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Author Topic: RentalStarter - A Midwest Real Estate Investment Company  (Read 118573 times)
Swordsoffreedom
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June 06, 2014, 06:56:34 AM
 #521

I have been talking to our corporate attorney concerning the SEC risks, now that VMC & Eric Vorhees have been charged with unregistered securities.

So, at this point I feel that it is in the best interest of RentalStarter that we register our PPM with the SEC for a 506c exemption in order to be more compliant with the regulatory bodies here in the US. After we finalize this, we can talk more about how the company structure works to avoid any additional conflicts and problems.

The costs will be quite minimal for the SEC filings in the grand scheme of things, my brother has already done it for his company (BuyAHash) and found it to be quite painless. This will also benefit the company in the fact that we then can approach large accredited US investors to fund us further.

Glad you are taking a proactive approach to this problem with the Vorhees news
Hopefully the results are positive and we won't need to worry about unnecessary regulatory risks
Making it easier to manage the asset in the long term as well.
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June 06, 2014, 11:00:21 AM
 #522

I have been talking to our corporate attorney concerning the SEC risks, now that VMC & Eric Vorhees have been charged with unregistered securities.

So, at this point I feel that it is in the best interest of RentalStarter that we register our PPM with the SEC for a 506c exemption in order to be more compliant with the regulatory bodies here in the US. After we finalize this, we can talk more about how the company structure works to avoid any additional conflicts and problems.

The costs will be quite minimal for the SEC filings in the grand scheme of things, my brother has already done it for his company (BuyAHash) and found it to be quite painless. This will also benefit the company in the fact that we then can approach large accredited US investors to fund us further.

Hey Branny,

Love what you are doing here but I did want to say this in regards to Section C.

Quote
However, in a Rule 506(c) private offering all of the purchasers must be accredited investors and the issuer must take reasonable steps to determine that the purchaser is an accredited investor.

Previously you could confirm accreditation by having people fill out a form confirming that yes they make $xxx,xxx or more per year or have the proper net worth. Under the new regulations though you would be responsible to actually verify this information and could only offer shares if you confirmed their net worth. It also has to be verified via a third party such as their banking institution and not just self submitted amounts.

A lot of people are waiting on the JOBS act to be fully enacted and I wish you all the best.
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June 06, 2014, 02:40:42 PM
 #523

I have been talking to our corporate attorney concerning the SEC risks, now that VMC & Eric Vorhees have been charged with unregistered securities.

So, at this point I feel that it is in the best interest of RentalStarter that we register our PPM with the SEC for a 506c exemption in order to be more compliant with the regulatory bodies here in the US. After we finalize this, we can talk more about how the company structure works to avoid any additional conflicts and problems.

The costs will be quite minimal for the SEC filings in the grand scheme of things, my brother has already done it for his company (BuyAHash) and found it to be quite painless. This will also benefit the company in the fact that we then can approach large accredited US investors to fund us further.

Hey Branny,

Love what you are doing here but I did want to say this in regards to Section C.

Quote
However, in a Rule 506(c) private offering all of the purchasers must be accredited investors and the issuer must take reasonable steps to determine that the purchaser is an accredited investor.

Previously you could confirm accreditation by having people fill out a form confirming that yes they make $xxx,xxx or more per year or have the proper net worth. Under the new regulations though you would be responsible to actually verify this information and could only offer shares if you confirmed their net worth. It also has to be verified via a third party such as their banking institution and not just self submitted amounts.

A lot of people are waiting on the JOBS act to be fully enacted and I wish you all the best.

There's another 506c exemption that we're eligible for that will further solidify our stance with regards to the SEC. I just can't mention it till it's done and we have all the paperwork completed.
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June 06, 2014, 03:02:57 PM
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... I just can't mention it till it's done and we have all the paperwork completed.

Why's that?
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June 06, 2014, 04:01:02 PM
 #525

... I just can't mention it till it's done and we have all the paperwork completed.

Why's that?

