All Forum Posts by: Leonid Sapronov

Just ran into the same problem as @Lisa Bradley , but being an out of state investor, I cannot put myself as the registered agent - registered agent must be a resident of Indiana. Any suggestions as to what to do in this case? On the Secretary of State website, it says that the registered agent can also be "a foreign corporation or not-for-profit foreign corporation authorized to transact business in Indiana whose business office is identical with the registered office." I'm not sure if I can do anything with this though...

Thanks for any advice.

Awesome, awesome, awesome story.

Sarah, I'm in a similar situation as you - new to RE investing, live in a super expensive market (Northern VA), interested in turnkey properties, would love to maximize cashflow. Researching on of these turnkey companies is how I ended up on BiggerPockets a few months ago. And like you, I tried to read every relevant thread. There are many people in the "pro" camp and probably just as many in the "con" camp. Here's what I learned (sorry if I am not answering your question directly):

- professional, established turnkey outfits promise 8-12% cash on cash, with calculations and track records to back it up. They also have clients who are happy to share their experiences. - there are company who will PROMISE much more than that, but, coincidentally, their websites, overall presentation, and reputations are sketchy, at best. I quickly learned to stay away from those. - comparing cap rates to stock market returns, you are not taking into consideration your growing equity in the house, which is a huge chuck of the overall value of the investment. Plus, there's potential appreciation. If you add equity accumulation to cashflow, you quickly get deep into double digits, as far as returns are concerned. - I strongly believe that turnkey investing makes sense, but only if you work with the best companies. You want ABSOLUTE peace of mind (or the closest thing possible), especially when you are 10 states away. These companies are easy to find, right here on BiggerPockets. How to spot them - they are active contributors, they are always professional and, chances are, they've been interviewed by @Josh Dorkin :-) It's great that you are interested in this stuff at 23. With a smart strategy, you can build a nice rental portfolio and retire at 33. :-)

@Frantzces Lys welcome! I used to live in MC. What's area of REI are you interested in?

Guys, any plans for another meetup? I missed the first two, but we should try to get something together again.

Hi all,
Looking for someone who knows about how re-zoning works in Fairfax County. Basically, I'm interested in buying a house, where I can install a second kitchen in the basement, which could be rented out. It is possible the county may not allow this - I have not been able to find conclusive information, I just know that this is not common. And if it is possible, the house might have to be re-zoned as a multi-family dwelling.

If anyone has experience with this, any advice is greatly appreciated!

Ben Leybovich Hi Ben! I wanted to use the word synergy, but you beat me to it :-)

Elizaveta Voloboeva I absolutely agree with Ben that even though it may seem like investor activity is increasing, especially in certain markets, there's more than enough houses and money to go around. You know why? Because 90% of that "activity" doesn't lead to anything - there are relatively few people who pull the trigger and actually buy something. I know, because I am one of those people, haha. Hopefully, not for long.

Well, some of them probably do think about the competition, which is not necessarily bad. But from what I've seen, the atmosphere is very cordial, open and laid back. The way I see it, there are several reasons:

1) There is actually very little direct competition there. You have 2 wholesalers, 3 flippers, 4 newbs who are just there to learn, some buy and hold people, maybe a couple of serious investors who deal with hedge funds and, say, a guy who invests in notes. Some people may come from far away and most of them operate in different neighborhoods/towns/counties. But even if you look at people who invest in the same area, having all those people in the room is actually very advantageous for everyone. They have deals, properties, and services to offer each other. Very convenient.

2) The mindset. I went in there looking to learn. The impression I got is that others go there either to learn or to find partners they can collaborate with. Again, it's a very constructive atmosphere. You feel like you are part of a proactive group that's competing with those on the *outside*. This sense of belonging to a group (very fundamental to human nature) plays a large role.

3) The group I joined wasn't trying to sell anything and it was small. This puts people at ease.

There probably are groups out there that are different, who knows. Just try a couple and you'll find out for yourself. It's kind of hard to explain :-)

Hello from a fellow Russian :-)

I'm in a similar boat as you, just starting out. What really helped me (besides reading all the material you mentioned) is meeting with local investors and others interested in RE. It's super easy to do with the help of biggerpockets and meetup.com. If you attend an REI meetup, you'll most likely see people going "Ok, I have the following deal... how should I handle it?" or "I have the following properties that I'm trying to wholesale, who wants them?" Psychologically, it's a big boost because you'll see relatively "green" people sitting right next to you asking all the dumb questions you were afraid to ask :-) At the same time, you'll have access to people who move $$$ and can, potentially, offer you a partnership or advice/mentorship. Not to sounds cynical, but people are a resource like any other, USE THEM! And give back when you can :-) That's what boggles the mind about biggerpockets - people whose time is extremely valuable and scarce still find the time to contribute... for free.
Also, maybe you already started doing that, but if not - get your boots on the ground and start visiting areas you are considering investing in. This can be extremely educational. Or find an RE agent and drive around together.

Good luck!