All Forum Posts by: William Golden

Hi all, I'm looking for some general tax and legal... recommendations not advice or directions to look into. So here's the run down: My mother wants to invest in Realestate with me, buy a couple rentals that she can later hand down to my brother and me later down the road. I will be running/managing all the Realestate side of things for her within this plan. My current thoughts for moving forward are to set up a trust, another possible option I see is just starting an LLC with all 3 of us as members. Does anyone have experience here? Or recommendations, or even other options if I may be missing some?

We are generally looking to avoid legal issues, or a cap gains when handing down a Realestate portfolio.

Any insight would help, and give me better knowledge and questions to present to an attorney when I move forward for setting this all up.

Thanks

Willie

Hey man, welcome to the community, BP is a great place to start! I’d specifically recommend the webinars, podcasts and forums. However just be prepared, there is a lot of content, info and stratigies here, but there’s no better place to start! There’s a local meet up tomorrow at 6 as well, check out “the spokane rei group” I honk it’s in BP’s meet up section. If not PM me.

Good luck and for best results( in my opinion) do some research and then ask forum questions to hone in on details- it’s a great sound board with a lot of knowledge

Hey Nicole, yeah, I literally just did this earlier this week. I asked other local investors about local banks they recommended, and I googled local (my city) lenders. This gave me a list of banks, lenders and credit unions. I just started calling them up and asking about terms and closing costs. Took about 20 minutes total. At the end, I had a list of 3 lenders who would give me a heloc on my rental at varying terms/closing costs. Also incase they dont mention an apprasial cost, ask. If they require it, it's about 800, at least in my area. 

PS if you try googling and after calling you come up short, understand that by googling your probably only picking out about 50% of lenders in your local area. Change up your search, ask realestate agents for local lenders, ask each bank you called who they think might be able to help you( many of the people have worked for other lending institutions and can push you in the right direction)

Hope this helps good luck

Hey Michael, sounds like overall your interested in developing capitol and education, until your 18 and can hit the market running, if not sooner. Thats a solid plan. You have a lot of options. My advice: Your end goal is to be an entrepreneur, so start working jobs that are not only going to help you build capitol for down the line but also teach you the skills for your future ambitions. So as many have mentioned above, and I'm sure you're tired of hearing it, start a grass mowing business, or something of the like. It can be anything really but in this example you gain experience:

 building something from nothing

dealing with rejection - people are gonna say no 

experience with success - people are gonna say yes, and you get the experience of analyzing why and how to improve your approach

Hard work - there is never a substitute for this

You would learn more than that but those are some, additionally, if you wanted to treat it like a real business, then you aggressively work on growing and learn even more, build it into a business:

Expand your clientele until you need to hire additional workers to keep up with demand

You will now have to manage others and engage with different personalities in order to make it work

Add additional marketing to grow and on and on

So from the above, you can probably see a massive investment of your time and determination with the pay out of capitol and experience which will directly relate to your end goals as a real estate investor. It's the business skills and experience that you would really be profiting from and if done correctly you would build capitol at the same time.

Just some thoughts, regardless of what you do, I recommend finding/making a job that teaches you solid skills to aid you in the future. Oh and don't discount the military or school, it would be a long way out but as someone who has done both the knowledge you can gain from both through experience is the real gain. It's the intangible knowledge. 

Thanks for the support everyone , I appreciate it. 

Hey BP community, newish investor in Spokane WA, looking to expand my portfolio, I have 2 long term rentals now and I’ve decided to stop viewing it as a HOBBY and treat it like a business. My current goals are to continue to acquire cashflowing deals in my local market, build up experience and with continuing growth and confidence expand to the point where my family is financially free.

First off this community is amazing and has been a huge motivator to change my view on my investments. Thanks to everyone at BP and to all the contributing investors from all over.

My biggest regret in all investing, is always what I didn’t do, never what I did do. I should have bought more and more aggressively when I started out 5 years ago (again due to view point as a hobby) and not because of price increases over that time, because thats 5 years of semi-passive income and appreciation. Thanks for getting my back in the game 

Any Spokane investors want to talk shop, lets grab a drink, cheers BP

-Willie Golden