All Forum Posts by: Account Closed

@Nick Luongo
Thanks so much for reaching out- I'll shoot over a few questions I have regarding the Boston neighborhoods market, since I'm sure you have a pretty good pulse having years of experience as an agent here.

@Brian Gibbons
Thank you for referring me to Paul. I'm not sure if you didn't see in my post, but I stated that I offered to work 20-30 hours/wk of unpaid labor in exchange for knowledge, as well as capital in the near future, so I'm aware of bringing value to others as well.

@Paul Timmins
Wow, that sounds incredible! Thank you for the invite, I truly appreciate it. I'll be in FL for a conference this Sunday-Wednesday, but I'll hop on MyEasternMassREIA.com and be sure to catch the next one.

Hi Everyone,

I'm currently searching for a Boston area real estate mentor. As a brief background, I graduate this spring so I have about a month before I will begin working again full-time.

What you get:
- 20 to 30 hours per week of unpaid labor, which can be anything real estate/landlord-related of your choosing. Whether you want me to sit on the MLS scanning properties all day or you want me running back and forth to your properties handling day-to-day issues, I can do it. I live in Brighton and can acess any part of the city via car or T.

- Potential partner/investor in the near future. I am currently finishing paying off student loans, but my day-time job pays $150,000+ per year pretax. I plan on using a large percentage of discretionary income for real estate investing.

What I am looking for:
- A Boston area real estate investor with at least 7 years experience and 4+ properties.

- An investor focused on long-term growth and cash flow (not wholesaling, flipping properties). Buy and hold investors.

- Someone that can offer me an inside of look at the nuts and bolts of real estate investing. I will work incredibly hard for you in exchange for a legitimate education on how you operate your business.

I understand that this post will bring a lot of referrals to the Starting Out forum page, or to the How to Find a Mentor page. I've done a lot of reading and decided I want hands-on experience, so until I can regularly meet real estate investors in person (I will be attending the Black Diamond meeting in the near future), this is how I am searching for a mentor.

If you believe that you may have an opportunity, please send me a message so that we can discuss further.

Thanks so much,

Bill

Scott,

I'm answering this from a consultant/independent contractor point of view since I have not yet invested in real estate, but using legalzoom or nolo is perfectly fine to get the LLC formed, IMHO.

The big factors for the LLC you'll need to decide are:
- What state to register in (some people choose Delaware or Nevada for favorable business laws)
- Who to use as a registered agent (basically the person that collects legal papers)

If you plan on simply investing within your state of residence for now, I'd suggest on forming the LLC within that state using Legalzoom or even through the state's secretary website (if available), and then list yourself as the registered agent. Needless to say, it's advisable to speak with an attorney once you begin making investments. LLC's are pretty straightforward and you shouldn't have to break the bank right away in getting one formed.

@Andy Robison

I believe I pulled them from one of the beginner's articles...I don't remember at this point but that's likely where the cash flow error lies.

Also, I'm baffled by the way investors leverage investments. 3.5% cash down on multiple properties? Isn't that a huge debt risk to acquire being that it's for such a long term and should anything happen to your rental income, you're stuck paying that off.

@Kyle Hipp

$800-$900/month is almost better than any pension out there? That's around $10,000/year, which is a garbage pension IMO, especially considering pensions available through the federal sector.

Thanks to everyone for their insight, truly appreciate it

Hi everyone,

I very recently started educating myself about real estate investing, so bear with me because aside from the Beginner's Guide and the Millionaire Real Estate Investor, I'm still very green.

My question is, how does one go about in conservative real estate investing, such as buy and hold, and accumulate enough properties to realistically live off of the passive (debatable) income?

If one were to purchase one property a year for twenty years, end up with $20,000 a year in cashflow (which is very successful real estate investing IMO), you STILL are only making $20,000/year and still have many properties with large mortgages to pay off for many years, since much the the properties were likely leveraged highly. How is it possible to truly live off passive income, which for most people is higher than 20k?

Wouldn't saving like crazy (>%50) from your career and investing in index funds be more simple, risk averse, and even more lucrative way to early retirement?

Again, feel free to tear into this because I'm simply posing a hypothetical. I truly understand that real estate is not a get rich scheme, but I'm having a hard time understanding the lucrativeness of real estate over anything under 20 years.