All Forum Posts by: Chris Teed

Wondering David why you guys choose to dissolve your first JV LLC and create another one for your second property? Why not just run it through the original JV LLC? Was it just a precautionary measure, in case things didn't work the mutual exit was built in?

Chris and Kevin,

Thankyou for your valued inputs. I am big on due dilengence, to the point of frustrating people sometimes, and in the instance of being abroad my tendency is magnified. Couldn't agree more Chris, CL is 80% scammers in my view.

Dave - guessing you also a Canadian as you live in states but are out-of-country investor?

To answer your question, this site in particular has led me to change my strategy some. Had thought about going over there and slowly building a team to manage REI, but have now decided the more prudent approach is to either do HML and/or partner with an experienced investors with like goals. So my focus now is less on the where (city)and more on the who (people and their business). Location is not so much an issue for me.

Bryan - thanks for the additional explanation. I view myself as one of those "list types".

Joel - Before stumbling on this website, my operating plan was to do seller financed or perhaps a buy/hold if the deal/property was great. Plan was try one property likely in Phx, use it to build a network/team myself through personal visit and through family/friends (parents/uncle own vacation homes there and I have friends there).

Now I am looking at investing with a "ready-made" team and focusing on fix/flips, which is my preference actually and would likely do if I had feet on the ground.

Either way, I will walk before I run over there.

I might be crazy, people tell me I am, the world is coming to China whereas I have moved capital out. I think China's RE run is done and that US property is where to be.

Thanks Bryan, appreciate the affirmation. You say "there's a list of a few members"...this is a list you have made I assume? based on what critieria?

Again coming from out of country, a problem obviously, and only spied this site a few weeks ago, so still an infant here.

Rich and Bryan - thank you both for your prompt, honest and wise feedback. To be candid, that was my concern about this site, is appears so legit, whereas CraiagsL appears ..well.

makes me think twice, or more to the point, be even more skeptical, kinda sad actually. But such as it is.

Any advice then on doing due diligence from out of the country? I mean given the limitations of distance. I wouldn't think to go into business with anyone without meeting and seeing what they say is true, but I can't visit a dozen+ people all over the US nor do I wish to travel back and forth (and bear the expense) ad infinitum.

I am a noob here, this but my 3rd post. So hope the content doesn’t offend the sensibilities of anyone. And apologies if it is in the wrong forum discussion, seems is a 5 post minimum to post in "make deals, find partners...."

Obviously this site is a far sight from CraigsL, thankfully so, but I did read a post here awhile back from a member who stated that they had been scammed by two fellow BPs. The thread was about opening a forum topic to warn others about these two individuals and perhaps others(?), was some discussion about the legalities of all that, and from what I can see no such forum topic has ever been opened.

So what I am wondering is how many of the BP members have done business together? And how did it go? And if you were the investor, what were the terms?

As an out of country investor looking to link up with a local entity, I trust you can appreciate my reasons for this thread. And if I may go one step beyond, if you have a specific heads-up to offer, I’d be very appreciative to hear it, PM perhaps if you believe that medium is best for the message.

Thanks for the welcome, and the reply!

I too been think logically and practically that #3 makes the best sense, save for the critical rub you noted. Any input on how one might proceed on that from here?

have ran some numbers on doing seller financed which I figured was also most reasonable, the return was ok but not great considering the possible angst involved (the tax matters I am uncertain about, despite research I could only hazard an educated guess, will need a professional in that regard for sure)

I'm not adverse to using a property management company, we used one here, and don't imagine they can be any worse there. But I am not at all comfortable at doing sight unseen buys. And have some alternatives there. My family is in western Canada so they can be of some help and I also have friends in the states who could bird dog for me.

My wife and I were there over the new year holidays, her first time in US, so she was most happy that her trip consisted mostly of seeing properties with me! I still hear about it from her today. I will go back alone the next time she has told me.

I didn't mention but should have my primary goal is to create regular, reliable income stream, (I am not looking to become a RE titan) and to do so with hopefully as little requirement for my being on the ground as possible.

First time posting, been lurking and learning for a while now. Wonderful site, with many great insights from some clearly very knowledgable folk. Hope my question is worthy of your attention.

Seems the best alternatives for an overseas cash buyer for REI in US can be listed as:

1. do seller financed
2. rent and hold
3. do some form of partnership with a local player
4. do private lending
5. do wholesaling (don't actually understand what that it all about)
6. did I miss other options?

So if you were a Canadian living and working in China for decade+, who had invested with his college buddies in a few fix and flips in Canada long ago, and who with his local wife has owned/rented a few properties in Beijing, how would you proceed in doing REI in US?