All Forum Posts by: Kingsley Obasi

Quote from @Bainet Joseph:

@Kingsley Obasi

Thank you for your response, I’m wondering what makes you say camden over Trenton?

I lived there my whole life and commercial apartments being built right over the water on Philadelphia’s waterfront

I would say Camden, NJ but Trenton is not bad either.

@Nelly R. do you have any advice for the best way to screen tenants? I also have a property in Camden that I am trying to rent out.

We got a lawyer that’s does real estate as well to create the operating agreement and looking at it now. In article six, Transfer of Membership Interests, it talked about 

I should have taken a look at this first lol. But I think section 6.2 (a) (ii) is my preferred route. Which I think the other member would not like because the valuation will more than double and at this point none of us can quickly produce the liquid cash for that

REI multi-member LLC conundrum!

I got two friends and my little sister to go in with me on investing in a single family in a dilapidated neighborhood for $31k (8.2k per person) in South Jersey. Since purchasing the house I am all in for about $15k and everyone else is just paying me back. Also I am doing majority of the work on the property to fix it up(hence why I’m in so much financially) but has live been able to save cost tremendously because I am handy and know a few contractors that help me out for low cost. Because of my partners lack of help and there continuous willing to make things complex when it comes to paying me back (i.e paying for other materials instead of paying me back and making to expense tracker more difficult to use than is should be) I have told them I want to leave the llc. They problems is everyone still owes me money and no one would have the money to buy me out after the house gets appraised. So I looking for input on what I should do. Just stay in the llc and use the appraised value to try and get access to a heloc, convince the members to allow the llc to take on debt to buy out my shares, or in my one business partners opinion just take $15k because in a hypothetical situation if someone gives use $60k to buy the house I should just take 15k to leave the llc?

From the South Jersey area, I am a BSME and beginning my MSME this upcoming spring semester. Recently resigned from a federal engineering work to engage in real estate investing full-time until the spring semester. Closing on my first house next week with my group. Hoping to learn and gain a lo.

I am looking to buy a home with cash outright with my investment group in a dilapidated area that I grew up in for 25+ years. I have already compiled a list of properties that are boarded up in the city and began checking the county website for tax liens on the properties. I am using Zillow to show me more information not shown on the county website. I want to start working on obtaining a rental property in the promising sections of the city. I am looking up tax liens on the properties that have boarded up windows and doors. I want to know what paper work should I get to make sure I can acquire the property, pay off the tax liens, and then rebuild the property for a rental unit. I am doing my research but it is a lot to read and some are not very good outcomes like the owner of the property being able to buy the home back after someone acquired a property through the tax lien process some way.