All Forum Posts by: Omar Merced

@Levi T. Thx. Let's talk sometime.

I sent you a PM.

Hi Tangala. Are you from PR? Do you have friends and/or family there? Are you planning to go live there? I ask because I am from Puerto Rico I have friends and family from there and I lived there for 15 years and I have very little motivation to invest there (for now). As you must of heard PR is going through some serious stuff and will be for quite a while and as much as I love my island I love my ROI more. Until they get the job and crime thing under control I wouldn't buy and would not recommend for anyone to buy. Just my opinion.

Hi Stephen. Can you tell us more on what you are looking for? ROI, strategy (long/short term hold) I see cashflow. What kind of cashflow is good for you and how involved will you be. I am finalizing a team for some Ohio markets which I feel give the biggest bang for the buck but I am only focusing on cash flow and I only do multifamily.

Well it depends. Are you well off or planning on doing bad things? Are you a member of your local REIA and have access to some experienced members that are actually doing what you want to do? I ask all of these because yes having a lawyer is good when you are getting sued but until then their use can be somewhat cost prohibitive. Depending on your situation it might be better consult with an attorney. Filing the LLC paperwork in your state is probably $100-400 depending on where you are. I pay my attorney for structuring advice but I file my paperwork myself on most ventures. In my larger multifamily deals I will be using him to vet my operating agreement and such just because the numbers are bigger and investors money is on the hook. Bottom line it's up to you to learn as much as you can and then make a decision. A LLC is designed to be separate entity for limited liability in case something bad happens. The question I was asked when deciding the structure is if you lost this LLC what would that do your business. It made me think of asset protection and LLC use in a whole new light. Hope this helped.

Hi Chris. I think you answered your own question. Yes, sometimes agents request that you be exclusive with them for the time that are going to put in behind the scenes which many investors don't realize, however the time that she is requesting might be a little excessive. Are you sure it is as you stated? I ask because I too in the past have asked for the buyers commitment but it was for 90 days to work exclusively with me and I had a 180 days after our agreement ended for properties that I had presented. For example, I show you a property and you do not buy, but later you do after our relationship had ended for whatever the reason. Under those circumstances I feel that I was the reason you looked at the property and ended up buying it and thus entitled to the commission. I think you have a conversation and let her know that you are willing to try her out for X amount of days and re-sign as you go along. Remember the best thing about real estate is that everything is negotiable. By the way I've only heard of agents going after the clients in very, very few circumstances and usually the buyers were blatantly trying to cut out the agent. Brokers hate lawsuits in any form and fashion. I think we all do. 

@Zach Quick Found this one through MLS. It's a big project estimated $250k to 300k. I am going gout to get bids next week. It is 100% vacant

@Nick Thomas It was listed as a 17 unit but taxes say it's 18. One of the apartments are being used as a laundry not sure if I am going to keep it like that.

@Ernest Quallis Good ole MLS

@Account Closed Thx

Thank you all for your well wishes. I am excited and will begin posting cost and my experiences. Please remember to follow the thread so you can get updates. 

Well sort of. I have to pay back taxes of $20k and about $1k in back water. And, yes it needs a full rehab but if I did my numbers right after all is said and done I'll be sitting pretty. I close this week so once I do I thought I would keep a this updated regarding the experience including all numbers so the BP community can benefit from my experience. Let me know your questions!

@Darrin Carey I'm there on the 10th! Change it!!!

@Mike Dymski You are right there is plenty of that here but, I've traveled quite a bit and I've seen that in every major city. We just make it more fun. Aaron here is an interesting article about the Cashman Center that is just north of downtown that just the Vegas council OKs transfer of Cashman Center back to city. All part of their master plan...