All Forum Posts by: John Van Uytven

@Reid Frohlich

You would be paying interest while you waited for your next property.

I don't know your area. Is there any reason you would need to buy in cash immediately?

What about about refinancing for what you owe, and then set up a Line of Credit?

Then you would have access to a line of credit vs. paying interest on a loan with the cash sitting in the bank. Which you would feel pressured to use and potentially buy a bad deal.

Good luck and remember

*DFTBA*
Don't Forget To Be Awesome

Hello @Geoff Bailey

Welcome to BP. Yes, there are investors in Seoul. I moved back to the US.

@Daniel Ryu and I started the Seoul REI Meetup.

Other active members include @Sandra Roddy and @Jacob Michaels

Plus @Frankie Woods lives in Korea as well now. 

You can check out our meetup here http://www.meetup.com/Seoul-REI-Meetup/

Good luck and remember

*DFTBA*
Don't Forget To Be Awesome

@George P.

That's awesome you hit such a great deal for your milestone.

Congratulations

Keep up the great work

Good luck and remember

*DFTBA*
Don't Forget To Be Awesome

@Derek Steinmetz

YouTube is how I got here 2 years ago.

It has been great, having a network of people to connect with continuously. 
I recommend finding a meetup in your local area. If you don't have one, start one. We did in Seoul, South Korea. It was great being able to connect with more people.

If you haven't read it yet, I recommend the Ultimate Beginner's Guide.

It is a great resource, (and it's free).

Sounds like you have a solid plan to move forward with.

Good luck and remember

*DFTBA*
Don't Forget To Be Awesome

Looking at a small mobile home park that needs more homes.

What about you?

Anything special?

*DFTBA*
Don't Forget To Be Awesome

@Matthew Woodin

Fantastic, welcome to BP.

What kind of deal are you looking for? Will you flip? Buy and hold? or something else?
Have you read the Ultimate Beginner's Guide? It is a great read, it's short(ish), and it's free. 

Tell us more about what you plan to do with real estate

Good luck and remember

*DFTBA*
Don't Forget To Be Awesome

@Lillian Shi

Congratulations on the new purchase that is awesome.

Are you going to be flipping or using the BRRRR method?

I don't know your local banks. But as you have probably heard on the BP podcast, you might want to call 50 banks in your area to get what you need.

How many banks have you googled?

It might be less depending on your current employment, experience, and credit score.

Again congratulations on your latest purchase.

Good luck and remember

*DFTBA*
Don't Forget To Be Awesome

@Jeff Kochtanek

First Off, I am not an Attorney or CPA.

I think you should consult other Attorney's and CPA's that specialize in your area.

I will share with you what I know my former employer did. 

He had an LLC for Management. I managed 2 properties for him which equaled 260 units. Each property was under its own LLC. THEN our 5 person maintenance staff were paid under a different LLC. All of this was to buffer him.

He owned over 1,000 units in 3 cities. I don't know how many LLC's he had, but in our city he had 4 as I stated.

Again I recommend consulting other lawyers and cpa's

Good luck and remember

*DFTBA*
Don't Forget To Be Awesome

@Jaime Alvarado

Do you mean like a wholesaler?
In General. No, you don't have to be.

You should check with a lawyer in your local area who specializes in Real Estate

Maybe you can search BP and find out if your area has special laws.

Good luck and remember

*DFTBA*
Don't Forget To Be Awesome

@Justin W.

Sounds like you have had a pretty busy time recently.

In Non-Recourse loans they can't come after your larger business as a whole. 

It just depends on where you get your financing.

When it comes to a deal. If it is a good deal you should do well. If it is a great deal you should do great.

If you are trying to move along and you have the opportunity to use leverage on a great deal. Then you should do it. The problem is knowing if what you have is a great deal or not.

A lot of these questions and answers are in Theory. In theory a buy a great deal, fix it up, and make a great return. 

To be of more help, it would be better if we had specifics. 

Are you looking at trying to buy a Million dollar property or a Ten Million dollar property?

Have you considered partnering to split the risk?

Good luck and remember

*DFTBA*
Don't Forget To Be Awesome