All Forum Posts by: David Lehane

Hi All, just wondering if anyone has some detailed information about this Zip code in Memphis, I am looking for on the ground experience on this area, other than what I can find on the internet.

I have read the stats, I get that this area seems reasonable hard hit lower income area, but is it stable, safe, C+ properties area or an area which is transforming as Business move in and people start to stabilise?

In other words, would I live there and not feel threatened?

Real Estate seems to be reasonably priced in this area, so some more background checks will help me make some decisions. 

Hi Bill, great advice, does anyone know a Good CPA as well?

Hi Al

Welcome, this is a hard question that could take hours and pages to answer but here is my short version, I hope it helps. 

1. Read as much as you can about Real Estate Investing, (I have bought the Bigger Pocket books and love them (Un-paid plug here) 
2. Listen to the Pod casts from BP, I have down-loaded them and listen to one every day, great Juice for the Mind and really opens your eyes to strategies you can explore
3. Start simple, by this I mean look around your own town, study whats hot, whats not and whats going to move ahead, by this I mean look for areas close to Down Town that are showing signs of new life, this is a sign that often old and ugly areas are now starting to transform and you can get in on the ground floor and great prices. I target C- to B- areas, and look for the Diamond in the rough, an opportunity that I can force equity via rehabbing, then lift and improve the rents in areas near to Down Town on cities that are growing.
4. Buy small at first, i.e. Single Family or a Duplex I love Multi-Family homes over Singles but when I find great Singles I go for it, after all its the numbers that dictate a good deal.
5. Ask lots and lots of questions, from Real Estate Agents, BP people, and anyone you can talk Real Estate with. (Check out your Local REI meetings)
6. Establish what YOU want from your investment, what is your risk profile?  I know what mine is so I put together offers that meet my set criteria, its critical NOT to copy someone else risk levels, at the end of the deal you must be happy with your numbers, and be able to sleep at night.
7. Be prepared to make mistakes, that's really learning and as I just heard from a Pod cast, ALWAYS fall forward! Meaning make mistakes, learn from them, do NOT quit, keep moving forward.
8. Last but no least, do something every day towards your dream, I have been doing this now for over 20 years (in Australia), and I am always learning, I am never too afraid to ask for help, and no matter what I do something every day towards my dream of full-time investing. 

In closing, if someone tells you its easy, avoid them they are lying, it hard, real hard but its as exciting as it can get and it really works, no matter who you are, there is nothing more rewarding that winning a deal on a great property, then getting income every month.

Hope this helps and I wish you well. 

Hi Greg, thanks you and congratulations on being a new home owner.

Its an exciting journey Real Estate Investments, and one that never ceases to amaze me with what I can learn from other people. 

Enjoy the ride and I wish you well.

Hi, I have a good Criminal Attorney so I am half way there but am looking for a good Attorney who is well versed in Business structures and entities.

I am what I would consider a complex or sophisticated investor, I own a couple of properties already, and am looking to step it up into large Multi Family apartment complexes.

We (my wife and I) also Manage some of our own properties, as well as do Fix and Flips and Holds.

I currently operate under 1 company, Aussie Properties LLC based in Michigan, but I am thinking that I need to open up a few other entities and restructure the business to ensure protection, of the assets, as well as the maximise the tax benefits I can have.

At this point we are operating on our own and the time may come where I may enter into syndication, but that's some way off if at all. 

While we are based here in Michigan, and we incorporated our LLC here, we invest in other states in the US as well.

Does anyone know or can recommend a good Attorney who can help me structure my Companies to achieve this?

Hi BP team, I am a Real Estate investor from Australia, who ended up here in the US (Michigan of all places) and after spending 3 years here, I have decided to get active once again but now in the US and since getting active (August 2016) I have closed;

1 x 5 bed 6 Bath Cabin in Pigeon Forge, 

1 x 3 x 3 Fix and Hold (soon to be a 4 x 4), Kalamazoo

1 x Duplex, Kalamazoo

1 x 7 Plex rehab, Kalamazoo

I am targeting Fix n Flip/Hold and Multi-Family Properties. I am very interested in large Multi Family apartment complexes and am loving the learning experience and challenges a new Market and Country can offer. 

I am always looking to grow my network as well as keeping an eye out for some good mentors to follow and learn from, I am aiming to step full-time into my investing business early next year, (March 2017). 

I stumbled across BP site and have found it to be a great resource and have really enjoyed talking with the people I have met so far, so do not be shy, send me a message if you would like to chat.

Cheers

David

Hi Paul, no worries, I do not have anyone there but I could arrange it if the initial review I did was interesting enough to take it to the next level.

Cheers

David

Hi Alex

Thanks for the information.

Regards

David Lehane

Hi Jeffrey

Thanks for contact me, yes we have tried to get in on a few in Memphis, but so far I have not managed to find a good person on the ground who can help.

We live in Michigan so I would love to work with you.

Please PM me and I will send you my personal email.

Cheers David

Hello Paul, are you able to send me some more details about this property?

I am interested and would dlike to do sone Due Diligence.