All Forum Posts by: Wes Eaves

@Anthony Perugini Welcome to BP. I would recommend listening to some of the podcasts. I've found them very useful information, ideas and strategies. (just initially hit the fast forward button a few times to avoid the useless rhetoric at the beginning of every show - roughly 2-3 minutes worth)

One in particular that might be helpful to your particular situation is Show 55 'Five Steps Needed to get any Lender to say Yes' with Jimmy Monceief.

Best of luck...enjoy connecting with local investors!

@Duane James I would recommend Brandon. He has experience with condos and HOAs. Let him know that I referred you.

Exactly!

I have to admit that I'm very confused on how to buy at retail, get an institutional loan, rent it for fair market value and cover the mortgage, insurance and property taxes. My strength is definitely not finance so I'm sure I'm missing something obvious that others see easily.

Input from others greatly appreciated...

I'm sure there are, and by no means am I an expert in that area, but I would just think it would be easier for someone in his situation to try a different area, if it's possible. Either that or maybe he can team up with a successful investor and see what needs they may have that he could fill as a way to learn.

@Mike M. I use LLCs in the same manner as you, it appears, however I've recently been told that it is not as good of a firewall as its made to believe since you are the owner of your LLC. I've heard that land trusts offer better protection, but I'm a novice about the subject and looking to learn more.

@Jessica H. I hear @J Scott has a book titled "The Book on Estimating Rehab Costs" that can be found in the Resources header. I personally haven't read it (although I keep meaning to buy it), but I've heard rave reviews.

Hopefully @Joshua Dorkin doesn't see this post. He has a few opinions about Detroit :) Ha Ha!

Are there other areas around you that might be a little easier to find deals in that might get you the results you're looking to accomplish? I know that areas that have really low values seem like they would be good deals, but if your exit strategy doesn't work then they aren't good deals.

Keep plugging away, I'm sure you'll come up with a good strategy!

@Michael Gee Welcome to BP. It is an excellent resource with really good people. I believe that @Joshua Dorkin who runs this site is in your neck of the woods. You should see if you can buy him lunch one day!

@Garrett Jacks If you are the sole owner of the LLC, I don't believe the liability won't matter. There are great attorneys on this site that can give you specifics. @Jerry W. is a good one for offering solid advice.

As far as tax ramifications, I don't think an LLC would matter, but I'm definitely not a CPA and can't offer any advice. There are a number of good CPAs on this site that will hopefully jump in and offer their advice. @Steven Hamilton II is one that gives solid advice.

If you have an inspection clause or subject to partner approval clause, you could invoke those clauses (in writing to the seller) if you needed to. Hopefully, you won't have to use any out clauses because if it is a good deal, you shouldn't have any issue finding a buyer.