All Forum Posts by: Jeremy Patterson

@Ralph R. The properties are in decent condition and do not need much maintenance. I understand regular wear and tare. My father has been doing work for this guy for some years and he is a close family friend. He is just trying to get me in the game and help out a young entrepreneur. It is a weird situation and sounds kind of strange, but I am keeping my guard up and plan on taking it one step at a time. Thanks again for the insight.   

@Ralph R., Very good points on the depreciation outlook. Will be looking into all of this over the next couple of days. This is exactly why I posted this question on the board. I get to put together a question list so when we do sit down I can ask him all of this. 

@Kurt K., I think you have a great idea. If I decide to go that route, it will allow me to fully grasp what I have ahead of me. The person who owns all of these properties is a very wise man, but he wants me to do some research and come to him with a proposal and we will go from there. I am sure he has his own idea of how he wants to put this deal together but wants me to learn. I am leaning more toward the couple of months management idea and take it from there. We will see what happens.

Thank you for the great advice and insight. 

Hi Jana, Did not think about that side of things. He mentioned about putting the properties into a LLC together. That way over time, I gain equity in the LLC and eventually take over full ownership. Not entirely sure how that works, but will be checking into it.

Hi, this is my first time asking a question on the discussion board. I am trying to figure out the best plan of action for taking over someones real estate portfolio. I have a family friend that owns 20-30 rentals and is ready to retire. He wants to form a llc together and let me manage and perform all the work and repairs to gain equity towards the properties. He wants me to put a proposal together about how I am going to do this. Not really sure how to do it.

So for example, I bring in 5k for skin in the game with an agreement that I will manage all properties for a fee and handle repairs and maintenance for x amount of equity a year toward the properties.

Does that sound like it would work? Is there a better way to set this up?

He owns all the properties out right and really is doing this to help me out. I have managed properties before and have extensive experience in electrical, plumbing, and carpentry work. So the work and maintenance is not a issue. Any suggestions would be great.

Hi, this is my first time asking a question on the discussion board. I am trying to figure out the best plan of action for taking over someones real estate portfolio. I have a family friend that owns 20-30 rentals and is ready to retire. He wants to form a llc together and let me manage and perform all the work and repairs to gain equity towards the properties. He wants me to put a proposal together about how I am going to do this. Not really sure how to do it.

So for example, I bring in 5k for skin in the game with an agreement that I will manage all properties for a fee and handle repairs and maintenance for x amount of equity a year toward the properties.

Does that sound like it would work? Is there a better way to set this up?

He owns all the properties out right and really is doing this to help me out. I have managed properties before and have extensive experience in electrical, plumbing, and carpentry work. So the work and maintenance is not a issue. Any suggestions would be great.

Hi, this is my first time asking a question on the discussion board. I am trying to figure out the best plan of action for taking over someones real estate portfolio. I have a family friend that owns 20-30 rentals and is ready to retire.  He wants to form a llc together and let me manage and perform all the work and repairs to gain equity towards the properties. He wants me to put a proposal together about how I am going to do this. Not really sure how to do it.  

So for example, I bring in 5k for skin in the game with an agreement that I will manage all properties for a fee and handle repairs and maintenance for x amount of equity a year toward the properties. 

Does that sound like it would work? Is there a better way to set this up? 

He owns all the properties out right and really is doing this to help me out. I have managed properties before and have extensive experience in electrical, plumbing, and carpentry work. So the work and maintenance is not a issue. Any suggestions would be great.

Hello all, my name is Jeremy P and I am in Metairie Louisiana. I just recently got out of active duty, and now I'm ready to dedicate the next part of my life to real estate. I grew up helping my dad renovate homes when I was a teenager and that's where my love for real estate started. I have a background in electrical and plumbing, but now it is time to focus my attention on wholesaling, flips, and rentals. I started investing back in 2012 and got my first duplex in 2013. Sense then I have renovated and flipped a home, but really want to start wholesaling.

Hi, I was wondering is it frowned upon to go knock on a door to talk with the homeowner if their home is in foreclosure. I have a list I put together and wanted to go speak with them before the auction happens in a month. I feel like I could help them, but I do not want to be chased away or get a shotgun pulled on me!