TBH the biggest problem is I have about 10-20 messages in my box asking me how to properly structure a bitcoin business. It always skeeves me out to talk about legal stuff on a public forum due to lawsuits. Additionally, the other side of the coin is that i've been offered money to consult on the structure method as well, so if i Wanted to go that  route instead of just not talking, it still would bode well for me not to post on a public site Smiley

Partners will hopefully get a email within a few days/weeks about the things we're moving to.
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June 06, 2014, 04:26:32 PM
 #526


There's another 506c exemption that we're eligible for that will further solidify our stance with regards to the SEC. I just can't mention it till it's done and we have all the paperwork completed.

Awesome. If the idiots would just quit dragging their feet on enacting the new legislation they already put in place the world would be a better place.

Best of luck.
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June 06, 2014, 05:11:43 PM
 #527

...
TBH the biggest problem is I have about 10-20 messages in my box asking me how to properly structure a bitcoin business. It always skeeves me out to talk about legal stuff on a public forum due to lawsuits. Additionally, the other side of the coin is that i've been offered money to consult on the structure method as well, so if i Wanted to go that  route instead of just not talking, it still would bode well for me not to post on a public site Smiley

Partners will hopefully get a email within a few days/weeks about the things we're moving to.

Sorry about your inbox, didn't realize you're the go-to guy for properly structuring a Bitcoin business.
And an offered consultancy?
Are you considering, or does Full Power Asia Investment LTD, DBA Midwest Real Estate Investment Company, take up all of your free time?
Branny
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June 06, 2014, 06:43:17 PM
 #528


There's another 506c exemption that we're eligible for that will further solidify our stance with regards to the SEC. I just can't mention it till it's done and we have all the paperwork completed.

Awesome. If the idiots would just quit dragging their feet on enacting the new legislation they already put in place the world would be a better place.

Best of luck.

Also , to clarify/modify my statement, the exemptions are part of the 506 ruling, I was wrong when I said it was 506c however it is one of the exemptions under that act.
Branny
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June 06, 2014, 06:45:38 PM
 #529

...
TBH the biggest problem is I have about 10-20 messages in my box asking me how to properly structure a bitcoin business. It always skeeves me out to talk about legal stuff on a public forum due to lawsuits. Additionally, the other side of the coin is that i've been offered money to consult on the structure method as well, so if i Wanted to go that  route instead of just not talking, it still would bode well for me not to post on a public site Smiley

Partners will hopefully get a email within a few days/weeks about the things we're moving to.

Sorry about your inbox, didn't realize you're the go-to guy for properly structuring a Bitcoin business.
And an offered consultancy?
Are you considering, or does Full Power Asia Investment LTD, DBA Midwest Real Estate Investment Company, take up all of your free time?

I quit my 'normal' job to pursue this as RENT, however at this point it takes up shockingly little time (As in a few hours a week).

Anymore I occupy my time when I don't have anything to do with going out and helping the rehab crew. I've done a great deal of the work on the last property we've bought (Painting, ripping out carpet, drywall work). Wanted to do the plumbing on it, but one of our regular guys got in and fixed everything before I knew it.

Branny
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June 09, 2014, 08:49:39 PM
 #530

Odd situation...

We just submitted a offer for a property that would make a FANTASTIC rental , almost ready to go at a asking price of $25k, needs <$5k in repairs, gonna try to get it for $25k including repairs. Will rent for $650-$700/mo (31.2%-33.6%).

However right after submitting the offer (Within 30m) I got a notification that a fantastic property for a flip had been listed. Great location, decent price ($67k) with the potential for a profit of $40k or more on a 3-4mo timespan. Problem is with the cash we have in the bank + Wallet it comes out to *around* $115k or so. Take off $25k, then the $20k margin I want to keep in the bank for trouble spots, and we would barely have enough to finish the rehab/sales phase of it.

I'm not complaining - We're in a fantastic financial spot right now, when it's all said and done we'll be bringing in nearly $8k/mo gross from the rentals after all properties are accounted for. I hate to miss out on the chance of a quick $40k net profit on a flip.

Not sure what to do yet, I have a few guys that are interested in loaning us USD mortgages, but I'm in the early stages of working out the details.

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June 09, 2014, 10:09:32 PM
 #531

How much extra do you need?

1D7JwRnoungL1YQy7sJMsqmA8BHkPcKGDJ
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June 09, 2014, 10:36:28 PM
 #532

Odd situation...

