All Forum Posts by: Steve G.

So no need for a 1099 or W-2 or any other such documentation etc?

@Hattie Dizmond thanks for putting that reply together, and I'm sure it'll come in handy for the other overseas investors too! 

Of course the "Agent" will charge a fee for their service, but any idea "how" they charge for their fee's? For example, would it be based on a per deal basis, or hourly? (I'm guessing both or either, but would like to understand more).

Thanks

Great job. 

From a practical point of view, how did you manage to finish the "upright" edges & ends? Do you do this after the top has hardened and stand the bench-top on end, or is it all done in place at the same time?

I'm probably going to need someone as my "boots on the ground" to help with some of the various tasks, as I'll be wholesaling from out of state.

My questions is: If my BOTG is not actually a "legal" partner (ie: not a part of my LLC or Corporation etc), but has their own LLC, how do I pay them and what paperwork would I need from them when I pay them a fee for their services following the successful assignment of a property (might be a 50% profit share, or just $1,000 etc)?

I'd assume that in the event I just pay them out, I'd be liable to pay their taxes?

Hope that makes sense?

@Brandon Kargol , nicely explained. 

Also I'd suggest that @Matthew Santillanes find a Title Company who are "investor friendly", as it's important to start building relationships with people who will be able to help you with more creative issues as you become more experienced.

Check out some of the BP posts here to find out what makes these guys stand out from the rest and why you'd be better working with one:

Investor Friendly Title Companies (BP Posts)

@Kim Handelman why not get a couple of General Contractors to come in and give you a written quote for the work? That'll impress your end buyer much more than your "estimate", and could also provide the investor with someone to carry out the work once the sale is complete (they may of course have their own GC). 

One word of caution though, get a recommendation from your local REIA about which GC's in your area are "Investor" friendly, good workers producing good quality results, who are reliable (ie: turn up when they say they'll turn up), and provide value for money.

Then go for it!

@Gerald Harris Hey thanks so much for all of this. The eBook is an excellent read and has a lot of superb information in it.

Best regards

@Jared Rine  . . . how do you overcome the requirement for an overseas investor to be physically present when opening a US based bank account?

When I set mine up (in Dallas), I was in Texas for an Expo. I needed to be physically present, and have proof of identity, along with several utility bills to prove where my home residence was. 

Is this still the case, as it's one of the biggest issues I faced initially?

The OP may find your response helpful!

Thanks

So apart from searching BP for investors in your area, how about drive-by's - even contractors (especially those doing reno's) can be a valuable source of information about local investors they know of or have worked for.

Hows about dropping into your local Title Co, not a BP resource, but I'll bet they'll be aware of investors who buy from them on a "regular" basis (whatever 'regular" may be in your location).

Good luck.

Consistency and the willingness to listen, learn and help are great assets. Keep in regular touch with them and when the time is right, the opportunity will appear.