All Forum Posts by: Bradford Myatt

Hey Justin,

Welcome to BP from a fellow Siena College person.  I graduated with a degree in history in '05 and just got involved in real estate last year.  You have picked a great passion, and with a finance background I'm sure you will have great success in real estate.  This site will give you lots of feedback on a variety of questions, and your finance degree will give you a lot of experience working the numbers.  Feel free to reach out to a fellow saint if you have any questions or want to meet up. 

All the best,

Brad

Hey Mark,

Great input. I sincerely appreciate it. I will make sure I pay the taxes (even if they are so high in our native NY).

All the best,

Brad

Hey All,

I have a question regarding a potential deal through creative financing.

Here is the situation:

I am interested in acquiring a commercial property that features around 30 mixed size storage units and 3 one BR efficiencies. I value the property around $250K. Here is the way I'm hoping to design the deal (ideally):

Use creative financing for 10 years to acquire the property. Pay $10K each year with rent around $1,500 a month ($280K over 10 years).  

So here are my questions:

1) Over those ten years, who is responsible for taxes and insurance? Is that negotiable?

2) At what point is the deed signed over to me? Is that negotiable?

I know I will probably have many other questions to come, but I wanted to get some feedback.

It's greatly appreciated!

@Tia Rubadeau did you have a location in mind in Central NY?

Hey all,

Looking for some advice. My brothers in law and I are venturing into the possibility of buying a MFH and becoming landlords. I'm looking for advice on how to possibly design our deal. 

I've been investing in real estate the past year, mostly in SFH and hard money lending. All units are occupied and cash flow positive. I currently have an LLC for my property business and am working toward my license. The property will be deeded into the LLC. I will contribute 25% of the down payment.

Brother in law A is a lawyer who will contribute his legal knowledge and 25% of the DP. 

Brother in law B is handy with maintenance and will also contribute 25% of the DP. 

Partner C is a cash/silent partner who will contribute 25% of the DP. 

Here are some questions: 

1) Considering I will primarily do a majority of the work with this property, how much more, if any, of the profits am I entitled to?

2) Do factor in the same % for vacancy, maintenance, etc. as you would a SFH?

3) If we decide to liquidate the house in 15 years, am I entitled to more of than 1/4 of the profit? 

4) Do I charge a monthly/yearly fee for my work?

Any feedback is appreciated. 

I forgot to mention that the home has been placed into the National Association of Historical Buildings by the Department of the Interior. It is also rumored to be haunted. 

Hey Connor. Welcome to BP. You have come to the right place. I was in your position about a year ago. I have learned so much from this site, especially the Podcasts. I listen to them in my car daily, and hearing from other investors is invaluable. Keep reading and use the resources at the top of the page. Also, SAVE MONEY! At some point you will need it. All the best.