All Forum Posts by: Chris K.

@Bate Ilondior

I would reach out to @Ronald Rohde. He's my recommendation for TX deals. :)  

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Bate Ilondior

In what area are looking to invest in? That might help people get you referrals.

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Brandon Morgan

Shoot me a DM. I have been out of the area for a while, but I know a lot of investors there. Happy to put you in touch. 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Brittney Yang

For the actual legal document, get an attorney. But you have a few different options. As @Benjamin Aaker mentioned, a personal loan might be a better option. You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame. But might be overkill for this deal size.

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@John Lasher

I don't know your exact situation. But in my opinion, the biggest issue I see with folks jumping into their first "big" multifamily deal is the quality of the pro forma. Assuming you want to aim for syndication, you sort of need to learn how to develop a pro forma that ties the return to an IRR/XIRR.

I cannot say I ever did a mentoring/coaching program. But it might make sense to work with folks who can offer more focused guidance on filling the knowledge gap you have.

If you shoot me a DM, I can also ask around for more of 1:1 coaching opportunities. 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Diego L.

That's actually an interesting situation and a case where revocable trust may make sense. I would probably talk to an North Carolina attorney for this. Unfortunately, I don't have one in my mind. If you send me a DM, I can ask around my contact there to see if they have a recommendation.

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Michael Plaks

Sorry if I wasn’t clear. My issue isn’t with the substance of your comments—it’s with your behavior. You accused other licensed professionals of giving "totally irresponsible and reckless advice" in a public forum. I don’t know what license you hold, but if I make a claim like that in a public forum against other lawyers, at minimum I am facing an ethics complaint. You can’t make an accusation like that and then walk it back by calling it a disagreement over a "customer service issue." That’s ridiculous.

And what has been accomplished? Based on his last post, @Samuel Kim now seems to think it’s pointless for him and his wife to explore this topic over posts made by professionals who barely know anything about his situation. The fact that he’s walking away from this thinking it’s a dead end is more irresponsible and reckless than anything anyone else has said. 

The only correct advice is, "Go talk to a professional."

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Michael Plaks

But you don’t know his situation. He asked if it’s "possible." Reasonable experts could say "yes" or "no" based on what he shared. From what I’ve seen, no one said, "Go ahead, bro. You’re totally fine." Everyone has said, "go talk to a professional," because that’s the only real advice any professional on BP can give. 

My issue with your specific post is that it sets up a strawman and takes a personal shot at other posters. To be clear, I think you’re a great poster, and you share good advice. But you don’t know much about the original poster—just like everyone else here. That’s why you told him to talk to a professional. The same goes for me and other folks who lean towards "yes." 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Michael Plaks

I’m not sure if you’re just trying to be controversial, but it’s clear everyone agrees this requires careful planning with a qualified professional. I don' think anyone is suggesting that simply managing these 9 properties is enough. However, having a high-income earner with a spouse willing to qualify as a real estate professional is a well-documented strategy to save significantly on income taxes. Instead, you’re attacking a strawman and questioning the knowledge/character of others.

@Samuel Kim: As I mentioned in my first post, speak with a qualified professional. I say this to folks all the time on BP, but no lawyer/CPA can give you meaningful advice on a public forum like BP. No one here is going to ask you to publicly share your income as a physician or dive into all the specifics required to give meaningful guidance. What I can say is that many physician + spouse combos have successfully done this and survived audits. 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Jonathan Ludizaca

It really depends on the market. If you are in the Wilkes-Barre/Scranton market, you used to be able to get duplexes for $50k to $100k and make it cash flow quickly. Last time I checked, the prices did go up. But I think they may still beat SFR in terms of cash flow there.

What you really need to think about is the exit. How long are you going to own it and when will you try to sell it? A lot of your returns come at the time of sale. 

Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.