All Forum Posts by: Michael Williams

My partner and I are taking investing seriously and we know that we need a strong power team to reach our goals. Both of us are new but I have put offline marketing systems in place that are working and have online marketing systems ready to go. I am a regular on BP member and have already complete a deal with a BP member. We are looking for professionals that are investor friendly in all of these areas: RE agent, Title officer, Contractor, RE Atorney, Accountant, and Mortgage Broker.

I am planning to form a LLC for my real estate business in Georgia. I have always used a Nevada LLC in the past for other businesses. There will be two managing members, me and a partner. My partner will have some foreign investor for the company. The question is : Has anybody on BP used a Nevada LLC with foreign funds and has anybody on BP used a Georgia LLC with foreign funds. If so what are the Pros and Cons of your entity setup?

I am reading up on both but there is nothing better than real world applications from seasoned investors. 

Correction:  He has been approved for a $200,0000 mortgage loan.

O.K. it is "Pick the Seasoned Investors Brain Time".

I plan to wholesale for 12 months, Buy and flip for 12 months while still wholesaling, and start buying and holding in the 3rd year while reducing buy and flips to 20% and wholesaling to 30%. Here is the question:
I have two people that want to go into business with me. One have been approved for a $200 mortgage loan, the other one wants to get into real estate and has acess to family members overseas with hundreds of thousands of dollars in their mattresses (money is dormant). He wants to show them how real estate can grow their money. What would be a good game plan for the loan guy and what would be a good game plan for the money guy? I would rather keep them apart at this this early stage until I see where their heads are at.

I am a strong believer in mastermind and I know that I will be successful in this business but it is still good to get expert opinions. Give me your thoughts.

The best marketing on the planet. Now you know my secret.  

Please excuse my grammar: "I now have"

I haven't paid a car note since 1989. All of my cars have been paid for with Cash. I know have a 2003 C240 Mercedes Benz Wagon. I am currently using it as a moving bandit sign and my house as I build my empire. Look out All you seasoned investors on BiggerPockets I am coming to pick your brain and learn as much as possible from you. I love it hear!!!!! 

Hi Andrew I have been wanting to meet you anyway. Will be there and bring a couple of friends as well. I just didn't take the time to figure out the "Tag" thing.  

 Thanks Joseph

O.K. need BP help on another deal.  I have a seller that owns a property free and clear, except the $4,500 Tax due, so free not clear. It is a 2/2 that he did a $30k renovation on 2 years ago. It's worth $63k according to Zillow. Tenant is paying $650 and moving out this week. Comps are $70K- $90K - $113k. Cosmetic repairs less than $800. (Waiting on Pictures to verify)

He wants 40k
Wants to Quit Claim to get most back (no closing fees)
He wants to walk away with 32.5K after tax is applied to $40k
My fee- 3k

How would you do this deal? What is the better way? I see that he is trying not to go under the 30k he has spent, so at least $1,500 of that other 3k is negotiable.

For the smart investor this is a $1000 down and pay owner $300 month while investor cashflow. I am not in position, AT ALL" to do that yet. The rents in area are now $800-$950.