All Forum Posts by: Brandon Handel

@Brett Goldsmith you mean basically if I have a real estate license, I need to tell them that I'm buying their home to use it as a rental property?

So I'm wondering if it's possible to buy a pre-foreclosure. Some light reading online gave me mixed answers as to if you can legally do it anymore. I'm hoping someone on here has tried to do and can tell me if I can and how it works exactly. Can I just offer to pay off of their mortgage, and if the deal is good enough, offer to pay more to help them with moving expenses and such to get them out of the house faster? That way I get a great deal on a house and they get out from under it without having to foreclose and they get money to help them move elsewhere. What are your thoughts? TIA

Hey guys, just wondering if any of you know for certain if electronic storage could cause a potential liability risk? I'm mainly referring to the personal info that a potential tenant will fill out on an application like their ss#. If I or my LLC use a cloud storage method for saving all the applications and personal data and that company gets hacked and the tenant's info gets released, am I or my LLC liable? Could something as simple as a waiver they have to sign on the application protect me and my LLC from a lawsuit? I assume it would probably be a good idea to do that regardless, but I am curious who gets blamed. Me or the cloud storage company. TIA

@Antoine Martel what's a CRM?

@Account Closed thanks for all the great resources! I'm always up for something new to put on my reading list. I'll definitely be checking all those out!

@Bruce Scannell, you're absolutely right lol. I'm still trying to find my first deal. I am fully aware I am in no need of an assistant this early on. I was just curious what others choose to do. My mom managed her own properties for 40+ years. I know it's possible. She couldn't (or didn't want) to grow past a small number though because she could only personally handle so many. She had a really bad experience with a PM and now doesn't want anything to do with them. I'm sure there are good ones out there and you just have to do the research to find them, but I don't really believe they'll care as much about the property, who lives in it, the cost of repairs, etc as much as I will. My thoughts on the matter were in line with yours I think. I would want to create systems that I can scale and teach others and slowly build a team around me to manage everything as I acquire more properties. Perhaps I could even manage other investors property to make more money on the side. Just really wanted to see what others are doing. Thanks for your input!

How do you guys choose to organize all your paperwork? Old fashion file cabinet for everything? Evernote? Another computer program? A hybrid of both electronic and paper copy of everything? Would love to know what you guys do to give me more options to choose from. TIA! 

"If you want something done right, do it yourself." That's why Gpa always told me. Now while I know this doesn't apply to everything in life I'm curious what you guys think when it comes to managing your properties. I am aware of some of the pros and cons to each side. My thoughts is to maybe meet somewhere in the middle when I'm big enough by bringing on an assistant and grow from there rather than paying the fees of having someone else do it. I can keep a better eye on everything that way I think. What are your thoughts? Does anyone here follow a similar strategy when it comes to managing everything? Look forward to your comments! Thank you. 

@Steve B. that was my thought too. I can't remember the book, but to the best of my memory, all they have to do is ask you under oath if you own it and you're done. I think anyways. I wish I remembered the exact quote from the book. My understanding is that it does not give you any asset protection though. 

Thank you all for your help. There seems to be some confusion on here about what the name is exactly for. It's not for the properties itself, it's for the management side. The properties will be in their own LLC that won't have my name on it. Whatever I decide on a name for the management side, it won't own anything. Who knows though, that might all change. Perhaps I may decide I don't want to be as hands-on and will hire the management out to someone else. Perhaps I don't fully understand what all I'm getting myself into as far as owning/running my own property management for my rentals. I think my best course is to follow @Ned Carey 's advice and talk to an experienced attorney. My one question has seemed to generate even more questions for me. Thank you all for your input though. You've given me a lot to think about.