All Forum Posts by: Jim Froehlich

Looking for anyone's advice on least expensive, but still effective, way to customize my website (InvestorCarrot)...or maybe all my technology together.  I have some experience with websites from scratch and am a Systems Engineer by day, so I'm a little embarrassed even asking this.  However, since I've been trying to bootstrap my part-time real-estate business within 15-20 hours per week, I really have to be efficient in areas like this.  Ideally, I would just sit down and supply content from a checklist (custom auto-replies, subscriber links to MailChimp, Vumber links, custom pictures, custom videos, etc.).  Ironically, I signed up with InvestorCarrot because they have such incredible customer service (and it seems super intuitive), but I'm doing over half my real-estate work on the weekends during their off-hours and I don't want to spend half my limited time every week dealing with my technology instead of getting deals under contract or sold.  I've made the mistake in past of bleeding hundreds (or maybe thousands) per month on a business without spending my time where it counts and trying to learn from that mistake!!  Is it worth a Virtual Assistant?  Are there "by job" options out there?  

Sincerely, Frustrated Control Freak

@Christopher Finn, Thanks!  This seems too good to be true!  ...my oldest son is a sound engineer, so if this works really well, I am going to be simultaneously impressed and conflicted.

Hate to clutter forums with another LLC question, but wondering if someone has specific experience/advice regarding best timing/sequence for LLC formation. One of my investment partners has this situation:

Property A:  Multifamily owned in NJ; rental for years under personal name.  Refinancing to pull cash for other investment.

Property B: SFR in NH (to be used as Short-term rental) being purchased cash with property refi from Property A).

He wants to ultimately put both of these under one LLC with himself as manager and his son as an LLC member (with less ownership).

1. Any better ideas for protection/mgt/costs than this path?

2. Does it make sense to just finish this refi/acquisition sequence and then form LLC, or should LLC be created during the above transactions?

I'm going to ask my attorney/accountant these same questions, but wanted to see if anyone on BP has experience/advice first.

Thanks!

I am looking for opinions on good tool to use for Podcast transcription in terms of price and accuracy.  In my forum searches, I only saw Rev.com mentioned for $1/minute.  I think both BP podcast and Joe Fairless podcast do a good job of transcription, but I'm not sure what they use.  Any suggestions?

@Ryan Holland, I really like @Larry Fried's first reply post to you on this.  I know some people who have recently gone to guys in Memphis for Turn-Key rentals at Mid-South Home Buyers and they seem happy as well as other folks in TX using American Real Estate Investments.  The ones in Memphis have decent cash flow but little to no appreciation, while the Dallas ones (for example) are higher-rated, better appreciating, but look to be less cash flow (percentage-wise).  I'm considering both myself along with partners, but I think they are very conservative and modest investments in terms of returns.  The Mid-South guys have very good systems in place from my discussions with them.  I would recommend calling a few of these places and then maybe connecting with a few of their references (maybe a few will pop up on this thread?!).  In either case, I think the good places take on all (or most) of the risk themselves, but mitigate that by having a solid, pre-qualified list of buyers and they present homes in progress (or finished ones) to people near the top of the list. One of the guys I work with at my day job said his Memphis home already has a lease on it and isn't fully finished yet.  Good Luck!

@Samuel Ruelke, welcome to Bigger Pockets!  It is really a one-stop shop for knowledge and connecting with others with similar aspirations.  I also grew up in South Florida (the swamps - Hendry County!)  You're living in one of the best short-term rental property areas in the country in my opinion, so good for you!

@Zach Jacob, I'm not an expert on the subject, but have talked extensively with others about this very thing. My opinion is that this is really a personal choice and a factor of you and your wife's outlook on risk vs. opportunity.  I believe that experts can make a case to go one way or the other.  If you own things free and clear, then you're obviously not over-leveraged (or leveraged at all!) and you can more easily weather hard times if/when they come.  However, there is an opportunity cost when you leave money sunk into your property and it's not really returning anything other than appreciation (and likewise depreciation if/when it happens).  I lean toward the idea of never paying more than 50% equity into something if I can utilize than money somewhere else.  Obviously, high percentage credit cards are good to get rid of, but these other areas are up to individual desires and timelines.  I'm 47 and only recently started investing in real estate after a successful career as an Engineer (still my day job!).  I'm not going to spend all my time saving and paying down my personal residence, because the sooner I create another asset (generating passive income), the longer I can build returns from it.  Again, that's a personal philosophy and one many people get from their first reading of Rich Dad, Poor Dad.  I've heard Ramsey bash guys on one side of this equation and other equally-successful guys bash his thinking as if it's got to be one way or the other.  Good luck either way!  I think you will be successful based on your status and mentality!

@Josh C. and @Andrew Postell, thanks to both of you for the engagement!

Thanks @Andrew Postell for clarification and advice!

@Andrew Postell, thanks for replying to my post.  Sorry if I wasn't clear, but I am speaking about residential rentals (buried in my post).  I think you mean ALL 1-4 unit loans are recourse, right??  Otherwise, I'm thoroughly confused.  Through discussions with other lenders and professionals, I believe that a blanket loan for multiple residential properties would have to exceed $750K to be non-recourse (with a strong enough team), but I'm open to learning other options.  At this point, I'm considering changing tactics.  The gist of it is that we have a team of non-accredited investors with a mix of credit, assets, income and want to build a buy/hold Residential/Commercial portfolio together without having to pay cash for everything or run everyone's information for each loan.  I heard someone on a podcast recently mention serving as a "key principal" on a deal, which I took to mean, by using their good name, reputation, and financial standing, they agreed to sign on a loan for the group and get 1-2% of the deal for accepting the risk.  So I'm exploring this concept.  Thanks again! Jim