All Forum Posts by: Nick Lee

I have done as much research as I can and found show 109 great. But I am still unsure about what to do regarding setting up of an LLC. I just wondered if anybody could point me in the right direction?

I have two rentals in my own name, I want the protection of an LLC. My concern is that if I suddenly put these two properties into an LLC it is clear to anybody that they originated from me and I am the owner. Should I still go a head with this?

I know if I set up an LLC then all properties should be offered on with the LLC name and not mine to keep things private. If I go ahead and set up my LLC and then add these two rentals and others later on, is this just undoing all the hard work of trying to keep things private?

Do I also need to have multiple LLC's to be completely secure? I want one LLC which will be my company name that I can keep ideally.

Any help would be appreciated.

Thanks guys

Nick

Thanks Ron

Nick

We are just interested in rentals that need work so can add value. If you want to send some details. [email protected]. I normally only look at 3 bed over 900sq but would like to take a look.

Thanks

Nick

Hi Ron,

I live in England but have just started investing in Kokomo. We own two houses already and looking into two more. We are always interested in any deals in the area.

Nick

it's a good idea but if it's free people seem to attach little value to things.

House hacking could be a way to learn the ropes and live for free

I would agree with Daniel. A little bit of knowledge is good to ensure you are not being ripped off by contractors.  I invest out of country, as I live in England. While I have a little bit of knowledge that helps with my investments back home this is little use for my US properties.

For me my biggest worry was overpricing from contractors.  I use J Scott's book on flipping houses which gives guides to prices.  That gave me confidence that I was not being ripped off and helped me find contractors.

It's true a little bit of knowledge goes a long way, but if you know the place to find the answers then sometimes that's just as good.

Hi Graham, Just wondered if you have had any success with finance? As a British based investor I think that is the main problem for us. I know of two companies that do lend. Please feel free to get in touch, I will dig them out and also the criteria. Nick

Hi Everybody,

My situation is a little bit different from many of the BP members, as I am based in England. I have been trying to develop a way for me to buy under 30k properties long distance successfully and safely.

I am in the Navy and spend three months away at sea, this gives me plenty of research time.

I have read and seen how, with the right systems people can buy out of state, like you could by in Ohio for example without ever visiting the place. That's if you put in place the right systems. The problem is developing the systems.

I think if people are investing out of state what is the difference between out of country? If money is to be made in a market outside of your own then you must go to that market.

I have read a huge amout and been through most of the podcasts making notes and trying to learn as much as possible. What I tried at first I was contacting a listing agent and saying I would offer x amount subject to them taking pictures of a property to confirm current state, any mechanicals such as HVAC must be included and any defects such as broken items and things that need to be repaired or replaced must be in those pictures. I said that my offer was based on my acceptance of the pictures, my thought being I could walk away. To my surprise the agents did respond and this was a way I found I could "view" long distance. The properties under 30k would be in depressed markets and I figured that the agents may be more likely to help out. When I tried this in other markets agents seemed very rude, perhaps justified?

My viewing would be then backed up with a home inspection and online due diligence from various online sites.

With regards to contractors and PM companies my plan was to use BP to find these or yellow pages. I would then try to vet these people using references etc, but you can see the problems with that.

To be honest I lost my nerve and never pulled the trigger.

However....I am hoping to close on something in the next day or so and will happily let you know how things go.

For me the returns in the US compared to England justify the amount of hours I have put into this, and I really enjoy it all anyway which is usefull.

My plan is to offer people truly turn key properties, giving a minimum of 2% a month using contacts I have made through research and refining of my methods after my first purchase.

I think if I can say to people here is a house rented giving min 2% it's recently been rehabbed is tenanted here are the pictures,here is a copy of the home inspection report etc etc.With a tenant and property management company in place it takes out all the hassle.

For an out of state investor who can only invest in under 30k properties this would be a good option. Not everybody can afford to pay some of the high prices of property, but we all have dreams in life. If we use our minds and think out of the box, 9 times out of 10'we can work something out.

Glad to here what you all think

Great Idea for a group. Think it's particularly good for us newbie investors wanting t get out of analysis paralysis stage and get the first deal under our belt.

 Local knowledge is key as I think even one streets difference can be the wrong area.

Have been trying to get in on the under 30k deals but found quite a few realtors dismissive and downright rude about my approach.  "Apparently if these deals existed then the Realtors would be buying them up!" "All house under 30k need that much spent in them again" or so I have been told.  Even as a newbie I know that not to be true .  Looking at the posts it is clearly not.

Hi Everybody,

Have been going through the site and pod casts to learn as much as I can, think this resource is fantastic!

I have tried looking on the Internet google etc but still want help with the following question.

If a house is listed on Zillow for example and says sold 65000 foreclosed to the lender, does this mean that the mortgage owed the lender that amount, or could it of been they owed a higher figure?

 I can see that on some sites looking for previous sold prices this could cause confusion as you may see that the house sold for 65000 when it was actually just foreclosed.  This could cause confusion about possible current values and does this affect online comps and artificially inflate what the current market value may be? What is the best way for me to get around this? Should I just use a Realtors local comps? 

Look forward to your response

Thanks

Nick