Post #11 - It's Gettin' Real

Investors,

 I sent out ~50 handwritten letters to addresses I noted from Driving for Dollars.  I have gotten 5 phone calls/emails from homeowners.  Ten percent, not bad.  From that group, I have decided to offer on the house (20%, no big deal lol) that has the most potential & cash flow (according to my analysis and due diligence.  The seller wanted $72,000 and I just offered $65,000 about 2 hours ago.  There are definitely a million questions and emotions jumping around in my head but I know my analysis is sound.  If we come to a price and favorable terms, I'll be posting all about it in the Success Stories.

As far as progress on the partnership topic (that I mentioned in Post # 10), I talked to my lawyer and asked him 30+ questions.  He recommended I form an LLC, then offer to let future partners purchase membership into the LLC.  We agreed that the partnership agreement would be the most challenging part of the LLC once there were more members than just yours truly.  My colleagues and I have time to talk things over, discuss exit strategies, align future goals and all that stuff before we get into a binding business commitment.  That makes me more comfortable than slapping a business together, pooling our money, and buying shiny objects.

So more to come in the hopefully near future about my first purchase, forming an LLC, discussions with my wife, and managing money when there's not much to manage.

Thanks,

Trent