All Forum Posts by: Matt McCourry

@Angela DeBorja Yes, your Lawyer will handle all of that for you for a nominal charge.

Welcome!

Great to have you Jermaine!  Greenville is an awesome market!  What are your goals and what types of investments are you after?

Good Luck!

@Manolo D. great advice!  @Angela DeBorja when I first started out I got caught trying to "overplay" the game at first by creating several LLC's to run a single family rental property. I had one to own the property, one to manage the property, and one as my own personal one to write off expenses. That first year was rough, I had my head in the clouds and took my eye off my cash flow and instead tried to be some overly savvy hybrid of an accountant, lawyer, & RE investor. In the end, my taxes were all screwed up and the bill from the accountants office ate up half of my cash flow from the property!

Moral of the story is to start building up the deal pipeline first, protect your deal with a local LLC, and build your team. Start with a accountant who will help you form a tax strategy (not just keep the books) and find a good RE lawyer. Also, good does not mean cheep, you get what you pay for when it comes to building the team.

Good luck!

@Chris Bell Congrats!

If your in real estate and not on this site then your leaving money and knowledge on the table!!!  SO many valuable connections, relationships, and deals to be found on BP!

@Christopher Bunge You're not lying about 378!!!

Will,

Welcome to the game!

If your gunna get into wholesaling them be prepared to hustle, and make sure your in a high growth market.  (you should have no problems in Dallas TX)  

Tip 2, don't bring your end use buyers a bunch of unintelligible information, make your wholesaling reports are clear and readable, also include where you got your information and comps.  Also wouldn't hurt to see HOW your buyers underwrite their deals.

Best of luck,

-Matt

Chris, 

Your in a great market, you can absolutely be successful in that market in the coming years!

1) I haven't direct mailed in those areas, but Direct Mail works, hands down.  Create your own list is the best way to get the most qualified leads, but it takes the most time and effort.

2) Honestly, doesn't matter, a post it note on the door that says "hey, I want to buy this house" can work wonders.  check out the yellow letters website to see some templates you can model your marketing pieces after.

3) A million and one ways to sniff these owners out.  One of the best methods is to cut the block and check out the product, exactly what your doing!  There is of course the purchase of an absentee list of property owners that meet your criteria.  For a decently priced list check out BB direct.

4) Get in touch with good property managers for your first couple of deals.  They can see you serious time when it comes to analysis.  I recommend Billy and Lisa at Adalease, there located in the the West Ashley market and can really help you out, they're pros.  

@John D. Love the goal! And I think it is possible. Im in! I am unfamiliar with the vacation rental side of things but think the same principals of utilizing leverage and buying right will yield the COC returns you are looking for. My plan is to build up the syndication side of our team while constantly rolling over any of my acquisition fees and any profits I receive back into the deal OR purchasing smaller deals that I am in 100% control of on the side. B/t the two I don't feel as if the 40/40 challenge is impossible...

@Alex FranksAwesome to hear about your progress!  Would love to get together sometime and chat about the syndication side of things...

@Melissa Searing Charleston is heating up but is not burning hot yet.

We are in the middle of purchasing a 72 unit apartment complex on Johns Island and from that experience I can tell you that it may be worth purchasing buy and hold deals at slightly less cashflow then what you would expect in softer markets.  I would be happy purchasing properties there at a 7% cap all day....

Check out the IRR report for 2016, can be found at www.irr.com/ "select local market reports"

Right now your still in the expansion phase, plenty of money to be made in the coming years.  

However, Greenville is also a fantastic market!  And a little further behind on the bell curve...

Good Luck!

-Matt