All Forum Posts by: Dale Stevens

Welcome my fellow DG'er to the BP Forums. There is some solid information here, but nothing beats real world meeting and knowledge (at least in my opinion). For me, the key to my success has been or is still, networking and gaining the trust of ACTIVE investors to work with, share information with. This doesn't happen overnight, and when you attend a networking event, I find it almost incredulous that many feel that the first time you meet someone that person is going to tell you all their secrets, give you leads, referrals, etc. You have to build a relationship. For me, that would be my advice to a new person. Get out in person and MEET OTHERS.

One key thing in the above paragraph is the focus on "ACTIVE" investors. There is a huge difference between those that SAY they are active and those that ARE active. You will have to develop a mechanism internally for BS Detection. Sadly you need it on here as well.

When networking, you can hear about the different styles of investing that people do. Figure out which appeals to you. Fix and Flip? Tax Lien? Wholesale? Fix and rent? Turnkey rent? etc... Then, do your best to network with those focused on what you want to focus on.

I did that, and I haven't looked back. The slow start I had turned into a fast pace once I "got in" with the right group of people. Good luck to you.

Also, as I have shared with others on here, I have some private thoughts on some of the local clubs and meetups. PM me if you would like that information.

@Duane A. Thomas welcome fellow Chicago Suburbanite to the BP Forums. There is some solid information here, but nothing beats real world meeting and knowledge (at least in my opinion). For me, the key to my success has been or is still, networking and gaining the trust of ACTIVE investors to work with, share information with. This doesn't happen overnight, and when you attend a networking event, I find it almost incredulous that many feel that the first time you meet someone that person is going to tell you all their secrets, give you leads, referrals, etc. You have to build a relationship. For me, that would be my advice to a new person. Get out in person and MEET OTHERS.

One key thing in the above paragraph is the focus on "ACTIVE" investors. There is a huge difference between those that SAY they are active and those that ARE active. You will have to develop a mechanism internally for BS Detection. Sadly you need it on here as well.

When networking, you can hear about the different styles of investing that people do. Figure out which appeals to you. Fix and Flip? Tax Lien? Wholesale? Fix and rent? Turnkey rent? etc... Then, do your best to network with those focused on what you want to focus on.

I did that, and I haven't looked back. The slow start I had turned into a fast pace once I "got in" with the right group of people. Good luck to you.

Also, as I have shared with others on here, I have some private thoughts on some of the local clubs and meetups. PM me if you would like that information. 

I am torn if I want to answer. Because obviously I like where I am investing, but if I share that, then, I am increasing the competition for myself. This has been a moral debate I have been having within myself for quite some time. I enjoy helping others, sharing, etc, but some on here, have basically taken deals out from under me (some intentionally, others just because we are competitors now).

So do I help my fellow investor despite that adding to the number of competitors I have? The internal battle continues.

I have used both, but for different things. Use Cozy.co strictly to collect rents online, as they offer debit card, credit card (fee charged to tenant) and ACH collections. TenantCloud.com only allows you to tie into a Dwolla or Paypal account. But, Tenant Cloud is far easier to use via the app, for tracking expenses, inputting offline payments getting reports, etc. 

The one knock for me against TenantCloud, which they say will be released soon, is having multiple user accounts for management staff. 

Unfortunately I will not make the meet-up tonight at the BWW in Hammond, Indiana. I am still overseas dealing with family issues. We are tentatively boarding a plane in the AM (we are a few hours ahead of you here).

But I sent an e-mail to the guy that is regularly there, to keep an eye out. There will be a table in the bar area with some flyers/brochures that are ORANGE in color. Look for that table. 

Bring your knowledge, questions, information, wit and sarcasm! I believe the time is at 7pm.

Here is a link with a few details: 

Meetup.com Hammond RE Investor Group

It does not appear I will make the meetup personally. I have been out of town dealing with family health issues, and I think the earliest I might now return isn't until Tuesday. Hopefully I will make it in March and meet all of you. But let me know how it goes.

@Teal Cross I do not organize that meeting, but I have some details of it. It meets at the Buffalo Wild Wings in Hammond. Right off the interstate at Kennedy Avenue. Usually in the bar area. There haven't been any "signs" when I attended, just look for the people that have brochures on the table. 

I think it meets the 2nd Monday of each month. I know it is a Monday. I was at the last one and it was the College National Football championship that night, and that was the 2nd Monday, so pretty sure that is it.

Not only should you speak to your accountant but also an attorney. There are two areas to cover.

1. Tax issues, how your income is taxed, the write-offs and deductions that are possible based on the entity, as well as, how the business is 'transferred' should you meet an untimely end. 

2. Legal and Liability issues. Don't lose everything you have because you had the wrong entity and/or didn't file it correctly. 

As to the $110/month, that is still over $1300 annually and you could easily file 2 new LLCs each year for that.

There is a meeting tonight, that i will not be able to attend personally as I am not in town, but in Elmhurst, where an attorney is presenting about entity structure and asset protection> Might be worth it considering you are just in Lombard.

That is a complete waste of money on the domain name. You can file a new LLC for just about $500. So save the 22k and just file separate entities, or do a Series-LLC. About 800 for the main one and less for each sub after that.

I am not aware nor knowledgable on anything outside of Lake County. I know of 2 in merrillville and the one in Hammond.

I do my best to make it out to the Hammond one as often as possible. It sometimes is small, but the information I have gotten from the few people there have really been a blessing. Sometimes saving my backside, others helping me to tweak what I do to increase my cashflow.