All Forum Posts by: Steve M.

You have whats called, the "Corporate Veil" which in tail covers C-Corps, S-Corps, LLC's, etc...

I'm not sure if titling the property under your LLC, then getting private funding through you SSN will break or protect that "Corporate Veil" I would assume - Financing with you as the personal gaurantor would be needed, but I would also assume the entity (LLC) would have to be on the note as well.

just my $.02 cents :)

Hey Sergio,

Welcome to BP ... The best resource IMO for rookie and expert advice anywhere on the net when it comes to REI ....

I'm much like you ... Except, I do have capital to work with. My fiance and I are actually leasing the house we live in now, but I bought my first duplex just a month ago. We couldn't buy our first house yet because we couldn't get approved for financing (was self employed only for 1 year while looking for financing) so after the first of this year will be 2 years for me! My fiance and I should be able to finally purchase a house of our very own! Until then, and even after that point, we will continue to invest whatever funds we have in RE.

With little funding, I would likely look to several other areas of REI (there are so many, its hard to count them all) Whether that be getting your RE license, wholesaling, etc...

And NEVER be afraid to start. That was my #1 fear, and I believe the fear of 95% of new RE investors ... That first deal! Best of luck Sergio!

Hey Everyone,

So far, I only have experience investing in the Memphis, TN market (buying my first duplex just 3 weeks ago). Although its a great market right now, I don't want to put all my eggs in the same basket, and would like to diversify my very small portfolio to date :-)

Been looking at the Indianapolis, Ohio, Texas, Missouri, Atlanta, and Las Vegas areas over the past week or so.

My question is this. For those that buy REO's that need rehabbing in area that atleast 500-1000+ miles away, how do you go about finding decent contractors, and taking care of business in general.

For instance, if I found an excellent REO in Las Vegas, that can be purchased at $25k, and need roughly $10K in rehab (from pictures seen) what would the next steps be? Also, has anyone ever completely purchased, rehabbed, and either flipped or B&H, never actually seeing the property in person without the help of an investment group, etc...?

Appreciate it guys and gals!!! :-)

-Steve

I have a blackberry curve right now as well, and plan on moving to the Palm Pre ....

1 HUGE reason I love sprint -- $99/month gets you unlimited EVERYTHING -- even GPS. Sprint doesn't tack on all the extra's like AT&T does (especially for the iphone). If AT&T was cheaper -- especially to run the iPhone -- I would likely switch.

So, with that said .... Come October - Upgrade Time - I will be switching from the Curve to the Palm Pre and stay with Sprint :)

Perfect!

Thanks Scott! I swore I looked through everything, just couldn't find what I was looking for! Appreciate it!

Hey Guys!

Anyone know where to find generic contracts, lease terms, etc... used in Real Estate that can be *edited* to work for your specific needs?

Obviously, would have a RE attorney take a look at the revisions, however, it may help cut down on the amount of time I have to pay the attorney to go over them. I would rather pay for an hour or two of revisions, than many hours on new contracts etc... :D

Thanks guys!

Jon,

I really appreciate you laying everything out to me! Really helps me understand it now!

Ryan!

Definitely ... After another 48 hours of research, I finally fully comprehend the 2% - 50% principles! The last thing I want to do is tie up all my funds when a smokin deal drops in my lap! For our first deal, we may end up going with a HML then transferring that in to a Conv type loan, or may do what Jon suggested, and having our Friend *fund/loan* then take out a conventional loan off of that :) P.S. -- We just moved from So Cal, my parents own a rental in Oceanside! BEAUTIFUL doesn't even begin to describe the area!

Will

So private money is essentially the same thing as HM? Instead of a bank note, you are working with hard funds by an individual/group of individuals?

Also, do you happen to know Greg/Stephanie Cox ? They are realtors (atleast Greg is) in Canyon Country :)

Thanks for all your help guys!

Let me start off by saying BP is GREAT! When I wake up from a dream thinking about real estate, I know something MUST be good ...

Here's my situation. Would love to hear thoughts from some of the *locals* :D Thanks for any and all advice in advance.

Facts:
I have roughly $200k in Private Money (my own) to get started in REI. Mainly looking to Buy & Hold, starting with several SFR's.

Hypothetical Scenario:
Lets say I find a home.
ARV is roughly $150,00 - $160,000.
List is for $95,000 (short sale/fore)
Rehab: $5000 - $10,000
Rents: $950 - $1100

Now, I would love to close on something like this quick. Assuming I pay from my own private funds, I can than go out, and refinance for roughly $70% LTV. Is this correct?

Now, if I have private money, there really is no point in going with hard money only to refi later, right?

Just trying to work out some of the kinks in my understanding!

Thanks!

QB Pro allows you to do so! Email Invoicing, etc... Allows for multiple companies (LLC's, etc...) Pretty good platform, although if you are in PMing, it may not be the best solution.

Hey Everyone,

Got started here from my next door neighbor who has already taken the steps to start investing in Real Estate. Many discussions later, he pointed me here, and I am STOKED to get going! Finances are in place and will hopefully get my first rental within the next 60-90 days! Mainly sticking to the TN area (Memphis --> Nashville) but am open to REI opp's in other parts of the country!

Appreciate all the members, groups, and posts that BP has!

-Steve