All Forum Posts by: Gary Waldron

Originally posted by @Gideon Sylvan:

HUD is unlikely to follow up, but for safety, why not make the bid in your father's name and co-sign the loan? Alternatively, a family member could make your current residence their official residence, and this new one could be your official residence.

Is that standard practice that HUD is supposed to have follow up meetings at the residence?

Does anybody have a lead for a great HUD Real Estate Agent for the Tacoma area?

I have been going through the forums lately and first thought of trying to get my first house (as an owner occupant) through homepath.com, but then I ran into HUD units through looking through that website. I have seen some forums related to the HUD market on how there don't seem to be any notable discounts with many listings going for retail. At this point I want to jump in and get my first property (I have never bought a house before) and start putting in some sweat equity. Is this road a good road to go about getting my first property? Are there too many hard lessons I would run into possibly? If there is a discussion thread related to this topic already for someone just starting out purchasing their very first home as an owner occupant please let me know.

Originally posted by @Curtis Bidwell:

The state has default language that will define your LLC unless you have your own operating agreement and define yourself.

 Thanks Curtis for the confirmation. 

Originally posted by @Dion DePaoli:

"Software" to 'create' a LLC? None.

It is probably in your best interest to sit down with an attorney to help draw up your Operating Agreement properly to avoid pitfalls in the future.  Usually that service will help you create all your needed documents and file with the state.  

Not sitting with an attorney would mean you end up with some boiler plate operating agreement and run the risk of missing issues that might be critical in the future.  For instance rights of survivorship powers of managers and other check and balance type ideas.  

Do you have to create an Operating Agreement if you are the only owner of the LLC?

@Nghi Le Thanks for the feedback. I didn't consider the fact that they are acting competitors with each other and thus may schedule events at the same time to compete. Have you seen the same caliber of networking with both groups? As for the benefits, I know a lot of times companies/ groups rave about their member benefits, but people rarely would utilize them. Did you find yourself consistently utilizing their benefits?

Thanks for all of the advice guys. I plan on jumping straight into finding my first property and look into the million dollar umbrella insurance policy. @Lian Chavda I also plan on going to a REIA WA meeting as well to start networking asap, I look forward to meeting you there :). @Dmitriy Fomichenko  First Keyword was also set up, kept it simple with "Tacoma". 

@Bryan R. @Aaron Ramm Thank you guys for the personal experiences you have shared. I have never been a fan of people pushing products and advertising that their "short cut" is the best way to go, but I can see the real value of just going and just meeting people in general outside of the gurus. I plan on attending the REIA Tacoma meeting and then attending a Reaps meeting and I hope I can get a great look at their respective calenders for class schedules. Aaron you might be on the right track on just getting two memberships. Keep me posted on your journey :)

Did the class you attend translate into becoming a member? Member benefits is another thing I am trying to look into for consideration on what path I take to help with my education and networking.

There are two REIA groups I am interested in joining, REIA, the Real Estate Investors Association of Washington and The Real Estate Association of Puget Sound (REAPS). Has anyone had any experience with either of these groups? I am considering taking classes from each group to get a feel for how they operate. If anyone has some first hand experience that would be great!