All Forum Posts by: David Beckett

HiMark

I "started" into wholesaling in 2013, found 4 great deals ($75k to $105k profit after reno) BUT didn't have any relationships with "BUYERS" so I showed the properties to some scumbag investors, they waited for the time I had control of the properties to lapse, I pulled out, they moved in bought the properties at my negotiated price and BURNED ME out of my requested assignment fee($5000). 

So, I didn't tell you that for sympathy, but for you to understand the logic behind my advice.. and this is what my trainers told me too.. find you buyers "FIRST"!!! there are plenty of deals out there... dozens in any particular area.... so the advice don't worry overly about the LLC (you don't have assets to protect as of yet) so you will have income from the assignments, declare it... FORM RELATIONSHIPS WITH INVESTOR/BUYERS and THEN find THEM  the properties THEY want.. Simple?

I am now doing "buy and hold" and BRRRR deals with my own capital and starting to work with other investors in Joint ventures.

Best to you in a very exciting industry!!

Hi Abhayjit, you might want to check out Memphis Invest. Although I have not bought any of their turnkey offers, I havetalked with one of the family members and the impression I got was "honest". 

It is difficult to run the "cookie cutter" BP BRRR or Buy-n-hold ideas in "hot areas" because the land/ is the purchased itemand the bldg is not the significant thing until you get into some VERY significant $$$$$. I live in the Vancouver, BC area and even out here in the outskirts (Surrey), investers are buying $1M houses(lots)tearing down 2000sqft houses and building 4500sqft/$3.5M "homes"? This is way over my head but I do rub shoulders with a couple of the investors.

I look elsewhere and travel a bit. Buy a triplex within walking distance of Syracuse University for $35k, and do a BRRR. Look at Universities, colleges and multi's close by. I have looked around and there is no shortage. you will need a trusted contact. Most important of all "ENJOY"

I'm not sure if my other message got to you but I will say again that I have had great success googling "Duplexes, triplexes and multi-family bldgs for sale" in the area I am interested in. It is not the complete listings for any area BUT it is a great starting place. This has worked for me in Atlanta, Calais Maine, Upstate NY and places in Canada. Realtor.com is another site. There are thousands of multi's out there! good luck!

I don't know your intentions for title, but if you get individual titles(strata) from the start, when you come to sell,  each unit(town house) is worth much more (1.5 - 2.5) the value, than if you sell them all as a block!

Thanks Andrew

Where is NoVA? Search for duplexes and triplexes in NoVA.. It's amazing what comes up. Search VA (is this Virginia?)

As per RE advise, everyone should join Legal Shield. Its a membership like Bigger Pockets and you get unlimited advice about unlimited topics for $20 a month from a top legal firm in your own state (and 4 Canadian provinces). I have used my membership to talk to RE and immigration lawyers (I'm Canadian) in Ohio and NY, about the local hoops. Their is no extra charge, and it is very handy to be able to contact an RE lawyer in the state you want to invest in

Hi Carlos

My American LLC is in Utah with an address in Utah. I am a Canadian from the west coast, British Columbia. Get in touch with Veil Corporate. They can tell you about Asset protection and set up the LLC(s).

Mr Devito

Do you do renos as far away as Niagara Falls or Watertown?

Something you didn't mention as a possibility, is joint venture with the owners. Pay the taxes, you do the reno and split the flip (ton of money) profit with the owners (80/20)?