All Forum Posts by: Brian Leon

@Benjamin Seibert thanks for the response. As for the 50/50 financing, your example was really helpful and something for me to consider. I hope you and your buddy have been chipping away at that flip, best of luck. 

As for the LLC, the due on sale clause is what is holding me back right now on a couple of my SFR's from switching out of my name. I'm pretty risk adverse in those things so as unlikely as it would be for the mortgage company to find out I switched out of my name I really wouldn't want to deal with a due on sale. As I'm trying to pick up a multi-unit I wanted to evolve a bit on my deals and try to get under an LLC but I'll definitely discuss with a lawyer to see what other options are out there.

I live out in Miami so if you ever need anything on this side of town feel free to shoot me a message. Thanks again. 

Hello to all those multi-family pro's. Quick question for all of you and this question will also apply to any SFR's. For those of you who have partnered up with an investor whether it be 50/50 or whatever structure you agreed on BUT the property is still financed and was not an outright cash purchase I have the following questions:

1. How did you structure a deal with a bank for 50/50 loan (e.g., 20% down and each give 10%)? Did the banks give any issues under this structure? 

2. How is the legal structure set up for the property? Is it under both investor names? Reason I ask is typically you can't get LLC treatment if a property is financed. Usually LLC's are if you buy outright or have a well established LLC that has proof of earnings.

I Appreciate the feedback!

I’m an out of state investor who invested in a property near that area, private message me if you’re interested in my Agent contact who has all his networks out there. He’s extremely knowledgeable of the area, market etc.

I just closed my first deal and yes I had to go through a bank. You have to think why would someone give you money with no experience when they can go out and do the same thing. You have to find that ‘why’ factor of what you can bring to the table. Unfortunately for my first time deal I went the traditional route and put my money where my mouth is so that later down the road I can tell my story to other investors and they’ll know if I’m willing to risk my own money then I’ll have more of a chance securing funds since I’ve been through the process before. I would suggest saving some money and using your own the first time around so you really feel the risk/reward before trying to use other people’s money, if that’s even possible. Wishing you the best of luck on your first deal!

Hey guys I’m a new investor in the Magnolia/Woodlanda Texas area. Wanted to introduce myself to any fellow investors the area. Happy to connect!