All Forum Posts by: Ray Gaulding

I have worked on just about every aspect of a house and worked managing my family's rv park for a few years. I have done plenty of research and decided I want to deploy the brr method on multifamily or possibly build new multifamily in my area since there is a major need in my area.

Hello everyone I feel like I'm gonna get some flack for posting this but to those of you who wanna complain bust out those keyboard you warrior you.

So basically my father received inheritance from his parents. His financial knowledge is near nonexistent. He has some experience working for my grandparents but his experience is mostly handy man stuff.

We have been talking and decided it would be best for me to manage his money so he can continue to make an income and so he won't end up broke before he passes.

My idea is I do all the work and just send him the proper paperwork for him to see whats going on. Im having troubles looking up the legality of it. He wants me to invest in the market for him too. I thought maybe I needed to structure as a venture capital firm but I looked into it more and didn't look right. Im going to call a lawyer and cpa I was just wondering how many of you have experience managing your parents assets before they are senile and how you went about it

So my father is wanting to retire and pass the buck down to me. I've been looking at multifamily in Las Vegas. I would appreciate if anyone experienced in Las Vegas could give me some advice on the area. I live about 3 hours away and am always visiting but that only goes so far

@Phillip Dwyer I had no money down it was mostly local banks even the bank the park uses. Its already in escrow closing this month tho so sadly this ship has sailed

I really appreciate all the advice I was told by our cpa that a 1031 wasn't available unless we wanted another large commercial property but i think a more qualified individual could have better ideas. I will definitely keep studying both here and other places and try to join in the conversation as much as possible. After rona maybe I'll even get to a fee meetups

@Phillip Dwyer I've been trying to talk them into that idea for awhile i was managing it at one point but basically they wanted a full cash out and I hadn't found a viable method of coming up with hard money or financing.

@Omar Merced I love the idea I just hope they come out with bigger ones id love to use this to develop land in tourism areas

Hello everyone my name is ray and I have loosely been around the real estate world most of my life. My experience all comes from my Amazing grandmother and grandfather who were born into poor family's and made a legacy for their heirs.

Growing up i lived in my grand parents rv resort it has 143 units, a 9 hole golf course and most of the things you come to expect in a resort. Since they have passed away my father and aunt became owners and are now deciding to sell it. My father is giving me the opportunity to use a portion of the money to build on for the next generations as he wants to retire and travel.

I've studied the past few years since my dad inherited the park. I've worked in the park since I was a kid doing everything from office and tech to scrapping concrete to be refinished.

If you were to get 100 to 500k to start yourself a legacy from scratch where would you start? My current plan is to buy some various courses and look at getting a multifamily unit to start with. I am also in the mohave county arizona to las vegas area.

This is kind of my introduction on BP as well so hello there ☺

@Ashley Johnson was listening to a podcast today and they were talking about trying to find for sale by owners and talking about owner financing. Might try to look for some of those to get your foot in the door

My goal is to start with a 4 unit to get my feat wet get a FHA loan live in one and rehab it then when a lease is up in another unit offer them to move into the renovated one for more money or find a new place so I can rehab that one next.

Some where during this when my equity is right I'll try a conventional on another and repeat till i can flip my smaller units into a larger multifamily property. Easier said than done but it's my goal