All Forum Posts by: Valenda D.

Thanks for your question, Joshua, and for your answers, Chris, Bob and Bob. I'm a note newbie and the very important nformation I've learned from your posts is something I was unaware that I need to know but didn't know to ask. 

Hi Chad,

I will keep that in mind and do my bue dilugece. Thank you.

I am a former buy and hold investor (rental co-op, condo and SFH) and multi-family property manager seeking to transition to owner-occupied, SFH, 1st position NPN.

As a newbie to notes, the Note Assitance Program, especially including its Note Lab, has been suggested as the best program to become educated about notes that is also inclusive of ongoing hands-on guidance, support and resources for IMPLEMENTING THE KNOWLEDGE to build a successful business. A plus for me is that it is live training, relatively near me in Southern California and has positive reviews among several members of my lical REI networking group. I'm in Long Beach.

I am also of retirement age but plan to work at my new 9 to 5 job another 5 years to become vested in the retirement plan. 

Building a note investment business that generates monthly cash flow of at least $1K a month within the next 5 years to supplement my expected other sources retirement income is my current goal. 

I hope that is a realistic goal. I'm starting with a $15K seed money lump sum and will have an additional $1K per month to add to my investible capital cache. I am planning to invest eitherin individual notes (probably seller financed).JV note deals of defaulted notes/foreclosed property sales have been proposed.

Those deal would generate a lump sum profit to be it sed for future investing.i've been advised both that I have enough to begin investing and also that I don't invest don't have enough to begin investing, or more importantly to sustain the business.

Can anyone provide feedback about your experience or knowledge about the Note Assistance Program and/or its Note Lab? Thank you.

Hi Chris, I am un familiar with Delaware statutory trusts but woll research.

I'm sending this question out:

Are there any Califormia note investors here on BP who can chime in on what business structire you're using for your note business and why?

Thank you?

Tim, Justin and Don, Thank you so much for your helpful answers.

Tim, can you hive an idea of what would be a better amount to begin my business with? I've been told I could start with individual note purchases as low as $4,000 (mobile homes) or go in with two or three JV partners for $10K or $15K on a SFH note.

justin, Thanks for clarifying that. I was unawa

Don, I've often read your answers and comments to others on BP and appreciate your reply to me. I've learned a lot. I will research series LLC for California.

BACKGROUND

I'm a former buy & holder moving forward and starting over after a downturn in personal circumstances,  in the planning stage of creating a note investing company for and by myself. 

I have been learning a lot about notes over the past three years through many sources (REI seminars, books "Paper Profits", and currently The Banker's Code"), podcasts, 401K Trust Companies/Custodians, note sites and blogs, including BP., NoteMBA, Distressesd Notes, PPR Fund, Notable Capital Fund, Naked Notes, The Note Queen and The Note Assistance Program).

i've also connected with a couple of less-than-a-year newbie note investors through my REI networking group and am finally in a position to invest again.

INFORMATION & INVESTING

There has been a ton of interesting and helpful information provided but I still need to know this: 

What is the best business structure - LLC, business trust or ROTH Solo 401K?

The answers have been varied with a LLC mentioned most often.

But, because of the $800 annual tax CA imposes, a business trust has been mentioned next most frequently or out-of-state, "foreign" LLC's, which although cheaper to implement can have expensive drawbacks (extra tax return, costs if legal action out-of-state, etc), I've been warned.

My seed money is $15K of a $20K non-earned lump sum from Social Security. Ongoing, I'll have $1K monthly from Social Security to invest for the next 2 & 1/2 years and whatever the notes produce. Money from my 9 to 5 job is seperately invested in a retirement plan at work.

Can anyone recommend a Long Beach, CA area attorney and CPA who are experienced in working with note investors whom I can speak with to assist in setting up my business, please? 

I prefer live contact over online services such as Rocket Lawyer or Legal Zoom. 

An alternative to set up an LLC is a ost effective documentation service such as 'We The People'. They are hundreds of dollars less than a private practice lawyer. A drawvack is that they didn't have info about using a business trust as my legal structure.

I want clarity from the legal, tax and financial standpoints before I spend (waste) money on the wrong structure.

is anyone who has been through Jasmine Willois' Note Assistance Program, icluding the Note Lab, able to share their experience? 

It appears to offer the kind of solid, structured access to inventory, information, resources, training and hands-on guidance that I need as a newbie to more successfully implement the knowledge annavigate note investing than the 'bits and pieces' way I've been acquiring info so far. I'm looking forward to taking the upcoming Note Lab in a few months so any feedback about it would be helpful.

Also, what other books should I read and what else should I be doing to prepare for a successful note investing company? 

 Thank you.