All Forum Posts by: Bill P.

@Kalimah Jenkins 

Details are needed, like the price for starts. How many full baths, where is it located, (street address), how long have you had it, why you really selling, and so many other things like you were listing it in the paper.

@Trevor Probandt 

Texas can be a unforgiving state. I hope you have asked for the advice of a securities attorney before proceeding. It can be a successful career but it can come crashing down around your head too.

@John Graham 

Part of the solution comes from the state securities regulations that you are domiciled. For example, if you focus on same state investors than you can be exempted from the SEC. However, your state securities regs have exemptions too. For example, in Ohio, if we don't use general solicitation and limit our investors to 10 per year per entity, we can be exempted from regulations. But we still need to follow good practices on the dissemination of information. To meet that requirement, we use a PPM in the same manner as if we had to have registration. In this business, you can never give your investors too much info. I don't know if that helps you form a better program but you need to REALLY understand the rules for your area. This can be especially true for your area where you have to comply with DC, MD and VA depending where the business ids located. I don't envy you.

Generally speaking, the assignment contract can be the same. After all, you're simply assigning the contract. However, the purchase contract should be worlds apart in difference as commercial should be way more intricately designed.

@Nathan Emmert 

has hit the nail on the head. Today's interest rates are screaming to make it the longest amort period possible.

@Mick Harvey 

You can either use the correct card for each purchase or set up a parent company and cross charge the correct LLC for the R&M as invoiced. Either way works, it just depends on how you want to do it. We have the same situation but we PM our own properties thru the parent company. When R&M items occur we use the debit card assigned to the LLC where the work is being done BUT if the supplies we buy are designated to multiple LLCs then we pay at the parent level and invoice the individual LLCs for their portion. Hope this info helps.

@Sam Leon 

While this scenario seems to be a GREAT opportunity, I would caution you to still screen the person. You will need this to make sure your minimum requirements are met as when the lease runs out you will still need to collect a monthly payment from them or be forced into eviction. Also, remember that bank checks are easily manipulated so the checks may be bogus and you won't find out until they have moved in. (Bad on their part but it does happen) Lastly, you have to look at the deal and determine if it makes sense. Your scenario doesn't to me. But if this happens again, just do your due diligence and don't be swayed by the amount of money collected.

@Thomas Haskell 

 It was the first one that I reviewed and I found not robust enough to do real property management. I think it can be used if you have 1 - 5 properties, but beyond that I feel you really need a better solution.

Hi Jonathan:

I would like to learn more about the properties in Alabama that you own. I, like you, prefer to deal with principals. Please email me the information at your earliest convenience. Thanks in advance.

I have been pretty happy with my education as far as real estate is involved. I received my undergraduate in accounting and finance (used that to have my own public accounting firm); took the required real estate courses to be real estate agent (but never wanted to be an agent, only understand the process) and then got my Master's in entrepreneurship to be more involved with creative approaches. All told, I think the accounting and finance degrees have been the key to my success.