All Forum Posts by: Roger King

Quinten - That's a lot of stuff to figure out, huh? :)

Here's my 2 cents: Each property should be owned in an individual trust. Some states like FL, NV, and IL have Land Trust statutes, and can easily conform to state law. Others, like CA, don't have a specific statute, but trusts can certainly be used to own the property. The trustee needs to be someone you trust. There is varying opinion on whether the trustee can or should be an LLC. (I'm in favor of it, personally, but there are some state's laws to be careful of). The beneficiary would probably be the LLC that you're trying to figure out. And that LLC doesn't HAVE to be a CA LLC, just because you live in CA. My personal choice is either a Wyoming or New Mexico LLC, for differing reasons - mostly to do with privacy/cost/ease.

The REALLY big thing, though, is to start getting property if you haven't. You can read, learn and plan till the cows come home, but if all of it is theoretical, and you're not actually doing the biz, then you're missing the point. I don't know one real estate investor that hasn't lost money - myself included. So don't be afraid of losing money. Just get out there, learn the lessons YOU need to learn - sometimes the easy way, sometimes the hard way, by doing the biz.

But DO keep reading and growing - staying up until 2am trying to figure this stuff out is what every successful real estate investor does at various times.

Keep moving forward!

Will,
Yours is detailed - I was just wondering if anyone has anything to add, or another way... please take no offense for wanting others' input...

For people interested - I'm looking at props of 100+ units. If you've done these, please add your input if you like.

Thanks again everyone!!

Wow! Thanks everyone... I never had any notification that this post was being replied to so often. Sorry for my disappearing act!

I'm hoping we can once again get back to the original point: Does anyone else have an LOI for apartment buildings that they'd be willing to share? I think the debate of whether they're useful (or not) is great for another posting...

nationwidepi's reply is great. I'm looking to get a few additional ideas on verbiage, structure, and other critical needs - ones that are found only by experience.

I'm finding a few properties that I want to make some offers on, but want to see if there's anything missing in my LOI before I do.

Thanks again!!!

Hi everyone - I know its been about 4 months since this was originally posted, but it occurred to me that if dmj4 only owes about 50% ltv, why doesn't he go to a group of investors (like here or an REI club) and 'wholesale' his own property for 55%? Make a little $ and dump the problem. No fussing with banks/mods etc...

It's 1am, and I just thought this might have been a quicker solution.

Thanks!!

Hi - I, too am transitioning from SFH to apartment buildings, and would like to see what kinds of LOI's are out there.

What language, due diligence exits, and other concerns are you using in your offers? Actual examples are certainly appreciated - It might help clear up confusion for a bunch of us...

I'm new here, and I apologize if this has been a previous topic.

Thanks!!