All Forum Posts by: Toure Lee

Hello Ian,

Welcome to BP! I am relatively new as well. I'm learning alot from the podcasts. I would suggest finding a "farming" area and getting to know that area very well. Drive the streets. Meet the agents who are the big players in that area. As you build your team, you'll find that the deals will come to you. The first one may be the most challenging. I use the MLS and auction sites and word-of-mouth. As a general rule, I don't buy anything I wouldn't want my family living in. You never know how things will go!

Is the home in a LLC? My mortgage broker says I have to get a commercial loan if I want to refi through my LLC.

My mortgage broker is telling me I need to get a commercial loan to refi my rental if I want to move it into an LLC. Is this correct? It is a single family home.

There's a seller whose properties never went through probate.  Mom and dad passed away without a clear will and there are several siblings.  The seller wants to dispose of the properties--a headache--and the siblings want to sell as well.  What are the steps required for the seller I'm working with to get a clear title?  About how much should this cost in attorney fees?  Are federal/state taxes due as a result of the title transfer?  Just trying to understand if I should even get involved in this.  I was thinking to to work with the seller and get the properties under contract and then wholesale them.  They're both rented and in good shape with some recent improvements.

This has been enlightening.  I'd like to learn more about ways to setup your business entities for your passive income as an investor.

Welcome @Dorothy Griggs!  I've learned a lot from the bigger pockets blog.  Good landscaping can definitely give a property a boost.  Do you have any suggestions for simple tools to use to create a landscaping plan?

Thanks @Joe Fairless !  I appreciate the book recommendation.  I am going to pick-up a copy from Amazon. What size apartment building would you recommend for a starter?   I hope your grandmother is doing OK with the water situation in Flint.  

Hello Everyone!

The BP blog is so good I decided to try the forum after listening a few weeks.

I'm located in southeastern Michigan and have done several single family deals in the state.  I especially enjoy rehabbing and holding for passive income and to provide income for other investors who don't have the time or interest to do what I love to do--real estate!  

10-15 unit apartment buildings are the deals I'd like to do next.  I'd really like learn more about how to analyze these types of deals.  Does anyone have examples of apartment building deals you've done or know where to find this information on Bigger Pockets?

I'm also glad to advise anyone just getting started in single family buy and hold.  I have a few farming areas in Michigan--Ferndale, Hazel Park, Royal Oak (apartment buildings), Lake Orion, Oscoda (vacation and long term rentals).

I hope to learn and grow as an investor--and help others to do the same!