All Forum Posts by: Derek Smith

@Alanya Boyer

What is your business that you're attempting to market?

@Eric Black Thanks for allowing me to bounce some ideas off of you! I feel much more confident about setting this up now until we have an actual business location to conduct these.

@Eric Black

Definitely planned on meeting notes/minutes. Also thought as far as creating an RSVP invitation for our business meeting with a guest list sign in. I do like the idea of having an audio recording and perhaps pictures that shows projects/material being discussed.

Any other thoughts of what may be added in to help protect myself?

My business partners and I typically meet out somewhere when discussing shop to take advantage of our business expenses. However, I was curious with Memorial Day weekend approaching am I able to hold our meeting at my house and simply write off 50% of the grocery bill for items we grill out versus eating out?

Here is some information for the Maricopa County Tax Liens. This is specific to this market, each county will have its own rules and regulations. As Tom mentioned, read up on places that may interest you. I know AZ you can get up to 16% interest. Here are some places to start for Maricopa county:

http://treasurer.maricopa.gov/Pages/LoadPage?page=TaxSaleDetails

https://treasurer.maricopa.gov/Pages/LoadPage?page=TaxLienTutorial#intro

In that case, and this is just me personally, I would structure their payout when the home goes to sale. This would minimize out of pocket costs while you're fixing/selling.

@Joseph Grullon At face value it may be difficult to determine which option is best, primarily there are no numbers available. If your property is only netting $100/month, is that worth splitting amongst all involved parties?

Is this a buy and hold or fix and flip? Sounds as if you're looking at rentals, so you may also want to know what your family wants out of it. Short term, long term? If they can tolerate the risk, perhaps a small % paid quarterly or a lump sum when the property is sold.

@Tia Rubadeau Depending on how much you're looking for, this may or may not be an option, but I've seen people requesting to fund projects similar to yours on P2P lending sites.

@Account Closed

I personally cannot say if wholesaling is the way to go, however, I can say if you have no cash and no credit, a great option is to find an investor/business partner or family member.

This was my starting pathway, not enough money for down payment, but drive and knowledge prevailed. I was able to find a business partner, who had invested in multi family in the past, but hasn't for some time. So we formed a partnership based on he will fund projects and I'll do the rest of the work. Naturally, when deals are found he'll have the final say, which I'm okay with since he isn't completely "green" in the industry.

Finally, I will say there have been friends who were uninterested the first time around but have come around wanting to invest together because of how well things are progressing.

For me, I had to build the relationships first; then prove myself. Now people are beginning to open their eyes, or checkbook, to the idea of real estate investing. I know this doesn't answer your question directly, but the old additive still rings true, "If there is a will, there is a way!"

Thanks for all the great information everyone!

Another question, related to the tax side, I've also read that you may deduct closing costs and other fees associated with closing. In what situations would you be able to deduct these costs, while in others you may not?