All Forum Posts by: Account Closed

@Account Closed I wanted to touch back and see if you found an attorney that worked for you.

@Jason McKenna Keywords are clutch! I have 5 or so set up I think.. makes a huge difference.

Congrats @Bryan H. that is great. So I take it you are comfortable being a long distance owner. I am sure many will have have questions for you on that topic.

That is terrific. So Purchase is $43k. you are bringing 8600 down then? What is the FMV of this property?

@Ann Bellamy Yep, he was in the "how much would you pay for all of this together".. moment. I killed his microphone, turned on mine and said "No one here cares". He looked at me in shock.

He signed a contract stating he wouldn't do that, and I guess he assumed I wouldn't stop him if he did, but boy did I.

I firmly believe that why would you pay membership to, or just to attend a REI Club where you are only sold to. Like paying for Cable TV and all you get is Home Shopping and Infomercials. So we have never allowed direct sales. I have never let another "Guru" present since that time. Learned my lesson after that.

I am sure the FB "system" is like any other. If you do follow it, it will work. The question is, are they really coaching you and what are you actually getting for the $$ you put in.

@Bobby Beard

Her Rebuttals? Are they in writing? you should put it in writing or record the conversations.

A few things

1. Check the mail.. see who is getting mail there.

2. In other situations, a new person will put a utility in their name, Cable, Gas, etc. That is a given

3. Video and Photo always are good to prove the number of dogs.

I have a specific section in my leases stating that only those named in the lease may occupy the property for more than 7 days (this allows someone to visit on vacation). They do need specific permission from me, along with another application fee in order to have someone else there. I require they be added to the lease, and I run my checks on them.

Imagine if that person has 4 evictions or better yet has a history of crime or restraining orders, domestic violence and damage to property..

Getting Mail there is an easy proof for you in court to show someone else is living there.

I have personally met Than and Paul on a few occasions. Even Jeremy Black who I am not sure is still with them. In the beginning they did all of their own seminars. They actually walked the walk.

However, recently I have heard their product hasn't kept up and has fallen by the wayside. While still better than some, it is still a tad over priced for what they provide.

Yes Than played special teams for the Chicago Bears and lasted barely a season. But he did play. They used to invest in Connecticut as they met at Yale. Now they all live in San Diego.

He is pushing his stuff here in Chicago in mid-March. I know because like all the other "guru" types. They all call me wanting to come present at my REIA club and I say no. My club is strictly a no sales group. Than agreed to present without a "Sales Pitch" and simply state he was having a weekend event where he could sell all he wanted. This was Feb 2009. Of course, he came in, did his thing and went right into the sales. I turned off his Mic and cut him off, because the WCRT REI Club does not allow sales!

With that being said, in 2009, I did sit in on his weekend pitch (actually Paul came in for that one) and it was decent. I did chat with Paul at great length. Again this was in 2009 and I have heard the program is heavy sales and less real estate now, which is a shame.

Hope that helps!

@Account Closed LLCs only don't protect if the people don't keep the paperwork correct. Maintaining your records, operating agreement, keeping the funds separate,etc Treating it like a business.

To not have insurance would be foolish as well, but not putting a property in an entity is a rookie/amateur move.

LLC's are powerful if handled correctly

Disclaimer: I am not an attorney, just an investor with several LLCs that have all stood up in court protecting me.

@Adam Craig are you keeping your security deposit in the same account as the rent and operating funds? You realize that is a no-no right?

I have tons of accounts. Is it a hassle, yes, but it is part of growing a business. You have operating accounts, rental accounts, deposit accounts. etc. Manage them using Quickbooks and have a book keeper/accountant to oversee it all. This ensures you aren't co-mingling of funds and allows you to pay your quarterlies as you should to the IRS. Ya know the people give you no services but want your money more than they have already taken? Yep.

This is a BUSINESS. Need to treat it as such. It takes work, dedication and passion.

@Ron Averill

I just posted about this. I am going to ask if you feel the mortgage person that told you to do this has a law degree? Probably not. This isn't a hobby, it is a business

1. Liability is a wreck when you have a lien with your name against the title in the LLC

2. You max out the number of NOO loans you can have in your own personal name

3. Mortgage brokers don't get it that say this!

Treat this as a business. Get a commercial lender. Tell this broker that he just gave legal advice and could get in a world of trouble for it, then never ever do business with them.