All Forum Posts by: Brian Boyd

We are looking for SFHs for buy and hold. Thoughts?

I am looking to invest in the Jackson, Tennessee market, it is about half way between Nashville and Memphis. Can anyone send me a recommendation for an agent, investor, bank, or contractor? 

Any help is appreciated. 

Stay out of Memphis. Its economy is contracting and the tenants are terrible. Look in Jackson, TN.

@Hen Ley they are not typically needed since there are no other members that will need to agree with your actions. Generally, operating agreements are used when there are multiple members so everyone has a good understanding of how profits/losses and management will be divided amongst the members.

@Phillip Vera Probably not, it really depends on my court calendar and client obligations. My wife may be able to attend.

@Brandt Miller Mt. Juliet

@Lucas Carl $1800 per month with an 18 month lease. That area is exploding so we will move the rent to $2000 after this lease. The property has appreciated 20k in a year.

@Tina Trussoni I’m a lawyer who works on that space every day. I promise you that if you don’t spend the little bit of money now to have someone help on the front end you will pay substantially more when things go awry.

It’s in your best interest. Always have a banker, lawyer, and accountant in your Rolodex. This is a business and you need a team. Good luck!

@Sharoslyn Smith Limited Liability Companies are a fantastic vehicle to protect your personal assets and provide you the flexibility needed to operate your real estate business. Be mindful of following the rules of your state and make sure to treat the LLC as a stand alone entity and not an extension of your personal estate. There are formalities that MUST be followed to ensure the corporate veil is not pierced in the event of a judgment against you.

Talk to your lawyer about setting up an LLC for your real estate and how to make sure you follow the rules.

@Thomas ModicaAmore The most important tax sections for real estate are 26 USC Sections, 162, 163, and 179. Contact your lawyer or CPA to help you navigate the Code. Additionally, Rich Dad Poor Dad has a good primer on some tax issues. However, more technical books are out there also.