All Forum Posts by: Amit Barman

Hello,

I apologize if this is a repeat question.

I bought and renovated a property with cash, Now I would like to rent it out and refinance to cash-out. I purchased and flipped it for total around 30K, and it is appraised around 65K, so even with 70% financing, I can get my capital out. With local rent of 1k, I will have a good LTV.

I bought the property in my name, however I would like to set up a LLC for rental properties.

Now, here is my question, can I get the refinancing done through LLC so that it does not show in my personal credit? I just don't want to limit my purchase power showing this as another personal mortgage. With positive cash flow, I wonder why can it not be treated as a commercial property. Someone told be with newly formed LLC, I can not get refinancing. Is that true? I have great credit score(above 800), and can give personal guaranty on the loan.

Any suggestion will be very much appreciated.

Thanks John.

I am an Architect, Design-Builder. I am working on teaming up with Land Developers, Builder and Land owner to Develop a residential community in few phases over 70 Acres of land.

I will bring my design expertise on the table along with marketing. I will also bring in the initial investors/buyers on the table(at least 25  to 50 units, who already showed interest to be part of the community).

I and my office may/may not be part of the building, may fully leave it to the developer/go for a third party GC/can pick up partially or may purely just supervise the project, have not detailed out the tasks and responsibilities yet.

Thinking of a suitable partnership deal with the developer and land owner so that everybody wins.

Anyone made any deal similar to this? I would really appreciate if you could share the breakdown of the deal if you made any.

Thank you so much!

I am an Architect/Design-builder with my own crew. Working on a development deal where already 25 members signed up to develop a 50+ adult active community custom made for them.

I can gather the finance and bring in the expertise for this development, looking for a partner who has the land. Your investment will  be your land, or if you decide, you can sell it to us. Land should be zoned for active adult community, and FAR to accommodate at least three stories.

Please inbox me if you are the one.

Thanks

I am working on a house flipping deal, where I am putting sweat equity as an architect and construction manager, and investor is putting his money. We talked about 60-40 profit sharing where 60 is his. But he likes to buy the property on his name not to the venture. Naturally I am not feeling comfortable with that condition, as after putting all my hard work, at the end of the day, there is always a possibility of him walking out alone not sharing the profit with me. I was wondering if anyone made such a deal, if so, what is the legal way to make this venture work, so that both party feel comfortable.

Jeff,

the problem here is that my previous investor got involved into a bigger commercial deal and got tight on cash flow, that is one of the reasons, I am exploring my possibilities.

Thanks guys for your inputs!

Christina,

I mentioned good school for new project, not for this one. This is inside city. Idea was to buy cheap and sell cheap.

Blake,

I did not go with private lender, but private investor with 60-40 profit sharing term.

In my previous flips, I went with private investors, But thinking of going all by myself this time with hard money lender. One of them already pre-qualified me, and I am looking at a deal right now, but I would like to hear from the experienced flippers about the pros and cons of hard money lending, other than the High interest rate. Going with the investor, I had to go for 60-40 profit split(60 being his), I figured, going with the hard money lender, interest rate will be cheaper than 60% profit share.

Comments, advise?

Thank you so much!

Nicole,

Good observation. We actually gave a moral boost to the next door neighbor to renovate his property too:)