All Forum Posts by: Andrew Clifton

Hasn't had a renter in it since we got it. So it's not exactly the BRRRR strategy. If we did refinance I sapose it would be best to rent it out instead of saleing the home.

We invested in a fixer-upper back in January. We purchased for 56k and it appraised for 84k after the rehab. Currently sits on the market. We are interested in a duplex. 

I was thinking maybe we could refinance the current investment to get into the duplex. 

Would this be a good move? 

What are some key factors I should research?

Thanks

Andrew 

Absolutely see I just  recently  just learned about the basics of it all. All of this  is still very fresh  to me but I can  say  I  learned  a lot more  then what I did  just a couple of days ago . I understand  now  that you have  the IRS  state  developer  and  your investor or syndicate . I believe  that it starts with the developer  submitting an application  to the  IRS or the state  see there I'm not too sure I need to go over it some more. Then it's the state or IRS that approves the application and approves the developer the tax credits and the developer then sells the approved tax credits to the bank or investor which then buys the tax credits funding most of the project. I don't think anyone actually receives the tax credits, it's just a contract stating that your good for it if you do this. Also for a bank helping with LIHTC they improve there CRA ( Community rating approval). Now this is where I find it to get tricky because the developer has to manage the development all the while having to have a city inspector approve the project stating that they did what they said they were going to do and is within the guidelines. The developer makes his money from developer fees management and also having a .01% in ownership I think. I'm not too sure but I also think that the developer gets to hold the properties or project in his business name. Also you're right about the square footage and amount of units being strictly for low income tenants that's because you have to meet certain criteria to be able to receive the tax credits at year 1 and has to continue operating that way for at least 15 years but can receive all credits at year 11. There's a lot to this I discovered but it's very intriguing interesting and exciting. I know I'm probably missing a lot but that just means I need to learn! 

Thanks for taking the time and advice!

@Alex V.

(My browser isn't loading right for mentions )

So far this is what I understand is that if our company wanted to build a 4 plex or complex we would submit a application to the state and they would have to approve it .They would help build / fund it to meet all there requirements. Same goes for a single family home they would help fund/rehab the home. All the while our company would owner operate/manage the property(s). While paying the state back. Also I believe that they would have to approve any tenant that lived in the home or units.

Am I at least close to or on the right track?

Hello I would like to find any information on how our corporation could partner up with my local city and surrounding areas to help build our community or maybe even how we could partner up with HUD. I quickly discovered there's alot to it! Me and my business partner were talking about this just the other day, but not to sure where we should start or if it's even really possible being a small corporation like we are. Any thoughts and advice would be greatly appreciated!

Thanks 

Andrew Clifton 

I'm in search for private money lender that would be willing to work with me on a rental property . Message for details. 

Thanks

Yeah I've been doing a lot of research on it  and what it comes down to is  basically Co  wholesaling  and I found out that is pretty much  practicing real estate without a license  I did not know that at the time  but  now I do but I've never done any deals like that  so I'm safe  laugh out loud

So when finding buyers for someone else what kind of paper work you send the one your trying to find buyers for?

Also paper work for partnerships?

Is it an independent contractor agreement or another words the bird dog contract.

Or am I entering into a Join Venture agreement.

I don't think so but some how I got confused by the 2.