All Forum Posts by: Christopher Dunn

Thanks @John Leavelle ! 

I have already downloaded J Scotts books and have been looking into my local REIA!

Ive been struggling to trust Realtors and Property Managers but hopefully after I gain some traction Ill be able to build a strong reliable team around me

I have no experience with construction or renovations but want to use the brrrr method. 

Especially if I want to close on a deal, I feel I dont have the time or ability to walk through a whole plan and pricing with a construction consultant to give me accurate numbers simply from an mls posting 

how does a beginner like me know:

if the contractor is doing a good job?

if he is ripping me off on pricing or quality of work?

what renovations make the best bang for the buck / what plans to lay out?

what the value of the house would be after renovations?

what house to choose that allows for renovations that add value?

How much the renovations are going to cost?

@Anthony Giannette Thanks that's good news and Ill keep that in mind! so there isnt any issues with him being a foreign national investing in a company I create?

I recently just bought my first MFH in Cleveland Ohio and have a vision to buy many more and hopefully own hundreds of units some day. My initial plan was to use the brrrr method and buy two or three small multifamily homes per year using my own savings/cashflow/refinancing to fund this. However, a foreign investor from Korea (my uncle) learned what I was doing and wants to invest in me. This seed money will allow me to scale faster and potentially achieve my goals much quicker. What Im wondering is what is the best way to set this transaction up? There are lots of tax implications with him simply transferring money into my name and so I was thinking of setting up an LLC so he would be an investor in the company rather than in me personally. Also does setting up an LLC change the way I get loans? Does that change the limit of 4 conventional investment property loans?

If anyone in Cleveland knows a lawyer or an accountant that can help me out with these questions that would be very helpful!

Also with scaling faster I am more interested in looking at commercial properties, good deals on 10-20 units to start in the Cleveland area which is exciting! Hopefully my goals will grow exponentially!