All Forum Posts by: Brian Bradley

@Jay Krietzman no. Never had an issue . Mine is with my law license. Some people buyers/sellers have biased against lawyers so one I disclose which I have to do they just walk away. But I don’t care about bias. Their loss.

@Jay Krietzman yes I also have my brokers license, but I use it passively. I don't show properties etc. I was just leaving passive money on the table without it. So I got it.  I personally don't think its needed to be successful. Tons of investors are not brokers but have other jobs and life's. they just invest. If your goal is to develop then maybe depending on your business plan. If you plan to develop and sell yourself and save on commissions. 

But yea, they have to coordinate, budget and set their own priorities of importance. Plus, you get better tax benefits being a LLC and lower tax rate and more tax incentives and write offs. So they will then be more money in their pockets annually. If you are not incorporated then you are being double taxed and at a higher rate.

@Jay Hinrichs starting an LLC does not take all their liquid cash. New investors will be getting loans. $2,000 for an LLC and Trust will not stop them from getting the deal done and closed. The coordination is just budgeting their money and yes getting a deal, but then if you own something you are a target and a contingency lawyer will sue you to get the plaintiff's money and take your property and force a sell for the judgment.

Thats the problem with the modern legal system letting anybody file anything and Attorney's now taking cases on contingency. Nothing to loose for predatory lawsuits. Slip and fall, trip over a root whatever, the dumbest things people sue over and now you have a negligence suit to fight. And BK follows you for years and will stop a new investor dead in their tracts. $180k investment properties are easy to find and at 5-20% down that 9-36k. Most will partner with somebody on their first deal. So 2.5k-10k, they can then use that 2k in the saving to get set up properly and know they have something to limit their liability so they sleep better and not be in fear. At the end of the day its an ease of mind thing. 

@Jay Krietzman its not a matter of finding one strategy and being good at it. Its a matter of knowing a lot of strategies and increasing your financial IQ to find deals where they are and know different methods and strategies. You will end up starting out with one obviously, but who knows where it will lead you or what deals in the future will lead you. Start with what you find passionate in REI first since its easy to drive a passion, and then let it grow. Listen to Jay's podcast. He is not a one trick pony. He it all. So will you eventually if you stay in the game. just like I am growing. I like long holds and rentals, but now do flips, and am starting to branch into spec developing. But it all starts with the first deal, learning, staying in it, and aways learning more ways to invest and manage/invest money and use leverage to grow.

@Jay Krietzman and you will need to think about what you want to invest in. Do you want to flip or spec, or rent? Flipping is to much work for me when I just wanted to invest passively and collect rents. I do not deal with any tenants and have my PM do all that. So think of your investing model. For example, I purchase MFH 2-4 units, then have a PM deal with it, cash flow recycle to get others, leverage those properties and refinance to get others and then invest in notes with self directed 401k for another passive bucket set up by @Brian Eastman @jay 

@Jay Hinrichs and myself both invest, just with different strategies and from different backgrounds. I do flip on and off, but with my brother in law passively and let him do all the hands on management etc. 

@Jay Krietzman I just jumped in and realized I can only read and plan so much and had to get my hands dirty and learn by doing and not being afraid to fail. Mike Tyson, everybody has a plan until you get punched in the face. You won't get punched until you actually start. 

@Jay Hinrichs is right about Rarebirds over meetups. I find meetups not worth the time and only focus on their "guru". The one thing I don’t’ agree with Jay on is being ok with just insurance. Do insurance companies make money by paying out claims? NO. They make money by taking premiums payments and challenging or denying claims or only paying part claims. Be very careful with just insurance and read all the fine print. Insurance is a business to make money. Plain. You combine Insurance, with LLC with a Land Trust. You would be mortgaging your first property anyways for 5%-20% down and or with a partner, so a small part of your money can go to any business and getting set up right and correctly from the beginning. Most clients I represent in court or went after in court got sued and personally liable because they never set themselves up in the beginning and never went back to it, or went cheap to Legal Zoom and then it was way to late. So its a matter of properly budgeting and allocating your funds etc for your start up. 

@Jay Krietzman thanks for writing. I will IM you about AP and we can talk in more detail about your situation and getting you set up correctly. To start out on the deal side and finding deals, start building a network of investment agents in areas you are interested in investing, vacationing or where just the market fits your metrics. Their are deals to be had in OR, they just are hard to find and hunt for, so you need to create agents to find them for you and send them to you. Thats part of the passiveness of it. Let agents do their job. Just vet them and check the numbers for yourself. But, don't be afraid of looking for properties out of OR. That is what I am doing. If you live in Oregon, CA, WA and other expensive states, you will find a lot better and affordable deals that will actually cash flow since that seems to be what you want. All you have to do is set up your system like any investor. as you grow you will be buying deals all over. @David Greene has a great book to read and podcast on setting up an out of state system. He had no choice living in SF and being a cop. You can manage your system with a great CRM system that @Ryan Mitchell can set you up with SalesForce for REI. Don't get analysis paralysis or feel stuck in just one market. Technology and the internet has made investing anywhere very easy. Deals and markets move just like people move for jobs etc. Just try to be a little ahead of the move.

@Sharon Tseung invest in any state you want and where you find good deals. Your only limit will be your system you create to keep everyone in check and your overall structure. Get your team in place, get yourself structured properly, get a good CRM like salesforce to keep you systemized and organized, and crush it. You have to go where the deals are, and they always move.

Have them all get on the phone with a CPA and Attorney and create a Asset Protection plan and structure. They can put the property into a Asset Holding Company (LLC and Trust). The trust is the key necessity that allows the legal transfer. Just like any estate plan where you transfer title into the trust.