All Forum Posts by: Matthew Passero

@Donald Jeune I'm licensed in NJ and can help out.  Shoot me a message with what you are looking for. 

Hi Izzy,

I have a couple of commercial properties that I manage and the simple answer is it depends.  Management fee's range from 5 - 10% of gross rents, so if you are putting together a model I would go on the higher end.

Depending on the size of the shopping center, it could be a few hundred a month or a couple thousand.  I would get a few quotes from landscaping & plowing companies and use the highest for your model, if that is what you are doing. 

@Tim McSherry I just took the class a couple of months ago.  Are you taking it in a crash course (2 or 3 weeks) or over a longer period of time?  I did mine in 2 weeks and it was a lot of information but for me, that learning style works.  The exam was very conceptual vs. simple definitions.  You really had to apply the different "terms" and real estate language to situations. 

@Carlos Araujo

If you need any help running some numbers let me know.  I've been looking in NJ myself and have a decent model setup.  The hard part about where I am looking is the carrying costs (i.e. taxes & insurance).  That makes it hard to cash flow right away and real well. 

That would be great. I think the right move is to establish the LLC in AZ.

The only issue I could see arising is not having a registered agent in the state of AZ.  I'm sure there are companies that could handle that for you for nominal fee.

Does anyone know how to download your contact list, including emails, from Facebook?

I've seen some videos online but they seem dated by downloading your data information directly from Facebook or from importing to Yahoo.  Have their regulations changed recently?

@Jonathan Herron

The personal plan is to do many real estate deals in NJ but for this group of people, it is just this one project in Arizona.  

The members of the LLC will want a good amount of protection against any other investments and personal assets.

What would we need in terms of an Op Agmt specifically in this type of situation? 

I am working with a couple of investors who are based out of New Jersey and want to purchase, rehab, and flip a property in Arizona. One of the investors is going to contributing cash and one is going to take out a mortgage for the property. What would be the best structure to set up this LLC and in what state?

- Do we set up the LLC in Arizona or New Jersey?

- Do we purchase the house via the LLC and have the one investor 100% guarantee his personal mortgage?

- Do we have the one investor purchase the home and the LLC will collect and contribute the other capital required for the investment?

All parties are friends so all will do whatever is in everyone's best interest and most protection. 

Thanks for all the info and connections.  Will definitely try and make the next meeting in the Hudson county area.  

I'm open to working/investing in all of NJ so distance doesn't factor in too much for me if the opportunity is right.  Appreciate all the help. 

I'm from Northern New Jersey and just getting started in my real estate career.  I just passed my state real estate exam and connected with a broker to get setup in the coming weeks.  I have a background in accounting (CPA) and have worked at a real estate PE firm in the past (accounting side, not deal side).  

I have some experience in project management for a couple of smaller retail locations (one 3,500 sq ft and one 2,100 sq ft) which were complete renovations.  I have some property management opportunities underway to help generate some cash flow on a steady basis, plan to act as an agent for some additional cash flow, and also have an interest in flipping homes.  Along the way I plan on investing in some buy and hold opportunities as they come up to really setup some long term wealth.

I'm currently scouring the market for deals which are few an far between (there are a 1,000 of me out there) but always looking for different ways to get involved.  I look forward to being a part of the Bigger Pockets community to hopefully make some great connections as well as learn as much as I can.

-Matt