All Forum Posts by: Jo-Ann Lapin

Firstly, I am not an attorney. The LLC is I am told by most investors easier to manage on the whole versus a corp. The LLC is an added layer of protection but can be pierced. Check into the compliance on that. The best advice my Mom who is an insurance agent has been to get as much insurance on a rental as you can for that cushion of insulation.

Lastly, congrats on your purchase and all the best for the next one.

Regards;

Jo-Ann Lapin

Welcome to BP. This is great place to start. I too agree that you do need a mentor. Put some feelers out too for good reputable investment clubs in your area..  Tons of networking and true exposure as to what is happening in the market. May be worthwhile to intially  partner up with a mentor. Learn the ropes so to speak. There is a real learning curve and many aspects that one has to account for.

All the best;

Jo-Ann lapin

Welcome to BP. I finally  joined to last Saturday. Happy to help with good info and resoucres for you.

All the best

Jo-Ann lapin

If you would like a referral for and Architect and Engineer for this type of project. I have a wonderful Husband and wife team in Lake Forest to refer.

Regards;

Jo-Ann lapin

We closed on a rehab for an investor about a couple of years ago thru HUBZU. Our experience was one of extreme caution as when we read the title and escrow instructions there was a carve out for the previous owner to redeem the subject making the sale null and void. Basically the homeowner went thru a divorce and then went thru the foreclosure process filed a BK and so on. There was a 1st and 2nd involved. They did change the escrow instructions and prelim. Thank Goodness we caught it. Investor had no idea that something like that existed. Anyway, he did get a great deal.

The pros are that you will know a heck of a lot more than an average buyer and be able to size up a deal faster, the con is BIG, you may know  too much and be deemed a "Sophisticated"  investor to the sellers. You can PM if you would like to chat further about this subject I have some stories to share with you. Way more pros for you which is great.

Regards;

Welcome to bigger pockets Investor from California.

all the best with your research 

A big congrats to you down under. What a lovely location.  Is this strictly going to be a rental investment for you?

If you have a volume of rentals or an out of state landlord then I believe that they are well worth the cost.