All Forum Posts by: Kody Thompson

Wyoming LLC which will own the LLC in the state you plan to invest in.

1000 for a bed bug treatment seems pretty freaking High. Refer back to the lease and say you needed to contact me ahead of time as you need to gain multiple quotes. If anything agree to cover the amount of the lowest quote you can gather with a few phone calls after the fact.

Put Rat Traps all over that place! They are cheap and better than having a rats nest in your walls.

You might need to look at getting a cosigner if you havent been working through college to validate your income. Another option would be seller financing while you house hack the property then use the income to refinance with a smaller community bank. 

Hope that helps.

It just depends on the location and the rent rates in that location. Id look further south in Utah county  or up in Davis County if you are looking for cheaper home or townhome prices with similar rent rates.

I want my pm's to be investors themselves. To be prompt with phone calls, to have protocols in place in each situation so I know exactly what is happening with my property in the case of x,y,z. 

I think communication is the best key indicator though. If you cant get a hold of them as a client then you know something isnt right.

Off the top I want to see all the financials on the property, Total Cost, ARV, Cost to Rehab. DOM in the Local Area. Rent rates in the local area, Comps All the numbers. To be totally honest It looks like you spent a good amount of time gathering all the info which is great. I would just change up how you format the information to potential investors.

Delvon,

Depends on what type of commercial we are talking about. For example commercial office space is taking a beating because of coronavirus. However Multi-family apartments have done okay. 

Pros would be economies of scale for commercial, cons would be you need the experience or experience on your team to take on bigger deals. 

Pro's of residential, you can start small and learn as you go.  Cons: Picking the wrong property or the wrong location can wreck you.

Set up a Wyoming LLC

Once you have the Wyoming LLC then set up individual LLC's for each property you set out to purchase in each state. The fee's vary depending on each state, California and NY are in the thousands whereas in Utah where I am the LLC cost is around $70.

The financing will be in the LLC's name however the bank may ask you to personally sign if you are not a seasoned investor or someone they have worked with in the past.

Hope that helps!

You can do 10 in your name and 10 in your spouses name so potentially 20. If you have a partner who is married as well then you are looking at 40