All Forum Posts by: Kari M.

We currently have one property under our names (husband & me). If we are considering adding 1 property a year for the next few years, do we need to create a business/LLC? If not now, then in the future (~7 years) when we want to create an LLC is it difficult/expensive to move the properties from our name to the LLC?

Hello J. Lamar!
I'm one of the newbies and currently dealing with my own lack of self-confidence. I look forward to learning from your experiences!
Kari

Indeed, we have thought long and hard about borrowing money from family and it will be short term. We're well aware there is always a risk, but I am confident that in this situation, the risk of a family problem is extremely minimal. Thanks for your advice.

Thank you, Jon.

Do you think my father-in-law should set up an LLC before he lends us money?

By closing the deal, I meant convincing a potential seller to sell to me. Side Note: I have sat through my own closing-gone-wrong (personal home)...a tough lesson to learn.

Thank you, Lucia!

Our money will be from us and my husband's family...they have been doing buy and holds for many, many years. They will also be guiding us. But, being my controlling self, I NEED to learn as much as possible on my own before I truly value their expertise or even know what questions to ask them.

I have been studying the 50% rule and how to use that to calculate an offer price. Sure wish I would have known this 3 years ago, but I was blind then.

I believe the area is stable, but I will do more checking on this since a couple big manufacturers have been laying people off.

I have not been tracking current ads. I will be doing that starting tonight. It seems so obvious...I should have been doing this for awhile!

Thank you, Dick.

We have definitely improved our screening process!

Thank you, Brian.

My husband's (now ours) first property was a rehab. That's probably what we'll be doing again because he's laid off so frequently lately. He needs something to do. We will be staying local.

Thank you, Joshua! I feel much better.

I am (obviously) new to this site. Usually I don't share my real name on the internet, but I wanted folks here to know I'm a real person so I put my first and last name on. I have nothing to sell and was happy that my name didn't show up on Google. Now it does. I changed my privacy settings, but still my profile shows up on Google. I have nothing to hide, but would rather not have this. Is there anything I can do?
Thanks,
Kari

First I would like to express my sincere appreciation for this website! The confidence, wisdom and success of the posters are extremely encouraging to this rookie!

After spending the weekend pouring over, and barely scratching the surface of the posts on this site, I have a couple questions on the conclusion I've drawn.

It seems that the process for a new investor looking to do buy and holds is:

1. Write a business plan. I can do this.

2. Find the money. I am feeling confident that I have 1, possibly 2, private lenders.

3. Find the deal. This is the step that I am needing the most help. I understand that I need to network. Is it possible to find one in the local listings? Can I knock on doors? Which doors do I knock on?

4. Close the sale. How do I practice this?

Thanks in advance for your advice.

Kari