All Forum Posts by: Elizabeth Wilson

@William Godbe - I know the regs are different in each state, but we did it all ourselves online. The Washington Dept of State website should tell you what you need to do to register your business. We have one LLC for our rentals (though another one for my Self-Directed IRA).

@Jessica G. - I created a simple contract that I asked each seller to agree to before sending them properties.  I don't have it on me right now but it says something to the effect of if they do purchase the house they will send me a birddogging fee of $500 (or whatever amount you agree to with with).

As a seller, I'd be happy to pay that for a deal. 

I'd also send them more than just the address and pictures.  Include info such as last sale date and price, owner's address (if different), and your assessment of the property and neighborhood.  Or whatever else the seller would like to know before he/she reviews the property.

@Philissa Gilliard - Get recs from other investors. Ask in the forums or go to local REIA meetings. That is how we found ours.

@Ravonda Medley - If you have a good deal to sell, you will have no problem finding buyers.  You could also join BP as a pro member and post your deal or your request for buyers in the marketplace forum.

I know there are internationals who buy property in the USA but wondering if there were Americans who were buying property outside of America.   If so where?  How has the process been?

Personally, I'd love to do this eventually!

@Frankie Betancourt - I echo all these great comments and just add that we use an agent to sell our flips because even with her commission we make more because she is a fabulous negotiator!

Ask in the forums for recs in the city you are interested in buying.

Best of luck!!

@Darrell Anderson - are you still living in the Jackson area?

@Darrell Anderson - that is so exciting!  You should definitely come to Coffee with Investors every Weds at 7:30am at City and State Coffee on Broad.  Also the lunch meetup and networking events that Memphis investment group (MIG) hosts are great for meeting people.

Look forward to meeting you soon!

@Patty C. - We are an LLC but file taxes as an S-Corp. I wish I could tell your what is best for you but I think anything involving the set-up of your company and/or taxes should be discussed with a CPA. Especially because there are multiple people involved, you want to make sure that it is set up in a way that everyone's assets are protected and you give as little as possible to the IRS.

Best of luck and congrats on the first flip!

@Karen Kasjaniuk -  I'd say we probably have about a 10% showing rate when we do open houses.  We just recently invested in a Rently box (https://use.rently.com/).  Hoping that will save us some time and headache.