All Forum Posts by: Catherine Cleveland

@Jonathan Taylor Smith That's great advice! My attorney commented on doing just that. I guess I get wrapped up in the tax documents. Can I PM you on how you set them up in QB?

Have private money to use and need loan servicer that can do business in IL. Need to make interest only payments indefinitely with balloon of initial investment plus 10% equity when property sells. Ideas? Lawyer seems to think I should just do payments drafted directly from my bank account. Seems simple, but my question then goes to taxes...do I just get them to fill out w9 and issue 1099 at end?

I'll be there!

Market here is strong. I am military and also an investor. High ranking members come here usually as a last assignment before retirement so they want to rent. There are not a lot of higher end rentals available here but there is certainly a need. Let me know if I can help in any way! Dabble in a bit of wholesaling, flipping, and buy and hold myself. 

Our structure is I buy, partner rehabs, we split profits. We are typically in 60/40 up front (me 60) and split profits 50/50 on the selling of property. I have a few friends that want to give me (my LLC) their money to use. My idea is to use friend/family money along with my own to buy, and have partner rehab so we can buy a bit bigger or have more deals going at once. How do I write this up for my friend/family money? I can do interest only loan for duration or payout with interest on back end of deal, either way, my question is I guess it can be promissory note? Third party loan service? What about taxes? Do I issue them a 1099? I don't want to get caught up in some legal issue. What have you all done with friends/family money? Or even others who want to do "business" with you as hard money lenders?

YES!! Sign me up!

Both units are occupied and we live out of town so it's a double wham...is it appropriate to as your tenants to do a mass showing on one day? Or walk through for selected candidates? I see what you mean as far as discrimination... We could possibly do mass showing when we have the turn around when it's empty for a few days.

We have our first duplex... Initial leases are up and we have two available units in a month. Scary but exciting! My question is when to do walk through with prospective tenants? Is it after application process or before? What is the typical sequence of events to making a smooth transaction for tenant and us?

Nice work!! Keep it up!

@Joe Splitrock thanks! I know I had seen it before on a forum but for some reason I just couldn't find anything this time...probably doing it on a phone vs computer...who knows. I appreciate it!