All Forum Posts by: Nick Gann

@Amalfi Duran

See if you can get them to sign an agreement for the reno, on the terms they can lease to own from you! Solves both yours and their problems.

@Ron Singh

I buy land and sell owner financing. Generally, line up the purchaser or a couple of them before you close. This way you can test how hot they are to purchase, thatll give you some idea of how quickly it will move.

Not sure I understand?

@Mitch Jorgensen

While I like the idea of companies such as legal zoom, your phrasing of questions makes me think there is probably a lot you don't know. Not to be rude.

What you don't know, is what will be your problem with setting up the LLC correctly. The creation of the LLC is easy, but the proper creation to protect your hardearned assets is a different matter.

It's worth hiring a lawyer to see to it that all this is done adequately. After all you are not protecting a pair of shoes or a pack of gum. It's potentially several hundred thousand dollars (or more) of assets. What's $1k for proper assurance?

@Logan Russell

Logan has the right idea. I would make only one modification to his statement, it's not just business, it's every partnership.

You need people who give a ****. That's all.

@Nicholas Hoffman

In my opinion yes and no. I went the route of owning my own, first. But that was more by necessity than choice.

Owning your own, you can learn some valuable things such as work involved to maintain, things about banks and values, what goes into ownership, etc. You also can gain some equity in it that you may use later for acquisition. But you pay for that luxury yourself.

In my own case I wish I had been in a situation to own a rental first. Because you can the above experience but have someone else paying for it.

I love that there's a place where people discuss this stuff!

@Sylvia B.

Frank Rolfe, an expert in the mobile home space, has a wonderful way of making complex things very concise and simple.

I wish he would do an in depth podcast on understanding cap rates.

@Forrest Williams

I'm no help, learned tile from one of the best tile men in the country... when I see stuff like this, just want to tear the entire wall out and slap whoever did it.

@Paul Sandhu

It's a communist country, where information about the people is everything. Shouldn't they paranoid?