All Forum Posts by: Devin Wilkinson

Thanks for the help @Ashish Acharya. The LLC and lending problem is something I have been thinking about. I am curious to what the 40/50k benchmark entails that you mentioned. What happens when you surpass (or don't surpass) that amount? I am definitely aiming to surpass it though haha

I am currently completing my first wholesale deal with my partner and we are ready to start operating under a real company. We plan to do wholesaling but also buy some rentals as we go and I don't know whether we should start an LLC or S-Corp. From my minimal understanding an LLC is best for buy and holds but for flipping/wholesaling I have heard an S-Corp could be beneficial. I do not know which is best since we are doing two different things. Or would it be best to wholesale under an S-Corp and buy under an LLC. If so can i still make them the same name. The company will be owned by myself and my partner, we are both college students so we do not have a W2 job (We will have a summers sales job 2019) so I want to figure out which will be most beneficial tax wise. We want something that we can grow with because we plan to do a lot more than a few deals a year. I know there are lots of variables and "it depends" when it comes to these things but any help would be greatly appreciated!

Thanks!

All units are rented. Avg. rent in the area for a 1 bedroom is around 500, but they are only getting 380 now. Also, maintenance will be done by me so numbers are conservative. The area is not all that great but it is very close to everything. Should I jump on it? 

Thanks So much for the answers, it really helped! 

I am just beginning my real estate investing career and have a few questions.

I am a big fan of vertical integration where I control every part of the business from rehab to management. Recently I read where to be a property manager you have to have a real estate brokers license. I would  like to start my own property management company where I potentially manage other investors properties also in the future, but mainly to effectively manage my own with employees of my management side of my business. If I simply hire people to manage my properties (not a broker or management company just employees of mine) do I need a brokers license for that? And in regard to getting my brokers license I don't particularly have the desire to be an agent showing houses as an employee of a broker but i read where 1 to 3 years of experience is required to get your brokers license, is there any way around that?

Thanks for any input and help!

I was listening to episode #120 on the bigger pockets podcast and finding deals through landlords with high eviction rates was mentioned. I was wondering if anyone has had any experience with finding deals through eviction records and how one would go about getting/sorting through the records to find the high eviction rate landlords. Thanks!

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Hi, a friend and I want to get started buying rental properties, hopefully having the first deal by fall 2018. We want to go in together and become a entity under a company name that we can grow with, not individual buyers. Would making a LLC make sense for this kind of situation or would it need to be something else to buy real estate through. Do we need to start as individual investors to raise money as needed and create some entity in the future or can we make it now? Any help with this would be appreciated thanks!

Hi, I think I’m going to take a leap and go ahead and send out offers on tax delinquent raw land. I’ll be buying the property in cash. I was wondering if I need anything in place or if I can just figure it out as I go. Thanks!

Thanks so much!