All Forum Posts by: Steve Hall

I contacted @Scott Smith of Royal Legal Solutions here on BP and told him I would like to discuss structuring my business. He said to give him my email address and phone number which I did.

3 or 4 days went by.

Instead of calling me or emailing me, he apparently handed my number off to someone in the Philippines named Edward Losloso. Edward emailed me and said that he has been trying to get a hold of me by phone. (1) I never asked Edward to call me (2) My email clearly works... why didn't he try that after the call failed? (3) When I said my phone never rang, he listed my phone number and it had two number reversed. (despite my giving Scott the correct number.)

I emailed Edward the correct number, and waited several more days. Edward never called. So I tried calling the number listed in Edward's emails, but he never answered. (He was probably sleeping since it was 2am in the Phillipines.)

So I went on https://www.royallegalsolutions.com/freellc and called the number in the text below the video. I received a recording: "You have reached a non-working number..."

So then I went to https://www.royallegalsolutions.com and called the number at the top of the page, listened to Scott narrate his own menu, and pressed #2 "to inquire about our services". No answer. I called back later, still no answer. So I left a message with only my first name, my work number and what I wanted. (Mind you this information was different from what Edward had...)

A week later, no calls from anyone.

So then I went to https://royallegalsolutions.com/product/consultation/ and paid $150 for a free consultation. I figured if I actually PAID for a service, then I could get Scott to call me, right? After I paid, I saw this screen:

3 days went by... at which point I wrote to them and asked for a refund since I had not heard from anyone.

If any anyone knows an attorney that can provide better service than this, please let me know.

@Carlos C.

Surveillance systems are generally not cost effective for 4 units or less, and as you've discovered, the logistics don't work.

If you have a larger complex, then you will likely have a separate meter for general lighting, pumps, etc. You would hook the NVR and the cameras up to that meter. You would also want the NVR to be kept in a locked location not accessible to tenants. (Ideally hidden where they can't trace wires back to the source!)

If a tenant is the one "caught on camera" doing something wrong, they will just steal the NVR, and then you have nothing. For a fool proof system, you should have a camera in the NVR room, and the NVR should upload motion-sensed recordings to location off site.

If you've never used a video surveillance system before, keep in mind that most low-end systems have cameras with built in LEDs (some that you can't turn off) for night time recording. The problem with this is that LED lights attract spiders. Spiders will make their web in front of the camera, which will set off your motion sensor recordings constantly.

Have fun!

40% is good. :)

@Salomon W.

Buy & hold is the best investing there is. It's passive income. You're going to trade that for earned income? Have you talked to your accountant about this? I can't imagine any accountant would advise you to do this.

Wow. @Josh Goodman I would love to read your divorce judgment!

Welcome to BP, by the way.

It seems you didn't learn your lesson... Marriage is a legal partnership. You went to court and asked the court to END your partnership, (i.e. let ou out of your contract) and then you continued to be in business with your ex-partner? I can't even believe a court would allow that...

What the HELL are you thinking by even considering to refi your home and increase your payment by $150+ per month, and add 7 years to your mortgage? How can you possibly ask us if this is a good deal? Your ex-wife clearly knows you are a sucker, and she is going to take advantage of you for the rest of your life. Since you clearly can't say no to her, you have one option:

• Sell the house and split the ~$200k profit 50/50 as agreed. List it tomorrow!

@Steven McCord

I don't buy SFHs, so I wouldn't use it. 

And even if I were to use it, once I found the "area" that I liked, I'd want to see the inventory of homes in those areas.

Most investors that buy and sell SFH usually work in their own back yards. (i.e. they know their market better than your website will.)

It's a good start, but it would be tough to turn that idea into a profitable business.

@Garvey Daniels

If you can't even describe the project to us so we can understand it, you should probably pay someone to create your proposal.

Also, if you've admitted here to "biting off more than you can chew", any potential investors will find this out eventually and you won't get funded.

@John Acheson

Your single member LLC's net worth is pass thru to you. A SMLLC's assets are yours, as are it's liabilities. Sounds like you are referring to a non-recourse loan, like a Fannie Mae or Freddie Mac Small Balance Loan. If so, then your FICO score is irrelevant.

Unlike when qualifying for "accredited" status, most lenders include the equity in your home as part of your net worth.

Also worth mentioning, if your net worth is 800k, you could partner/JV with someone whose net worth is $700k and together you could get a $1.5m loan.

@Nick Cote

BRRRR is perfect for you.

House hack a distressed duplex. Live in one side; tenant on the other side pays the mortgage. This way you have no mortgage, and your tenant is building equity in your home.

Remember the last "R" is repeat. Use income from your job as a down payment on another property. Be sure the "electrician" LLC is separate from the holding company LLC, which is separate from the operating company LLCs. This is important for liability and tax reasons.

It is rare to find someone who can do electrical, plumbing, drywall, painting, flooring, etc,  and LIKES to do it all, so real estate is definitely for you!

@Sami Gren

You can either let her go month to month on June 1st (if your original lease allows this and assuming it specified that amount of rent increase at the end of term) or, since your lease likely does not cover that, get her to sign a new one month lease for June. Rent = old rent + $30 (as I'm assuming was stated in your lease expiration notice.) Make sure you have good holdover language, and make sure she understands that you will have the right to show it for the entire month of June. (assuming you show your properties while they are occupied.)

I personally would only consider the extension if this tenant has been a good tenant, pays on time, and keeps the place clean so that showings look good.