We just submitted a offer for a property that would make a FANTASTIC rental , almost ready to go at a asking price of $25k, needs <$5k in repairs, gonna try to get it for $25k including repairs. Will rent for $650-$700/mo (31.2%-33.6%).

However right after submitting the offer (Within 30m) I got a notification that a fantastic property for a flip had been listed. Great location, decent price ($67k) with the potential for a profit of $40k or more on a 3-4mo timespan. Problem is with the cash we have in the bank + Wallet it comes out to *around* $115k or so. Take off $25k, then the $20k margin I want to keep in the bank for trouble spots, and we would barely have enough to finish the rehab/sales phase of it.

I'm not complaining - We're in a fantastic financial spot right now, when it's all said and done we'll be bringing in nearly $8k/mo gross from the rentals after all properties are accounted for. I hate to miss out on the chance of a quick $40k net profit on a flip.

Not sure what to do yet, I have a few guys that are interested in loaning us USD mortgages, but I'm in the early stages of working out the details.



I would say go for it. If it's that good of an opportunity then it'll be worth it in the end, plus it could be used to get more rentals.

If you feel like donating: 1NtgJf4znCsA5GJDCbqtowHL2143WyqLkC
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June 10, 2014, 03:03:01 AM
 #533

Odd situation...

We just submitted a offer for a property that would make a FANTASTIC rental , almost ready to go at a asking price of $25k, needs <$5k in repairs, gonna try to get it for $25k including repairs. Will rent for $650-$700/mo (31.2%-33.6%).

However right after submitting the offer (Within 30m) I got a notification that a fantastic property for a flip had been listed. Great location, decent price ($67k) with the potential for a profit of $40k or more on a 3-4mo timespan. Problem is with the cash we have in the bank + Wallet it comes out to *around* $115k or so. Take off $25k, then the $20k margin I want to keep in the bank for trouble spots, and we would barely have enough to finish the rehab/sales phase of it.

I'm not complaining - We're in a fantastic financial spot right now, when it's all said and done we'll be bringing in nearly $8k/mo gross from the rentals after all properties are accounted for. I hate to miss out on the chance of a quick $40k net profit on a flip.

Not sure what to do yet, I have a few guys that are interested in loaning us USD mortgages, but I'm in the early stages of working out the details.




Maybe structure a separate LLC that RentalStarter could be a majority owner, but the remaining balance could be made of a couple of investors that fund the remainder.  Either way, I'd be interested  if you want to look at possible funding alternatives.

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June 10, 2014, 03:21:14 AM
 #534

How much extra do you need?

40btc
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June 10, 2014, 04:31:10 AM
 #535

I was able to review the property and it's about what I thought it would be :

House is in good shape (structurally) but extraordinarily out of date. It also could use a new roof. I figure $20k would put it in really good shape, $25k and it'd be in phenominal shape.

A house recently within half a block was flipped : $52k purchase, $15k in renovations or so, $125k sales price.

I think we could do $60k + $20k  with a $125k sales price and get it sold quickly.

I just double checked and we have 127btc in the account ($82.5k). I would realistically like another $25k to do the project completely.

So, if anyone out there might be interested in a high interest, short term loan (using properties we have now as collateral) hit me up. I could pay 14% interest on a short term (3mo) loan.
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June 10, 2014, 12:35:57 PM
 #536

Yes please let us know the answer to the above question.  If you need extra funding I would be interested, cannot cover the full amount of the loan, but can help out some if needed.

 

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cesmak
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June 10, 2014, 01:10:55 PM
 #537

Me too, i can give my small contribution of 1-2 BTC

Branny
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June 10, 2014, 01:46:47 PM
 #538

Preference is to the value in USD but we could do a price increase clause to lessen the blow if Bitcoin rises severely.

Also, are there effective sources of Bitcoin futures to hedge against increase?

Interest would be 14% apt paid monthly till investment is paid back.
Benny1985
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June 10, 2014, 03:16:26 PM
 #539

Could look at the BTC loan section of the forums..
Branny
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June 10, 2014, 10:22:56 PM
 #540

Sellers countered at $24k on the Scioto #3 property. We offered $21k. It isn't a terrible price, but now we are not obligated to buy it at $21k freeing up some cash. Granted I have many renters in that area whom want that house and would put over a grand down on it.
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