All Forum Posts by: Account Closed

@Account Closed Did you get your CPA issue resolved?

@Paije Rush

The first thing to do is decide what type of market you'd like to be in (commercial, residential) and find a brokerage that caters to your needs. If you're looking to focus on properties in your area, I would just drive around and see what brokerage is prominent in your area and go to their office. It starts out slow so beware but once you get some deals rolling and get your name out there you'll be having fun!

@Travis Lloyd

That's definitely something to consider further on down the road. For now when I find a deal that seems like the right fit I will defer to an attorney for sure!

@Jonathan Twombly

I will consult my RE Law Professor & Atlanta RE lawyers prior. A lot of deals I see require a proof of funds and LLC paperwork before they'll even look at your offer. I'd like to have a primary LLC that I can market to investors, buyers, and sellers in the hopes that it looks like Two Bridges one day. Out of all the books I've read & classes I've taken, I can't seem to find any info on this subject - you all and BP in general are lifesavers!

@Jonathan Twombly @Rick Baggenstoss @Eric Tait

Thanks for the advice! I've been on Excel trying to find a model for valuing my LLC if I were to do syndication deals. I like the idea of opening up different LLCs for each deal where the investor would like equity while having a separate LLC for investors that just want to diversify their portfolio and want steady returns. Of course, I would request that the prior contribute more to each deal; the latter option seems like a bridge I would cross when I get to it as I want to have more than enough assets to back their investment. Two things are for sure: I'm creating an LLC & looking for deals. Just confirming that I didn't have to set up my original LLC in a specific way in order to give fixed returns further down the road.

I'm going to form an LLC soon in Georgia and I want to focus on offering equity to investors in lieu of (OK...occasionally in conjunction with) private lenders. I want to structure the deals so that the investor receives a percentage of the free cash flows generated by each property monthly based on their investment. They will also receive the same percentage of the sale price when the property sells. Do I need to set up my LLC in a different way to account for the liability of the investor & myself? Any advice is much appreciated!

@Tyler Shaa

Finding a good deal would be the first step but you definitely can do it. Get a good understanding of the area you're in. If they're students, I'm assuming you will have some extra operating expenses/collections issues so be careful locking in to a high interest loan. There are private lenders all over BP so if you find a deal good enough I'm sure they'd help you out. You can also check out the "first time homebuyer's credit" deal and look into an FHA loan.

@Jack Tucker

Thanks a ton Jack I'll give you a call soon. I'd like to find the right deal before I take up any of your time.

I've read a couple books and the people I've talked to at the Athens REIA group meetings suggest multifamily as well; I'll keep that in mind. I knew the first time homebuyer credit would help me out, but I had no clue I could possibly get 0% down (or even 3.5% at that) so I'll be visiting some banks very soon!

I spend about 4 hours a day doing this and Craigslist has been our best outlet. We got a spike in rentals when I started using Postlets and copying over the HTML to the Craigslist ad.