All Forum Posts by: Jay Yoo

@Whitney Hutten I agree Whitney! Will get a property that need a light cosmetic rehab and my goal is to get 90% cash of my initial invested money out. Then expand the network and shop around more contractors. Thanks

@Kyle M. Thanks for the advice. I have a rental property in WA. Number doesnt make sense as I learn more. I know some say you can still make profit in New Jersey or San Francisco on the hills. But you gotta have a lot of capital to start. No way you can save that much money on W-2 job salary and support your family. So that’s way Im looking OOS and many investors agree as well. Do you have any better insights? Please share if you do!

@Michael P. MFH normally cost a lot more for rehab cost. I want to be very conservative on cost for out of state investing.

@Steven Wilson thank you Steven. I would like to connect. Will PM you. Thanks

Calling out all experts!

I would like to start Out of State investing using the brrrr method. 
Does anyone know any online coaching service for OOS investing especially using brrrr method? 

I have set my specific parameters:

• Buy a SFH all cash including rehab cost in class C+, B- neighborhoods, low pricing market.
• 80% purchase price of listing price
• Rehab cost including 30% more than estimates
• ARV 30% more than listing price
• 3 months - 3 1/2 month rehab, 
• Place tenants before 5th month
• A few months later, re-fi, and cash out, and repeat.

I looked up a couple of online coaching services but their beginner coaching service seems expensive, starting over $5,000. 

I'm leaning towards to Columbus OH, Pittsburgh PA, Buffalo NY, Waco Tx for Class B- or C+ neighborhoods.

I think that fully relying on brokers and contractors remotely may lead to a failure, and could run out of budget in the middle of rehab. There are many "What ifs" down the road of each process that I cannot learn from the book. 

Thank you for your time!

@David Song Thanks David. I would like to do better this time once I get some capital back. Longer to keep this property, more deals I am passing since I want to do brrrr. Need capital to buy and rehab. So holding this unit doesn't help. Also they just increased 15% HOA. So doesn't want to waste time and effort with this property.

@Russell Brazil Thank you Russell.

@Russell Brazil Hi Russell. Do you know the tenants will have to sign the new contract with the new owner? How does the term get inherited or can the new owner add any new addendums? Thank you

@Lane Kawaoka Thank you Lane!

First of all, apology if this topic is too commonly posted. But I can’t find a specific post that addressed my questions.

Im starting OOS due to my area being too expensive for properties.

I would like to make sure I have well based set ups before I invest OOS.

Ive seen many posts and responses. LLC is no benefiting if you have one or two properties, but task benefit especially OOS and liability at ease.

Having LLC with no any good portfolio, l would not be qualified to borrow money because a brand new LLC doesn't have any transactions or business history.

Then, should I just buy properties under my name for now?

Would I be paying double taxes to the State for both Im living and where I will buy properties?

Would forming a LLC be helpful for taxes?

Should I have each LLC on both States?

Thank you for you time in advance.