All Forum Posts by: Logan Turner

Run an analysis of cash flow if you were to rent it. What is your PITI? Add 150/mo for cap ex and maintenance, add 170 per month for property management fee. Also don’t forget your insurance and taxes may increase a bit now that it is a rental not OO. Next, after calculating your cash flow, run it against your equity in your house to determine your ROI (per annum). If less than 6% I would sell. Unless you believe your property should be held for long term due to location, school, future appreciation. Etc My guess is you could do much better with selling and putting the money into new deals.

Joey I agree with Thomas. Ideally you’ll have 90 percent of your offers scoffed at. If not you may be offering too much! Especially when they accept it without a counter. 

This house sounds like owners are not motivated to sell. If there’s no motivation then they will sit on it. I’ll send you another PM with a strategy you may try. Worth a shot, to get that win -win. 

@Carl Fischer

What would an example of a kicker be? 

A percent of profit? a set amount at the end? 2k? 5k?

I decided to do a lender borrower arrangement for this deal. If we JV up, does that make me the investment sponsor and would that require a separate LLC and separate bank account? I would not want him to transfer funds from his 401k to me as the investment sponsor when they needed to go directly into the bank account designated for this venture. Tenants in common would seem to work, not sure how cumbersome that may make things down the road, getting work completed and docs signed.

Reading up on all the Dodd frank and SAFE ACT, QM, ATR etc. Has my head spinning. I fall under the less than 4 note originated per year. But should I still be using an RMLO? If so where would I locate one? Ask title companies or real estate attorney?

Ive reached out to a few real estate attorney, still awaiting a response. So I wanted to run it by some pro investors on BP. I am purchasing a property through a JV. My LLC will be the active manager, my partner will supply the funds via his self directed solo 401k. Should I seek out a security attorney? Estimated cost? Will we need to form a trust which my LLC and his 401k both have equitable interest? Do we need to open a new bank account for this trust, or will my business checking account work? I’ve done private lending and understand that dance and I’ve attended a syndication seminar but seems overkill for a SFH- flip. What’s the cleanest, cheapest and best way to do this? Basically just splitting profits 50:50 Thanks

So in essence a promissory note, with a deed of trust (mortgage). Yeah, I thought so. I’ve done these in the past. I guess, the kicker would need to be determined before hand though right?

Ive reached out to a few real estate attorney, still awaiting a response. So I wanted to run it by some pro investors on BP. I am purchasing a property through a JV. My LLC will be the active manager, my partner will supply the funds via his self directed solo 401k. Should I seek out a security attorney? Estimated cost? Will we need to form a trust which my LLC and his 401k both have equitable interest? Do we need to open a new bank account for this trust, or will my business checking account work? I’ve done private lending and understand that dance and I’ve attended a syndication seminar but seems overkill for a SFH- flip. What’s the cleanest, cheapest and best way to do this? Basically just splitting profits 50:50 Thanks

Thanks Jon Holdman That gives me the right direction. I’ll contact the county clerk.

Ok, amateur hour here.. I used a private lender for my last purchase. And now I am going to cash the lender out with my own funds (selling the property with owner financing, then getting a loan against my note receivable). Do I need to have them sign a pay off? Or some document that I can then turn in to the county to show the lien (promissory note and deed of trust) has been satisfied?? Thanks!!