All Forum Posts by: Mike Jakobczak

Hey Welcome!

Have you done much investing in the Atlanta area?

Robert Kiyosaki-Rich Dad, Poor Dad is a must

one of my personal favourites is Donald Trumps "The Art of the deal"

Hello,

Just wondering what type of time frame do you give on your offers to properties that are in Foreclosures?

Thanks

Hey Everyone,

Has anyone registered their existing LLC in a different state to conduct business? I am looking for the best way to do this? Also what kind of prices should I expect to pay? I am looking to register my Delaware LLC in Georgia State.

Any comments would appreciated!

Happy Investing

i would do all your primary research from your current location. Start networking for your power team before you go down. So when you hit the ground, you hit it running.

You can contact real estate agents to get a feel of the area and get sale comps.

Property Managers will give their opinions on vacancy and type of tenants/problems in the area

Line up a bunch of different contractors that you may require and let them know you will be needing quotes in the up and coming weeks and may want to work with them.

A lot of this, does not need to be done in person.

google maps/bing maps 3d of areas. Gives you a good idea of neighborhoods.

Network with local investors who are still buying in the area, for advice.

Out of State investing is not for everyone, and usually is for the more experience investors.

First Time investors usually like to be so hands on, to make sure everything is on track. Anyone who understands investing in real estate, understands that real estate investing is a numbers game. Knowing the market and understanding what the market will bare and what it wont.

Out of State investing is very systematic. A strong Power Team is needed and the due diligence period is very very important. Typically if you were to take 10 pictures of your properties you are interested in, out of town investors would be taking 100 pictures of everything of the property, to even the streets and other neighbor houses. Also using the internet websites like google maps and bing maps to their advantage. 3D images give a pretty good indication of local areas. But you can't rely on just this, partners and local eyes are needed in order to make the system work.

Because extra work is needed, since you can't do some of the little things some investors would do themselves such as check up on rehab work, a bigger spread is needed to cover the extra cost.

Investors who get good at this type of investing, can buy anywhere. Emerging markets are always coming up and allows them to take advantage of this, without every leaving their home. Extra time with the family!

It's kind of like investors who buy stocks for a living, they get familiar with a company, based of numbers and make their choice on when to buy and sell. They never leave their homes. The only better thing is in real estate at least your buying something you could go in live in one day, or rent out if needed to.

Cheers

agreed

Hey,

Has anyone used any companies that provide proof of fund letters? An example of a company would be I believe it's fundthiswholesaler.net

I am wondering because I have funds in different accounts and don't want to move them around until it's needed.

Thanks for the input!

I'm from Ontario,

You can't really compare US and Canada when it comes to real estate.

One of the main reason people stay out of the US is because as Canadians we can't get financing to pay for anything. So cash is king and if you have it you can buy some great deals.

Where have you looked in Ontario?

All income tax that you pay in the US you can apply for credit towards your Canadian taxes. Since Canadian taxes will always be higher.