All Forum Posts by: David Baskin

@Brian G. just downloaded, ready to read. Can you tell me in short how you use the concepts in the book in your RE business?

Beautiful. Thank you for this! 

Thank you @Jon Kelly! As a rule, how much do you have in your cash reserve account, averaged per property? 

@Joshua McMillion very interesting, Josh. Thank you!

Hello all,

I'm looking for interesting ways to pay yourself while building a significant cushion of cash reserves for each property. How do you generally execute this? Do you build up a pot of cash reserves and only then begin paying yourself net cash flow once your goal is reached (let's say 6 months of expenses)? Do you start paying yourself immediately after acquisition, while putting aside a designated amount each month for reserves? Something else? 

Thanks! 

Thank you @Greg Scott! Thank was very helpful. 

My partner and I have a jointly owned LLC under which we currently have one property (3 flat). We have full equity in this property and are looking to refinance shortly.

Is it legal to transfer title from a jointly owned LLC to one partner, for only that partner to take out an individual loan, and then return title to the jointly owned LLC?

New to BP and excited to learn from seasoned investors! 

A partner and I recently made an all cash purchase of a three unit flat in the Chicago area with the goal of refinancing and redeploying our capital into future acquisitions. We currently have joint ownership of an LLC that owns the property.

According to several lenders we've spoken to, we can either take out a joint loan to execute a delayed financing option immediately, or wait 6 months and refinance with an individual loan on the name of one of the partners. We're itching to pull out cash to deploy in a second acquisition, but the reviews on joint loans don't seem particularly favorable. Amongst the least savory of consequences is that our credit scores may be tied together for the length of the loan; meaning if I miss a bill, then my partner's score is affected and vice versa. Does anyone have any recommendations on what to do?