All Forum Posts by: Jerry W.

@bill Just my 2 cents as well, but talk first to an accountant, to see what type of entity you want, Subchapter S and LLC have slightly different tax structures but both are pass through entities to avoid double tax issues and reduce personal liability, You can set up an LLC or subchapter S in minutes, but if you don't know how to keep the corporate formalities you might as well throw your money for it in the garbage. An attorney can explain how you need to run them. For operating agreements and books there are several very good companies that make them with stock minutes, operating agreements, shares, stamps, etc. They are under $100 for the whole works. A decent attorney should be able to explain things in under an hour. Unless you are doing something unique being charged thousands is a rip off. I charge 100$ to form one, and another 150$ to get a book and explain how to use it and keep minutes and bank accounts, etc. I only do them for residents of Wyoming. No offense but not all the advice you got here has been good. Spend a few hundred and talk to a lawyer in your state. If they want more than $500 plus cost of filing move on to the next lawyer, just like houses prices vary by neighborhood. Keep in mind free advice can be helpful but sometimes it is worth exactly what you pay for it.

Yes I have several. They fold in the middle and telescope on both ends. They come in different lengths so you may have to shop around for the one you need. They also make lighter versions as well, be careful though, the lighter the ladder and the farther you extend it the less weight it can hold. The first one I bought was over 300$ but many are about half that price now.

@Joshua Dorkin If I thought it was a bonafide complaint from a serious person I might consider it briefly, well probably not, but if the person said "low class" that is truly a more offensive cliche, than saying flipping. It suggests that poor people are inherently rude. By their very statement they were more offensive that the phrase they were upset about LOL. On a lighter note if that conversation were the worst thing that happened to me in a day I would consider it an excellent day!

@Twanna Lee For the most part you can buy from someone in prison. Most prisons now have people there who provide services for inmates like notary coordinating paperwork etc. There can be cases where it is very hard like if they owe huge amounts of fines or restitution. In those cases they usually sign a power of attorney to someone so the prison doesnt grab the check from closing. They can also hire an attorney who can call them directly and the prison is NOT allowed to monitor those calls or letters. It is done fairly often.

@Dan Costantino I can't give you specific advice because your state laws may differ from mine, but I would require they be notarized. While they may be evidence of a lien release, its possible they may dispute them later, also most county offices require a document to be notarized to be filed in their land records, and finally if you go to court a notarized document is self authenticating, meaning you do not need foundation witnesses to establish its authenticity.

@Derek Faller I have been wrestling with the same concerns myself. The states I like best atm are Indiana, PA, Texas, Ohio, and MS. I am sure there are opportunities all over but those are my finds. Texas has the best appreciation, but lower return rate, but their market is so strong I think its a good long term bet. It appears Georgia and Arizona and Nevada have increased in price to the point cash flow has suffered. I have not bought out of state yet but plan to by next summer. Please send me a PM if you do well and have any advice.

I find it interesting that so many are using flat or satin. I have started going to semi gloss for my rentals now and I really like it. I use gloss for bathrooms and kitchens, but semi gloss seems to stay brighter and cleans up so much better in the regular living areas and bathrooms.

@John Stover you already have some great advice, but let me add my 2 cents. If you currently live in Indianapolis, that is a great market, you might consider investing there it will be the cheapest to learn and network in. Next do NOT build your life plan around the $100,000, build your life plan then see how you can use the money to help you reach your goals. You must have some source of income now, and you clearly have some assets, include doing things to fix your credit score, paying off credit cards, old bills etc. from your current income streams. You may want to consider acquiring an income property before a primary residence to help avoid overspending on your residence. You might consider having your new house be a flip or future rental that you can work on to improve as a new income stream. If you hold it long enough (and they dont change the tax code) you might get all of the profit tax free as the sale of your primary home. You can use that to gradually get a better and better home. The money wont change who you are it just gives a new tool to fulfill your life sooner than you originally planned.

@Kabir Welcome to BP. Congratulations on your new baby, its amazing how something so small can change your life and fill every room and nook in your house. Having a goal is a great first step. You might at least consider a SFR as a first investment as you would only have to deal with one renter, and the initial cost could be much lower. Do not change your plan but maybe keep options open.

@Hannah Shields Congratulations, I am curious why you are not buying in Idaho, I hear the market is doing well there?