All Forum Posts by: Daniel Harbuz

Hey Im in the same position myself just waiting for a few offers to be accepted. 

The key was speaking to property managers and brokers in the city you want to buy in and get their advice as far as neighbourhoods and deals. 

They know the market place and have an interest in making sure you buy a good property. 

Id suggest asking for property managers/brokers recommendations here then speaking to them on the phone to get an idea of what to look for 

Ive been looking outside of booming markets - places in the mid west which show steady growth but havent gone as crazy as other areas! 

Sorry for posting a question instead of an answer but why are you focused on a higher cost entry market? 

Also regarding waiting for a crash im keeping some funds in reserve but still investing just to get experience and contacts so when it comes im in a solid position to capitalise.

Looks like a great deal even if the rooms were at 650 each! 

Hey Chris - its an operating agreement between my partner and I. Basically just covering how profits are shared and rules around the partnership ending etc. 

Awesome Jan thanks so much :)

We have incorporated an LLC in Delaware. We are buying property in Ohio.

With the business agreement contract do we have to put the state as Ohio or Delaware? 

It depends on your goals as Joe says its going to take longer for the property to pay itself off but are you adding value so you can refinance and move onto your next deal?  Do you still have cash, lines of credit or other funds that you can use to get your next deal in? 

Is pretty typical a lot of the best contractors charge up front fees because they can. 

Having said that its important to have a very clear statement of work and what is expected when to mitigate the risk to you. 

 Hmm I dont know the specifics of Houston but Im guessing if he has only managed to find a negative cash flow deal its one of two things:

A - He needs to look harder for a better deal and there are lots of resources here to do that. I saw the price to rent ratio for Houston is just over 15 so at a glance doesn't look terrible

B - The entry cost it high given his budget the median house price is pretty high so perhaps might benefit from looking for a market with a lower cost to entry (its what Im doing)

https://www.houstonchronicle.com/business/article/Houston-area-homes-hit-record-for-median-price-12902304.php