All Forum Posts by: Cody Lewis

Start with people you know personally or professional. You don't have to do as much selling on yourself to them and can focus more on the opportunity/project. 

Also, know who your avatar is or spend some time constructing who it is. Understanding who your target audience is or will be will save a lot of time and energy on where to focus your efforts.

You could always go with something "generic" but also personal to you or where you live. Promoting it and your brand identity is more about how you put yourself out there. Neither is a better strategy over the other. I do like general in case you were to grow the business or take on a partner. It could prevent a potential name change if so.

With what we've learned from COVID, I would say don't limit yourself to just those in driving distance. Being able to meet virtually on a regular basis is easier than ever. If you're okay with that, I would highly recommend Modern CPAs: https://www.modern-cpa.com

It is always recommended you have a structure in place to handle the terms. That way if anything were to come up, they're already laid out. Dealing with friends or family can be tricky in that sense, so a spelled out contract will help that. A real estate or contract lawyer can draw something up for you.

If you're looking to invest it in your next property, I would continue to hold it until you find something. If it gets late in the year and you're looking to avoid some taxes, look at a passive investment with REI.

Have a long discussion on your thoughts and strategy for what you are wanting to accomplish before doing anything. Take what they tell you and research to find out if it truly meets your needs. Ask them the positive/negative aspects of everything they're telling you. It's worth the hourly rate to make sure their strategy is aligning with yours.

@Jeremy Brackman Will this be a regularly scheduled meetup?

"Best" is relative. If you're looking to jump in, start in your backyard as there may be deals to be had there. There is a lot to be said about being able to visit your property quickly on your first one. Trust your process and your numbers. Also, you could look to passively invest in markets you like but do not live in currently. 

@John Underwood It looks like the main meeting is the third Monday of every month with several other focus groups. I would love to attend in August but also wondering if y'all have any multifamily focus groups or know of any in the area?

Having an LLC in Wyoming or Delaware helps keep away the people looking to pursue you with minimal effort. It's not a guarantee and it would be worth the hourly rate to talk to a local attorney. They can give specific advice to what you're looking to do.