All Forum Posts by: Will Barnard

There is a wholesaling forum here on BP with lots of info and strategies. You may also want to check out the marketing forum as well.
Join your local RE investment club and network with other investors. It is a good way to build your buyer's list and get an idea of what other investors are looking for so you can concentrate on those investments.
Google "wholesaling real estate" and you should get lots of other info and books. Be careful on the guru courses, as they often charge way too much and only give you a piece of the puzzle in an attempt to "upsale" you to spend more.

You can also check out my website for info. We have a blog, articles, and a place to join our investor list. You get info and updates on many items. We also have a radio show where we discuss many topics and you can access our past shows on our website via podcasts.

Best of luck to you.

How do we get our hands on this program Tim? What does it cost? Is it a software application?

Thanks in advance.

Will

I would think that any investor has read Robert's books. There are many generalities, but a lot of good info on how to "think" about finances.
Good job Tim, great question/discussion.

As Richard pointed out, the mindset as to "why" you would buy your home does not take into consideration if it will be an "investment" However, overtime, it could end up being one.

Your hold length, exit strategy, and equity position all need to be considered before the LLC.
If you are flipping, an LLC is a "pass through" entity in which the income and expenses are passed onto your personal. The liability protection is to protect your equity in the property. It does not, however, protect it if you are drunk and kill someone's kid. They can still sue you for "your" equity in the LLC. (The liability protection is one way only, protecting the asset from renters, etc. not you from the asset)

It is very common to buy the property in your personal name, then transfer it into the LLC as your mentor explained. The title company can do it at the same time during the closing if you wish for a small fee and the filing fees. Usually around $100 depending on your state.

Closing credit card accounts hurts your score. You can cut up the cards and not use them, but do not close the accounts.
In essence, you are reducing the amount of credit in which creditors have approved for you. Closing them reduces those amounts and thus hurts your score some.

An agent license will take time and there are many agents currently who are hurting in this market. Not my recommendation. Besides, realtor license does not give you RE investment education at all.

You have several options. Learn how to find and negotiate great deals, build an investor buyer's list, and wholsale the deals off.
Find the great deals and bring in a partner who puts up the down $ and possible all or 1/2 of the credit for financing. You find, negotiate and manage the investments, and your "silent" partner splits the returns with you.

"So, I'll put it to you. Your house. Investment or Doodad and why?"
Because of the terminology used here, your personal residence can be an "investment", but it certainly is not an asset, at least not on your balance sheet.
If the question was presented as asset or liability, then the answer is 100% a liability, even if it was held free and clear of a mortgage. Why? Because you still have money flowing out of your pocket (taxes, insurance, maintenance, utilities, etc.)

Over time, you may build up equity from appreciation and upon sale, could cash out. That said, in that senario, you could consider the home an investment. In fact (& unfortunately), a large majority of US citizens have the largest portion of their net worth in their personal residence. That is certainly not practicing diversification!

Since you are NOW a blue state, I guess you do have to move out Mike!
At least your rental business will flourish as the low incomers and deadbeats will get more handouts to pay you there rent.

You should be OK then. Let the tenant know that any unlawful destruction or theft from your property will be reported immediately to the authorities as well as the housing authority. They would lose their voucher!

Try your local RE investment club. There could be some in the crowd, or one of the vendor tables may be a HML or know of one to refer you to.