently). Is it best to have the llc in whatever state I decide to invest in, or is it better to find a state with better llc laws regarding business protection?

Thanks for your help

I'm studying up on Buy and Hold real-estate investing. So many of the resources discuss how to get the deals, what steps to take to be successful, but I haven't found many that describe what happens on the worst case scenarios and how good investors overcome those issues. For example, how much in reserves should one have to ensure they never lose the property to foreclosure? What sort of savings should you have on each property in case it goes vacant, has to get evicted on, etc? What are the best steps to take if your property is destroyed either by a natural disaster or one hell of a tenant/accident?

Are there any books that cover these sorts of contingencies fully? I know some folks say things like save 6 months of housing payments in case of, but is there more to it? What would be the least prudent to be safe and what would be considered the most prudent?

Thanks,
Tony

haha Thanks for your recommendation @Scott Mac. That's a great point, I've been learning more about the BRRR method and other styles of investing, that one just seemed far more cut and dry with a lot of upside on cashflow since that's what I'm most interested in currently. I'm not quite sure what path I'll take just yet, but I wanted to see if that one was even doable in todays economy, I looked through the houston area where the gentleman had mentioned he invested from and couldn't find anything that didn't look like a c class neighborhood ( I assumed due to inflation and appreciation from the time that gentleman purchased to now).

Thanks everyone.

Joe- It's quite surprising the range that deals can be found.

Nathan- I actually have it on audiobook and I've been listening to it currently. I was just hoping for a point in the right direction, which states folks recommended looking into. I'd hate to bother a bunch of agents across the US just to find out that this is a pipe dream with numbers like that. Thanks for your input on market recommendations.

Patricia- Unfortunately long distance is just the tip of the iceberg on my side since I'm interested in investing from Germany. I'll be sure to perform all of my due diligence when it comes time. I'm just doing my research, studying multiple books including the long distance investing book Nathan mentioned. I don't plan to purchase for 3-6 months, I just wanted to be certain that these types of deals were even feasible.

I recently watched a bigger pockets podcast that hosted a guy who bought 3bed/2bath, yr 2000 built properties for 80k cash and rented them for 1,000$+ that weren't in awful neighborhoods. I'm assuming this is fairly rare to find nowadays? I can't find anything close to that near dallas tx. Does anyone know of any locations in texas like that or perhaps in another state that fits those descriptions?