All Forum Posts by: Carol D.

Jennifer - thanks for the post - I've been thinking the same thing... and you've encouraged me... I think I will do this for 2016!

@Polar Prutaseranee - I looked at Groupon and found 1 course that was low cost - $109 - but was sold out and looked like it was for NY.

Does it matter the state or are the courses generic?

I looked online at MetroBrokers Academy (http://www.metrobrokers.com/academy/online-courses).  They have a nice selection of courses at good prices.  Do you think this is a good way to go?

Thanks!

CT

Pete,

Every deal I've done I have made the offer and then found the financing.  I did look in another area (NC) one time and that agent wanted a letter (pre-approval or proof of funds) before writing an offer.  So, it may depend on where you are... who you are... and who your agent is (if you are using one).  If you are using an agent share your goals with him/her because they are not going to want to show you properties and write 100s low-ball offers until you find the magic deal.  But if they know your goals they can help you find an investment that is going to work for you.

At the same time it is not a bad idea to meet with a bank or mortgage broker and see if you will qualify for the mortgage you are wanting.  If you do they will give you a pre-qualification letter that will help when submitting an offer.

Good Luck!

CT

Laith - what are you trying to do?  Flip?  Buy & Hold?   Wholesale?  I could be wrong here... but I think most people using lists and mailings are generally folks who do a lot of deals.  To just start and do your first deal... set a goal... make connections - real estate agent, contractor, property manager, etc...  then get on the hunt... mls... driving the area you are interested in... asking your agent to search for a property... even your contractor or property manager may have some suggestions.  My first deal came from sharing my goal with a pastor who introduced me to a couple guys and one of them introduced me investor who helped me find a good opportunity.  

Good Luck,

CT

Alpha,

I'm not an expert on this subject by any means... I am trying to figure it all out myself and what I have discovered (for me) is that the best answer is complicated.  

Listen to this podcast for more advice:

https://www.biggerpockets.com/renewsblog/2015/02/1...

Good Luck,

CT

Max,

Thanks! Yes I think it is a matter of protection not of "need". And it is not likely I would ever have a lawsuit resulting in the need for an LLC but in our world of litigation anything is possible, so I am just trying to create another level of protection.

I listened to this podcast:

BP Podcast 109: You Will Get Sued. Here’s How To Survive with Attorney Scott Smith

https://www.biggerpockets.com/renewsblog/2015/02/1...

And if I remember correctly he suggested putting each property in an LLC and then creating a "Holding LLC" to be the owner of your other LLCs.

I do have $1 mil liability insurance.  I do not have an umbrella policy which I should probably get.  I asked my main insurance company and they will not do an umbrella policy unless they insure everything I own with them.

So I am thinking of following this advice of creating a separate LLC for each property... but I don't want to just go online and do that - I want to make sure it is proper so that it really does protect me should something happen. So I know I need an Operating Agreement. So I need anything else? How do I write an Operating Agreement? Is there a place on BP to find a template?

THANKS!

I want to create a separate LLC for each of my properties in GEORGIA.

Can you advise me on a step-by-step what I need to do to do that?  ...and how to write an Operating Agreement and anything else I need to do so that my LLCs are set up correctly?

Thanks for your help!

Dick - Thanks! Good advice.

I did find this course online:

http://www.ashworthcollege.edu/career-diplomas/property-management

If anyone knows anything about it, or any other options like this, please let me know.

Thanks!

We have acquired a few SFHs and our doing quite well using a property manager. However, as we acquire more properties we are thinking we would like to start managing them ourselves and possibly for other people. Are there any GOOD online property management courses that you would recommend? Thanks for your help!

Thanks for all the suggestions. I got it rented finally! And a great tenant. @Bill Ham = you are right about your list... one of my problems was it was not rent ready and probably lost of few good potentials because we were working on the house when they looked at it. I did not like using Craig's List - I got a ton of responses that were clearly scams... they all started out with "I'm from Switzerland and coming to your city for work or school and want rent your house..." - the emails went on and on and ended with send me a list of info. Very annoying. But I would still use CL again if I'm in this situation.

Definitely go with the extra insurance. My company only charged me an extra $5 per year to go to $1million in coverage. I use 2 companies... so often the big names won't do an umbrella policy unless everything is in their name. Their are other companies that will just sell an umbrella policy. Check this link: https://www.personalumbrella.com/ If your house is owned (not mortgaged), you can create an LLC for further protection. If you have a mortgage you will need to check with your lender if you can retitled the property under the LLC without them calling the loan.