All Forum Posts by: Joe Winkel

I currently live in California and am going to be purchasing a rental property with a partner that lives in Minnesota.  The property that we will be owning together will also be in Minnesota.  We are both eager to jump in but are running into road blocks on how to structure this small partnership.  We are both looking for asset protection and protection from one another in the event things go awry.  We are new investors and this is our first purchase.  We plan on purchasing many more properties in the near future but want to start right. 

Does anyone have any experience structuring a LLC with out of state partners?

Looking to invest in a duplex/triplex in Minneapolis. I am out of state in California and need help with choosing realtor and property manager. Does anyone have a good resource that they had a good experience with in Minneapolis that can help with purchasing and management?

I hear so much about finding motivated sellers on BP and closing on the great deals but I don't hear much about how to find these motivated sellers.  What is the best way to get tapped into the motivated seller network? 

Good to hear the numbers are working out. Are you closing on a REO, Short Sale or standard sale? Is it the duplex that is making the deal a favorable deal? I'm looking a single family right now but have considered a duplex. I'm not sure what will yield the best cash flow.

I am looking to purchase my first rental property here in Southern California. I'm currently dwelling on the idea of Victorville as home prices have seen a recent surge. I'm wondering if anyone has any advice or experience in this area for a rental property. Are there renters in Victorville? Where are some quality homes in good neighborhoods in Victorville? Any help/advice would be appreciated.

Thank you for the guidance. This helped.

I have vague knowledge of both options (cash out refi and HELOC). What are pros and cons of each?

I have a question about either continuing to live in my current mortgaged home (L.A. Area) or sell it and pull out the equity to invest in rental properties. I have lived in my home for over 2 years and have earned about $175k in equity. If I were to sell and move, I would have to sacrifice living in a rental property but would have the opportunity with my earned equity to invest in a few out of state rental properties. I wouldn't be able to invest in rental properties in my area of LA due to the cost of the market.

The other option would be to stay in my home but not have the opportunity to invest in rentals as my current cash flow and savings is tight.

I have been watching the market I live in and it seems to be slowing down after the last couple of boom years.

I am having a hard time figuring out what the best financial strategy to start my property rental business. Any advise on this would help.