All Forum Posts by: Bon Osonwanne

I want to start a pool/syndicate with other investors, and I'm wondering how to structure the asset management fees, shared by myself and two other member-managers, with up to 35 investors:

Internal Rate of Return (IRR): 20%

Syndicate fees:

• 50% of rental returns above 20 percent IRR
• 50% of sales proceeds above purchase price

Please let me know your experience, if you think this is too much, and advise/resources to help me decide.

The alternative to insuring the entire portfolio, was to do a title-search on each property

Hi All,

I am trying to get a cash-out refinance on a single property I bought with cash. However the lender is requiring insurance on my entire portfolio (of 8) - some of which I cannot find anyone to insure, e.g. Mobile AL (which is in coastal waters). Do all lenders require you to get insurance showing there is no mortgage, on your entire portfolio, before they can do a cash-out refinance on a single property in the portfolio?

Thanks,

Bon

@Eugene Rey Here's the lender that I'm working with that can refinance up to 10 properties:

Website https://www.levelonebank.com/TonySignorelli

@Chase Gochnauer Can you recommend your portfolio lender? Do they work across state lines? Or how do I go about finding one for more than 10 loans?

@Chase Gochnauer Can you recommend your portfolio lender? Do they work across state lines? Or how do I go about finding one for more than 10 loans?

@Chase Gochnauer So you use your LLC to buy and to cash-out refinance? Lender told me max is 10 loans on individual name. Are you doing blanket loans on your portfolio, vs. individual properties? How many loans do you have? (More than 10? Under LLC?)

@Chase Gochnauer OK, I'm hearing from my lender within 6 months its a technical re-fi and can only pull out 75% of how much you paid in cash. Whereas after a year, you can do an appraisal, with possibly higher value.

@Ian Hoover How long soon after I buy a property can I do a cash-out refinance? 1 year?

Hi Everyone,

I usually buy my properties cash up-front. However I want to do a cash-out refinance a year later. Should I be buying properties under an LLC or using my name so that I can get loans on the property as an individual?

Thanks,

Bon