All Forum Posts by: Curt Davis

What kind of real investing could you do to make it worthwhile that doesn't put you at risk of losing some of it? 

Just my thoughts. I am more of a cash-on-hand person. 

In most homes that need this type of renovations needed, you might not be able to get a loan from the bank.  This is why hard money lenders are so popular.  Most private or hard money lenders don't want to be involved in your flip or have any partnership.  If you know what you are doing you dont want them as a partner either.  

Unless you want to help ppl buy or sell, or if you fix and flip several homes per year you might not need it. 

The cost is not that bad, cost to take the classes/test-continuing education, MLS dues, association fees, possible brokerage fees. 

If you are just a buy and hold guy, I would not advise getting it. 

In this hot market, you don't need to do this to sell a home. Now if you are looking for homes to buy, like distressed homes to flip then maybe.  I feel that most of this type of marketing is a waster of money. You might have better odds with lottery tickets.

Some lenders require your down payment funds to be in specific accounts for seasoning purposes. 

What type of real estate investing are you wanting to start out doing where you feel like you need an LLC?

If you are renting it out like a rooming house where the tenants don't know each other then yes, separate leases. If it is a few ppl who all know each other I would put them all on one lease bc then they are all responsible for the rent.

You can transfer to an LLC via a quitclaim, but if your idea of for liability protection, you might consider an umbrella insurance policy. I don't think you are that protected if you get a bank loan and transfer to an LLC. Now if you can buy from the beginning with your LLC that would be better but I would suggest exhausting your conventional loan spots first.

Good luck

There is not really a partnership. One person acts like a hard money lender and the other finds, fixes, and flips their own deal.  You might find a partnership like this with someone who is new but not an experienced investor in most cases.

Good luck 

Self-managing rentals long distances in most cases doesn't work.  Your best bet is to use a PM, or just try to invest locally. 

Unless the rents are in the $1,500+ range, go with a PM. 

Good luck