Posted by Bill Gatten on June 09, 1999 at 15:40:57:
>>1. Most are listed with Realtors and very few, if any, are FSBO’s.
Contact the ones that ARE FSBO’s; then contact Landlords and Lease Optionors; then and seek out folks who are not listed at all, perhaps because they are unpside-down, sideways, overencumbered or facing Forclosure or Short-Sale and couldn’t care less.
>>2. How can I start a local Investment club in my area? Are there any state or federal requirements governing such a club?
No there aren’t. At least in the begining, until you’re big enough to create a tax situation w/r dues and funds. One way to start is to put an ad in the paper suggesting that interested partties (those interested in a new investors club) contact you. You then also call everyone you have ever known to announce the formation of the club (you’ll be surprised at who will want to be a part of it). At your first meeting you enlist the assistane of those who showed up, to frame the purpose and objective of the club. You then contact a good speaker who, when advertised, will attact more attendees next time… most won’t charge if you let them hawk their wares a little bit (pay my airline and per diem and I’ll do it myself).
>>3. What is the best way to attract partners with money and/or good credit? There are many exceptional deals here locally for multi unit apartment buildings.
The Investors club is a good start; but you can also advertise for them (e.g., “Buy Investment R/E With Minimal Cash Outlay and NO Credit, or Some Credit and No Cash Outlay” or “Buy With Minimal Cash, No Credit and No Payments and NO Bank Qualifying”).
>>4. I have an established LLC (2 yrs)with a good D&B rating and many credit accounts. Should I put property in the name of the LLC instead of my own name?
That’s better than using you own name, but in my (very humble) opinion, all real estate should be in the name of a 3rd party land trust when feasible. The LLC can be the beneficiary.
>>I have a degree in Finance and am a fairly well educated person. That’s the reason I don’t want to bite off too much at once. I really need the opinions of “Doers”, not “Wannabees”. If you can help I would surely appreciate it.
Having a degree and being educated are not necessarily the same thing (I have several degrees and I’m pretty stupid…quite frankly). Though some of those you are referring to as “The Wannabe’s” are incrediblty well educated, and have made the “The Doers” very wealthy by offering excellent advice that they themselves are hestitant (or afraid) to act upon. Always remember that those most responsible for our going to the Moon have never been there.