All Forum Posts by: Brian Whetstone

Hello!

I have a question/advice from this trusted community.
Went into partnership with a person last year on a triplex. He qualified and holds the loan. Mid last year He wanted out of the deal completely for personal reason. We drafted, signed and notarized an "agreement related to ownership of real property" Stating ownership shares, and income splits. 

Fast forward to today, the loan holder is wanting back 100% of the deal and disregarding this agreement. 

What level of security or actions can be taken on my end?

Replies are highly thanked. 

Hello BP, 

I have a couple come see a property we have for rent, it is a C+ property, far from perfect but offered at prices that match the quality. 

We used rent redi to screen tenants, everything looked good, they paid for the deposit, pet fee and 1st months rent prorated  for a lease starting November 9. Leases signed for month to month with a 60 day notice to vacate. It was made clear this property would be a transition place for them.  ( in their words probably just through winter) 

Now 3 day before they reached out and would like to back out. After dropping some boxes at the property. 

How would you handle the money side of this? Are they forfeiting what they put down? 

Any advice would be great, thanks! 

Good evening fellow investors! 

I have a loan closing 5/6 and have an issue my lender has brought to me. 
I am paid 1099 for sales and every year have a debt to pay to the lovely irs. 
sense the pre-qual from my lender I was advised that I would need to make at least 1 payment towards any irs bill before closing which I did. Differing the rest on short term plan to close on the duplex/rehab then pay in full. Now 4 days before closing I get a call that underwriting wants the whole debt paid in full (25k) at closing. 

I do have to full amount but it is currently in either stocks/crypto and probably can’t get into my bank before Friday. 
I kept only cash to close plus rehab cost in cash. 

What would be the best strategy or solution here? Has anyone dealt with this before. 

Thanks team

Thank you in advance for any advice/kind words. 

I have been a bigger pockets podcast listener for awhile now, read some books on Small multi fam, searched for deals and ran some analyst. I feel comfortable with the Math behind real estate and know a thing or two about small fixes around a house but by no means an expert on everything to look for.  

I Keep finding myself at the edge but scared to jump in head first. The 2 real estate friends I have (both own properties for few years) Have told me to find a deal I feel is good and the majority of the learning will come by doing. 

I have found an off market Duplex Close to Mayo hospital that's currently both rented out and coming in at .9% of the 1% rule. 

I have 2 main hang ups. 
1. Financing, I work as a solar sales Rep, 1099 with no base (love it) but financing has been harder to come by without 2 full years of commissions. Would waiting until this is fulfilled be advisable or getting creative and starting now.
2. House hack or no. Financially ether one works 5-30% down. I keep going back and forth on which is more appealing to my family. Myself girlfriend and 2 year old currently living in a apartment. 

I am excited about taking my first real steps in real estate and building a portfolio to support myself and my family in the years to come. 

Any feed back is greatly apricated.