All Forum Posts by: Alan Thach

Hey everyone, I'm looking for equity partners for a 50/50 split on my own flips where I do all the work and you provide financing. I'm also looking for cash buyers who I can wholesale deals to. Would love to meet up and scale our businesses! Southern Maine area. Thanks!

Hi everyone, 

I'm looking for a lawyer who can advise on forming a legal wholesale PnS contract. Also looking for wholesale friendly title companies in the greater Portland Maine area. If you know any please let me know! Looking for recommendations. Thanks!

Hey Glen, Congratulations on creating 3 successful martial arts locations. 

I suggest starting with your idea of what a comfortable life is with you and your wife regarding the amount of passive income you want and how passive you want it to be. From there you can design a plan and a timeline so that by that 5 year mark you can sell the businesses and have enough passive income to enjoy the lifestyle you planned for today.

I'd love to help out with your planning because I'm on a similar path to retiring myself in 5 years as well. 

If you'd love to chat more please feel free to reach out!

Any wholesalers in southern Maine who've completed a deal? 

I'm about to do my first wholesale deal, and would love to talk to someone who's done it before.

Thanks

Hello,

If there are 2 joint owners, can 1 joint owner transfer their interest to another family member without the consent of the other joint owner?

Thanks!

Hi!

If there are 2 people on title in a joint tenant with right of survivorship, can 1 of the joint tenants transfer ownership to someone else without the consent of the other joint tenant? OR do they both have to agree. Im aware that it turns into TIC after the transfer Im just curious if you need both people to consent for 1 to transfer their interest.

Thanks

Hey everybody, I'm planning on doing a creative acquisition strategy and I'm looking for some answers to these questions before I talk to lenders so I can adjust anything. 

Questions: 

1. Can you do a conventional Cash out refinance to a person and 2 LLC's?

2. If you can’t, can you do the cash out refinance in the personal name and then do a quit claim deed afterward to add in the other two LLCs? which leads to the next question 

3. Do you need to be on the title and the mortgage to do a DSCR cash out refinance or can you just be on title and get the person on the mortgage to agree to do the dscr cashout refi as well as taking the themselves off (they dont want anything to do with the property) so it's just the 2 LLC's on the new dscr mortgage and title?

4. Is there a seasoning period between a conventional cash out refinance and a DSCR cash out refinance?

5. Is there a seasoning period between the quitclaim deed of adding the 2 llcs and doing a DSCR cashout refinance? Like does the LLCs need to be owners for a certain period of time before DSCR refinancing.

Obviously I'm going to make sure its all pre approved before tackling this project but I was just curious on if I can get some insights here before I get started so I can make any alterations. Thank you guys, please ask questions if you want to get more information. 

Thanks

Investment Info:

Single-family residence hard money loan investment.

Purchase price: $225,000
Cash invested: $50,000
ARV: $450,000

My first investment property at 20 years old. I decided to pursue the BRRRR method. It was the most life changing event of my life and I learned so much about the business of Real Estate.

HML with construction, $225,000 + 50k construction loan

All in $275,000

ARV 450,000

75% cash out new loan was $337,000

Cash out $50,000 after fees.

What made you interested in investing in this type of deal?

Financial Freedom

How did you find this deal and how did you negotiate it?

Great grandma passed, family was going to sell, convinced them to let me buy it.

How did you finance this deal?

HML, had to raise over 40k from family and friends for intial dp/reserves

How did you add value to the deal?

Sweat Equity, appreciation also helped during 2021/2022

What was the outcome?

Check with the downpayment I used to pay back my initial investors and my own property in a great location.

Lessons learned? Challenges?

I have a whole page of lessons and challenges but tons personal growth.

I didn't have the best realtor so I decided to become a licensed Realtor in Maine during the past year to improve my knowledge in Real Estate and do the work myself. If anyone ever wants to partner up in Maine lets meet up and talk!  Thanks. 

lol ur funny but u also suck