All Forum Posts by: Christophe Noualhat

Will do @Alex SImon , I just dont know what is acceptable I share here in terms of details of the deal... so far I am at the early stages of creating the LLC, opening a bank account, and soon signing an agreement with OCF for the purchase of a property... Contact so far has been excellent and the Lawyer and CPA referred have been very helpful.

I'm trying to beat a record on the number of questions asked on a single deal and if they can manage me on a first deal they should be French-Proof, which should cover most foreign investors management issues that would arise... 

Hey, first we're discussing your company, you're not supposed to be here, shoo, go somewhere else and let the shy ones some room to talk !!

Visiting at some stage, wont tell you to keep you on your toes ;)

Hey @Engelo Rumora

Dont mind me, I'm French, we're curious and nagging folks !! 

Yes, Ohio something Flow... sounds leaky to me.. ;)

Dear all,

I have initiated the process in investing with OCF, so far I've gotten most of their CEO's things except keys to the car and house (as stated earlier) but I have good perspectives on these two items in a reasonnable timeframe.

More seriously, I am surprised to have not seen any exchanges from the current investors working with OCF here on biggerpockets, so they are either under some kind of confidentiality agreement or they simply dont know about biggerpockets (and if the later then @Brandon Turner and @Joshua Dorkin are most likely sorry for that ...)

So I hope to be able to modestly give my out-of-country experience of dealing with a turnkey company from start to finish and give some culinary advice on the qualities of barbecues in northwest Ohio later on... (we shall try BBq'd frogs & Foie gras...)

@Alex SImon where are you at with your investment ? 

Best

C

Thanks @Linda Weygant, I should mention that the purchase will most likely be a turnkey, so rehabs would not be done once I purchase but before the purchase... I should only have to account for rents coming in, PM fees, insurance and any maintenance (and the first year should be maintenance free)...  

Thanks both for your replies ! 

@Will Barnard : A lawyer will assist me and do all the legal stuff related to the LLC, my question was really related to the accounting part of the whole thing.

@Linda Weygant : It will be a 100% cash purchase and I will have a PM to manage the operations , repairs etc... so the PM should be able to give me the accounting properly done on whatever they have been doing on the property ? 

What is P&I ?

1K per year seems reasonnable to you ? these were costs I did not factor into my numbers when analysing properties, I was thinking it would be around 200-300$ no more...

Thanks

C

Hello everyone,

I am looking at creating an LLC (2 partners) to buy my first property in the US and trying to find out costs related to accounting and tax returns.

What is to be expected on this front ? I have a first offer telling me the tax return for a partnership will be 650USD and the accounting itself around 400USD... total about 1K per year.

Is this what is to be expected ? Is the accounting easy enough to do by oneself (is the ration time/effort to cost worth it ?) 

Thanks in advance

Hello Both

thanks a lot for your replies.

My main ask in these kind of deals is how can one assess that paying 10 months rent can assure that the 230 next ones will be paid... nothing... and also, after asking a few questions, I understand that once the note is bought, you're basically on your own... so not really suited for an out of state investor, less alone a foreign investor...

The JV deals also seem a bit dodgy to me.. the investor puts 100% of the cash but the benefits are split in exchange for one putting down the cash and the other putting down the work.. seems like the investor has all the risks and the partner only has benefits...

Thanks a lot for your answers in any case ! see you soon :)

Hello everyone, this is Christophe from Madagascar the land of lemurs...

I have stumbled by accident on an ad from @Christopher Winkler advertising his business deals in Notes and shot him an email with half a million newbie questions... 

My understanding is that his company buys back mortgages (from banks ?), gets an arrangement with the borrower and once the borrower starts paying on a regular basis (seems after 10 months), sells them back to investors... 

The ROI and the fact that you dont actually own all of the hassles related to maintaining a real asset seem very interesting... almost too good to be true !!

So my questions to the community are:

- who has done business either with Silverwood or a similar company ? Who is a private lender and how is it working out ? 

- what are the pros/cons and risks (SWAT analysis anyone ?) or such investments ?

- As this is not Real Estate per say (seems closer to banking business) and you never own a house, how is this taxed and what is the best set up for such an investment ?

- Are there any other question I should be asking that I dont know about ?

Many thanks everyone reading this and best regards from Lemurland !!

Christophe.

Engelo,

I'll keep that in mind the day I visit you guys :)