All Forum Posts by: Denis Clijsters

Hi Emre,

As I recently closed my first major deal my E2 application is currently finally in process and during my next trip back to Belgium I (hopefully) should get it.

I used Jacob Sapochnick
https://www.h1b.biz/

They are really good, maybe not the cheapest though, but an LLC incorporation is part of the deal (to be 100% sure all is within requirements) and I've had several good recommendations about them.

I'm not sure if Fixing & flipping can be considered, ... because this is considered as "active income" and not "passive income" or investment returns.. it's a fine line so best to ask their advice. Exception could be if you have major funding sources and plan to fix/flip 1 per week or so, .. and basically run a company in which you yourself aren't involved in any tradesmansship.

In my case, I'm for example not allowed to do any tradesman work in my building myself.. everything is outsourced to local contractors. E2 is unique that it allows indefinite stay in the US, however it's a non-immigrant visa and employment or other forms of active income aren't allowed. Tax-wise however the IRS only looks whether you stay 180 days in the country, if so they consider you to be the same, whether you are illegal, have a business visa or greencard...

Part of E2 is not only the size of investment, but also your plan towards, and eventually hiring of employees. So in your case you could hire 1 or 2 employees, .. .e.g. 1 GC and a handyman or so, to do all the work. Your job is finding deals and coordinating the work.

Denis

Agreed with John, hard water can destroy your property so double check the quality of the city your rental is at. New fixtures, faucets, dishwasher, heater, ... and the added benefit of soft drinkable water. Perhaps update your rental agreement that they are required to use it and/or add those 60 usd / month and contract an outside company to keep it in their routine (only if you really have hard water, again, for your city it might not be required)

I just acquired a 40+ unit building, ... probably around 5 years ago (about the time of the original post here ;-)) the owner back then decided a softener is not needed, ... so they bypassed the existing softener, .. now all plumbing is pretty much destroyed due to the hard water we have in this town. All taps are leaking, get busted one by one, shower heads, sinks etc.. looks terrible and I don't dare to look at the condition of the heaters... Monthly costs went up by more than the price of salt to keep repairing busted taps. The cost of shortsightedness..

Thanks everyone,

@Karen Hopson, great to see fellow people from Pocatello here. I did not get seller finance on this deal, it would have been too complicate with my current lender (I'm a foreigner, my choices are limited :))

@Ryan Myhre, let's meet up, PM

@Jonna Weber, I'm sort og in between :) I often travel to Pocatello but I'm still mainly in CA

@Kaz M., thanks. I saw this page, but I couldn't select the subforum from the dropdown when posting? Am I doing something wrong?

Hi Everyone,

On Tuesday I'll be heading to the Boise REIA morning Real Estate Investor Coaching and Networking event.

Is anyone from the forum. I'm new to Idaho and have our first multi family (40+ units) under contract in Pocatello. I'm looking to meet new people who are active in Idaho, be it as an investor, realtor, wholesaler, lender or otherwise.

Thank you and hoping to meet new people in Boise,

Regards,
Denis

ps, how do I post under the Boise Real Estate Forum?

Hi @Nathan Click, thanks for your reply, I'm surely interested! I'll contact you in PM

Hi Everyone.

I'm working on 3 deals in Pocatello generating 15-20% cashflow and a total annual return of 30%+

For the biggest 40+ plex I'm setting up a syndicate with my Business Partner who has a portfolio himself of 10M+ EUR in real estate in Belgium.

For the remaining deals I am searching Hard Money Lenders or private investors willing to invest in properties in Pocatello area.

Is anyone active in this area or has advice or connections? If anyone wants to participate in the deals please PM me.

I live in Pocatello and often commute to SF Bay Area for work so I can meet easily in any of those locations or along the route.

Thanks!

Thanks for your input,

I think a Freebie/own appraiser + later a PCA from the bank will then do the job.

Part of the money won't come from myself, but another equity investor, hence a decent report even before going to the bank is of importance.

Thanks for the advice! I wasn't planning on DIY, but even hiring the right appraiser and knowing which points to focus at can make the difference.

@Salvatore Lentini, the contractor idea can also be a good idea, I'm talking about a lower end building in a B-area which at first sight doesn't need major repairs, but smaller touches to make it shine. In any case it will indeed depend on the final word of the lender, if they require a PCA then I'll obviously go for it. @Brian Adams @Pauline Charlton

Hi Everyone,

We're in the process of a 44-plex deal, however we have time as neither the seller nor the investors are drumming. I want to make sure all steps of the Due-Diligence are performed well with all experience and as part of this I'd like to learn more about a due diligence process of a bigger building.

Is Anyone in the SF Bay Area / Utah or Southern Idaho Area in such a deal and would like to have free help / help a newcomer to the market or does anyone has good advice to guide me in this, I'd highly appreciate.

My main weakness at this point is checking the structural condition of a building beyond checklist items which can be found all over the internet or in Real Estate books, a good trained eye in other words, who can quickly point to physical marks on the building (concrete, what to look for decent electricity/plumbing, roof, ...)

Thanks a lot,

@Becca Summers, absolutely! I've been tracking the MLS, also with the help of several Agents for the past month but can't get beyond 15-20%, I'm sure there are more hidden gems, vacant properties and more and willl be needing people like you to help us out!