All Forum Posts by: Aaron Aguilar

I like your mindset!  There is plenty to go around!  Beautiful work!

@Brendan Perlee Congrats on taking the leap!  

Very nice! I like the basement garage!

Does anybody have any advice on negotiating a reduced payoff of a 2nd mortgage. The second mortgage has had no payments made to it and was actually discharged in a 2010 bankruptcy. The mortgage shows up on my credit report as $0, but there is still a lien on the property.

Does anybody have any advice on negotiating a reduced payoff of a 2nd mortgage.    The second mortgage has had no payments made to it and was actually discharged in a 2010 bankruptcy.  The mortgage shows up on my credit report as $0, but there is still a lien on the property.

Hey @Chad Thomas, welcome!  I work in Charlotte and live in Huntersville.  I'm a newbie with one rental under my belt as well.  With my architectural background and my wife's interior design background, we are looking at doing some house hacking in the area.  I would love to join you at a meetup some time!

@Kris Haskins I would love to see a copy of the JV doc too!

Good to know! Thanks Jay!

@Jay Hinrichs The lenders I have spoken with thus far do not do interest reserves.  Do you have any lenders you can suggest? @Sean Walton My partner does own the lots free and clear.  

As an architect by trade for over 20 years, my dream has been to build what I have designed. As in the business of architecture, after every completed project is done I’m basically unemployed. With that being said, I wanted monthly cash flow and just opened up a franchise business that will provide monthly cash flow while still continuing to work at my “day job.” To pursue my dream, I reached out to a friend who is a contractor to get advice of how to go about doing this. They referred me to a developer who has 6 lots and is willing to partner with my by throwing in the lot, and I get the financing. We will then sell and pay him back the lot and split the profit. The lots are 1 acre plus in the Davidson, NC area and plan on building about 3,200 sf 2-story that are currently being appraised at about 550k. We can build for 100/psf, plus the lot at 80k, I will do the plans and permitting, while we will split the GC duties. My big hang up is that I will be responsible for the monthly interest payments until it sells and just opening up a business, I used my cash and business credit cards to get up and running. Is this too risky for me and my family at this time? Should I pass and save up the cash or think outside the box?  Thanks for your suggestions!