All Forum Posts by: Chris Collins

Following...

2 things I'll contribute:

1. Time blocking/set a timer for each task

Use a daily planner, and limit the time you have to achieve each task.  Writing out some emails? Give yourself 3 minutes per email, with a timer.  It's amazing how fast you can accomplish tasks if you set a time limit.  Remember, in most cases, "done is better than good."

2. Have you read The One Thing?  If not, hit me up, I can email you a copy of the audiobook... A good tidbit I grabbed early in the book, is that you can always add things to your life, new hobbies, jobs, etc. BUT don't forget to subtract things as well.  

Get hyperfocused, if REI is your goal, then what one thing will help you achieve that goal. Now, look at the other things in your life, are they helping you achieve that one thing?

For instance, are you on FB? Ok... are you there just to 'waste some time' or to 'network in order to achieve your REI goal?' Or are you scrolling through Instagram? That can be ok if it's somehow marketing yourself or networking, but if it's simply 'scrolling' then that is in no way moving you towards your one thing goal. So cut it out!

You need to subtract if you're going to add. So figure out what needs to be subtracted and get moving!  

Keep it up!

Any local banks in Texas I've talked to have quoted 20 year am, and when pressed, state that that's 'standard for commercial' so yes, your 30 year am is great, and probably makes it more worth it for that higher int rate.  I've gotten 6% quotes as of last week with 20 year am, same 75% ltv...  

Feel free to call Reagan Treadwell over at Randolph Brooks (Credit Union). He had the best local rates and was willing to lend depending on the project. 

(Apparently, I can't post his phone number, so Message me for his phone number or just call the main line there)

Feel free to tell him I sent you his way (Chris Collins - investor from Los Angeles with properties in San Antonio)

Best of luck!

Just wanted to thank @John Jacobus for writing this gem in here.  

"I recommend that you stop reading as your primary means of education after you finish these books and transition to active participation in your investing activities. Reading can always be used as a supplement but it’s important to start taking action and avoid getting stuck in the passive education cycle."

SO TRUE

@David Thompson has some of the best material out there as well. Be sure to binge read his blog posts.  Here's one to start with  https://www.thompsoninvesting.com/single-post/2017/09/15/Syndication---25-FAQs-by-Investors

There is a lot of information swirling back and forth on this thread, figured I'd offer my 2 cents since I have a pretty solid understanding and study of credit cards at this point:

1. You do not need ANY official business information to get a business credit card. Simply your social security number and 'a business' will get you a 'business card' from Chase for instance. I know because we just got another business card for my wife last week, who simply used her social. She does not have any LLC or official business, simply has a 'side hustle.'

2. A business credit card will be a credit hit on your credit report as a hard inquiry, but will not be reported on your personal credit score moving forward.

3. You CAN use a personal card for business expenses, but not vice versa.  But, this is a rule per the guidelines of the credit card provider. That doesn't mean they will hold you to it.  Just pay your credit card bill, they don't check.  What do they know if your Walgreens purchase is for milk (for the office) or for printer ink.  That is YOUR business, they don't really care.

4. For bookkeeping, it is simply EASIER if you use each card exclusively for business OR personal, don't mix.   You are 'allowed' to spend business money on your personal card, and get reimbursed by your business.  There is no legal hit for doing so.   You can apply for a personal Chase card, and use it exclusively for business dealings (that would help your personal credit score for instance if you're trying to build personal credit).   Although, this isn't some kind of RULE. Imagine a boss who's out and about on business, forgets his business card at the hotel, and buys a laptop on his personal card, then pays it off with his business account? That is certainly a defensible action, not out of the ordinary.  Just annoying for his bookkeeper!

5. As far as piercing any corporate veil, LLC's are formed for legal liability and protection, credit cards are simply to pay for things. LLC's are your choice, not a requirement to run a business. I would say that the more important element here is where you PAY your credit card out of. If you get a business card, and pay it every month out of your personal account, then try to say later that it was a business card for another business, that would probably not end well for you. But if you pay your personal card always out of your business account, and then later say 'that card was for my business' that would be no problem! "The card has better trip insurance, offers more points for what my business buys" are all great responses. But if you comingle your funds and expenditures, it will get messy.

So get a card for your business, ANY card, I would just say try to keep that card either business, or personal, but try not to mix.  

Hope that helps, would love to hear any thoughts others have.

A tool that syndicators use to keep track of investor contributions, ownership interests in the deal:

YOU CAN USE EXCEL, DON'T OVERTHINK IT.

Sponsor distributions to investors:

THIS WOULD BE THE PROP MANAGEMENT / ACCOUNTANT

To play around with different scenarios:

I WOULD RECOMMEND MICHAEL BLANK'S SYNDICATED DEAL ANALYZER, EASY TO SWITCH NUMBERS AROUND AND SEE THE RESULTS.   

This thread is so full of wisdom, and love hearing the differing opinions.  What I'm gathering from all of the multi-year experts in here, is that there are many ways to skin this cat.  

From a purely stylistic/modern perspective, I like greys in my units.  I have some beige but prefer the grey.  Although that also kind of depends what flooring I have in there... Don't want it to clash.

@Kevin Brenner I would suggest asking your lender for recommendations.  You may find a local insurance broker that crushes it and can give you a great rate based on their relationships.

@Jeff Kehl and @Ken P. man, this thread is super valuable. Thanks for your abilities to clearly articulate these nuances.  Really helped my understanding of this line item and how it works.  Love this community!