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All Forum Posts by: Thomas Mineart

Thomas Mineart has started 2 posts and replied 5 times.

Post: Where do I go to start a 506 (B) fund?

Thomas Mineart
Posted
  • Posts 5
  • Votes 1
Originally posted by @Percy N.:

As suggested, you can use debt or form an LLC where all members are active.

If you bring in passive investors, you will need to talk to a securities attorney who can help you draft a PPM.

Getting the purchase funding is just the start. What is the plan to fix and flip (or rent) the properties?

Mostly fix and flip at first and then buy and hold

Post: Where do I go to start a 506 (B) fund?

Thomas Mineart
Posted
  • Posts 5
  • Votes 1
Originally posted by @Taylor L.:

Why do a fund rather than work with 1-2 established private money lenders? 

 Honestly, I wanted to do a fund as a way to involve my friends and family members. It may be a better option for me to start with hard money to establish proof of concept.

Post: Where do I go to start a 506 (B) fund?

Thomas Mineart
Posted
  • Posts 5
  • Votes 1

I think I want to start my own 506 (B) does anyone have any advice on who to reach out to so that I can start one?

I work as a real estate agent in central Iowa and because of the marketing I do, I am constantly getting listing leads. Some of the leads have homes that need work. I want to start a fund so that I can come back to the sellers with a listing proposal and a cash offer.

Most sellers will probably list their home which is fine but I just want to provide a convenient option for them if that is what is more important to them.

Post: Part Time Job for a real estate agent?

Thomas Mineart
Posted
  • Posts 5
  • Votes 1

I'm am currently a licensed real estate agent in Iowa (Des Moines Area Association of Realtors) and I eventually want to get into flipping and rentals. I'm confident that I can make enough money just doing residential real estate sales but I was interested to see if anyone had good ideas for part-time jobs that would help me learn more of the business or be good for lead generation?

Post: Hometown Buyers Club, LLC

Thomas Mineart
Posted
  • Posts 5
  • Votes 1

I was just reached out to by them as well. Was wondering if anyone on here works for them?