All Forum Posts by: Will Porter

Kicks off at 6pm in the Marriot by the Galleria.

Will be my first time, not sure what to expect...

In a way you're already doing this by running credit history and background checks. It's not exactly what you're looking for, but the information in your due diligence should tell you a lot about what type of tenant the prospect will be.

But let's step back and think about this from afar: You can have review sites for businesses because the business is intentionally placing itself into public discourse -- I don't think you can really say the same for tenants. The concept is interesting, but having a hidden landlord-only blacklist seems really shady. Imagine if you were on the other side of the table...

Also think about the credit bureaus, and how much of a hassle it is for people to correct errors on their credit reports. Even with three main agencies, there is still misinformation and confusion that can ruin a person's access to credit. How would tenants ensure that only truthful info is posted about them? Who would regulate/control this thing?

Welcome aboard the Houston newbie boat! I just got here last week.

Hey Jason. Can't help with any Vegas stuff but just wanted to welcome you aboard.

We're all going to need some more info to figure this out. For starters:

1. 1. What is your goal with this property? (wholesale, flip, buy-and-hold, etc.)
2. 2. What is the ARV? (or at least the comps in the area, we need something to compare)

@Chris Kennedy that's a great list. Someone could basically turn that into marketing copy for mailers (or calling scripts or whatever).

I'm totally new to this but I'm saving that list for the future. Gracias!

@Nick Horob I think he's referring to having to share in the losses of the venture --- if the complex goes belly-up, then you might be responsible for your proportionate share to cover the losses.

(E.g., let's say you have a 5% stake in the complex. When things are good, you get 5% of the profits/equity, but when things are bad, you might have to contribute 5% of additional capital to cover losses).

@Bryan L. is that what you meant?

@Christopher R. Everyone has already made it clear that you should speak to a local attorney to get advice tailored to your situation.

I just want to add/clarify that the reason many people form entities in other states are because of the benefits that state offers to businesses. Delaware is the king of this; not only do they offer low taxes and tons of flexibility when setting up your business, but they also have their own separate court system just for businesses, and a long history of well-established case law and statutes.

All of this means that there's fewer headaches when forming your company there, because everyone knows what to expect.

And here's a little blurb about Series LLCs: What is a Series LLC?

But the bottom line: Pay an attorney first to get it right for your situation.

Wow thanks @Paul Timmins for all those links. I am going through the beginners guide, have already started with the podcast (downloaded to my phone so I can listen during my daily commute), and I just got the Rewind book. Lots of reading to do!

The next local REIA meeting is Tuesday so I guess I'll be checking it out.

And yes, I am the idiot that typed my name twice during sign-up :\