All Forum Posts by: Account Closed

@Chris Mason I suppose it was a mistake to use the word “partnering”. I didn’t mean it in the legal sense. Each “partner” (we’ll call them members from here on out) would own their own LLC and would hold their own real estate in their name. The profits and losses would be their own. The equity would fully reside in their respective LLC’s. It’d just be a situation where we each help each other forward, knowing and recognizing that we’ll all be making passive income, so rates will be low or nonexistent. Essentially, it’s a way for all of us to save a lot of money, compared to going to the free market for a contractor/researcher/realtor/etc and paying free market rates. Side note: we’re all business partners in other ventures. We’re all doing just fine, as I detailed above. Lol

I am new to this site but have been listening to virtually all (or most) of the podcasts on my long drives for work and have been scouring the blogs and forums for a while now. I’ve finally made the decision to get into real estate investing. I’m wondering if there have been any appraisers that have seen success in the switch? I will be partnering with my mother (a 10,000+ residential/commercial real estate appraiser - Certified General), my sister (an agent), and my best friend (a contractor). We plan to partner up and invest together. We’ll all likely househack for our first few properties, then use the passive income and equity to reinvest. Our general plan is to use the properties for short term rentals (at least unless it makes more sense to rent on an annual lease or flip/sell). We’ll also rehab the properties, so we’ll be those investors looking for ugly houses. I know that it isn’t technically the most efficient to partner all four of us up, but I believe the returns will be far greater without dealing with the headaches of issues with loyalty. We’ll also be able to keep everything in house. And particularly regarding my contractor buddy, he’ll make a little extra for his time for hands-on work, but he’s in it for the equity. This will all be drawn up in a contract and roles will be assigned. I’ve already done business with every one of them and am currently working as an appraiser in my mother’s firm. So business stresses don’t cause any problems for us. Although I’m open to hear feedback regarding our plan, what I’m most curious about is how advantageous it is to be an appraiser and start investing? Of course, I can imagine our expertise and knowledge of the RE industry will bring us copious ROI’s... But I’m also unaware of specific mentalities or issues that appraisers may bring as a bias when investing? We don’t dictate what people will pay for a property, for example. We give an opinion as to what can reasonably be expected, but something as simple as nice landscaping can bring in a higher asking price. Or a competitive market will often drive up value. So in short, what is your perspective on all this? It’s a lot to read, so I appreciate your insights in advance! The first investment will be in about one year after my current lease is up... Which gives me time to work on my credit and save up a down payment. Thank you!

She is protected on a federal level. It doesn’t really matter what state you are in. She didn’t even technically need to make you aware that she had chickens. If she has issues paying rent in the past, evictions, poor credit, or so forth... Deny her based on that criteria. Also, I didn’t read through the thread, but be sure that you don’t tell us any reasons why she may be denied. The chicken one isn’t a reason. But don’t go into any detail (ESPECIALLY regarding your opinions about her chickens). The chicken thing cannot be a factor in any way. It can’t even be a factor for checking into her credit further (sort of the fruit of the poisonous tree doctrine concept). Good luck!

I have been scouring the forums for a while now and have yet to post. There seems to be copious amounts of information about how to get started, financing, market research, etc. But if there’s one thing that’s true about real estate, it’s that there are virtually infinite ways to get started and be successful. So what is your success story?