All Forum Posts by: Allan Smith

I had a lender do this to me once. They told me it was 6 months and then the next deal I brought to them all of a sudden it was 12 months. You know what I did? I got a loan from a different bank.

When you verified income how much were you able to verify? They need to show documentation for that income.

Sounds like you need an experienced JV partner. Try to find someone local. Lots of free info and education out there but if that was enough you wouldn't be on here asking.

there's too much to it to explain on a forum post, but that doesn't mean it's hard.

just make sure you get the price right and finding help or JV will be easy.

I imagine anyone can collect debt from anyone.

but you'll need judgment to get tools for debt collector to use like wage garnishment.

Networking online... is not networking. 

BP has another forum section for reviewing companies, you might want to cross-post.

This doesn't surprise me given they first reached out to you with a marketing email. I feel like the harder any company markets themselves the crappier their product or service is, especially annoying methods like spamming inboxes and vm boxes. Except for Coca Cola. Their products are fire. But I guess they don't market as much as they used to either.

The other one is TNREIA.com. Smaller but also has a sizable membership.

REIN has subgroups and meetings and that's where the money's at. I haven't been to a big meeting in a while because it was content geared towards people VERY new to real estate which then drew attendees that hadn't really done deals.

There's a few regular other meetups but aren't necessarily published.

I have some resources that can help with property mgmt if you want to message me.

Also, I got my GC license for my builds but occasionally I do $100k+ renovations and builds for clients if needed.

My coaching fee is $300/hr, pm if interested.

anyone with experience worth learning from will not be free. People who are building businesses with large numbers do not have time for free calls.

Since you have two different Partnerships for these two properties, you can either leave them in your names which is a perfectly valid route, or you can set up an entity for each property. That entity does not have to be an llc. I have used a general partnership on a couple Partnerships because the taxes and fees are way less in my state. It saves a couple thousand a year.

if you do decide to set up an LLC for both, keep in mind it's probably not going to be as effective as you think it will. A lawyer can probably easily Pierce these since the previous owner is immediately prior on the title chain and most people don't operate their LLCs perfectly in order to make the shell unpiercable. For example, if you commingle funds at all, the rest of your assets may be up for grabs in a lawsuit.

I think new investors get obsessed with llc's way too much and bury their heads in the details instead of making profit and building wealth. 

But if you must set them up, then yes it is possible for you to have your own LLC to represent your ownership in each partnership. It seems pretty unnecessary to me to do this, I would wonder what your goals are and reasons are for doing that. It's a bit excessive, though I have done it in one of my partnerships. But that was just because I already had the LLC for my builds and flips.