All Forum Posts by: Frank Z.

DSCR loans look great! I just spoke to a few lenders. What's the difference between those and hard money loan? Or are they pretty much the same thing?

Going to stay the conventional route till I get to 10 mortgages as conventional financing offers great rates, but I'm almost capped out so this will be a great way to continue to expand after I hit the cap, thank you @Ryan Davies

@Andrew Postell- How are you able to get mortgages via an LLC? The only places I've found that do that are hard money lenders who are significantly more expensive than conventional financing. Am I missing something?

@Chris Seveney@Chris Seveney - Partner has cash and prefers to use it. In this case my share would be 100% financed, his would be cash.

I have a partner and wanna run a possible strategy by this group. 

Say I buy house X for $200k, get a mortgage on it for $100k, then quit claim it in an LLC and sell half of the LLC to my partner at the same valuation I paid.

Now we're 50/50 owners and I was able to take the leverage I wanted, and he was able to stay off the loan which is what he wants. Is this a viable strategy or am I going to run into legal issues? 

I understand there is a possibility the banks may call the loan due and I'm fine with that risk. Are there other legal / tax consequences beyond that?

My business partner and I purchased a house two years ago in an LLC we co-own.

He does not want the house and I want to improve and live in it. We have agreed that I would buy him out at the price that he initially paid.

I am hoping I can take him off the LLC and return his original purchase price and that none of this would trigger any tax consequences as there would be no gain or loss from his end.

Then I would like to quit claim the property into my name and refinance it to have money for repairs.

Wanted to check with other folks though before going through with it and make sure there's no tax implications to any of this.

Got a tile shower that I'm trying to build, looking for a quality tile installer. Ideally they can also install a glass shower door.

Here are the details if interested: https://www.notion.so/1870/Mas...

I have a tenant who got really drunk and while I was over doing a repair she told me she wanted to repaint the unit and I should pay for the paint. I told her our policy for cosmetic changes like that is that the tenant pays for the materials and we must approve the change. I was polite and cool about it. Being drunk she got mad and started yelling at me and called me an *******.

My plan is tomorrow when she sobers up to call her up and explain to her that we have a zero tolerance policy against disrespect. Just like I would never say something like that to her, our company will not put up with any behavior like that from a tenant and if it happens again I will give her a 30 day notice to vacate. 

Was hoping someone could confirm the 30 day to vacate notice would be fine from a legal point of view.

I got a quote to install some unfinished hardwoods in Atlanta.

Price came back at $2.22 / foot plus stain was another $2.22 / foot. This is for red oak wood (not the prime stuff) and includes the wood filler, sanding, etc. Does this sound like a good deal? It sounded a bit high to me but it's my first time installing hardwoods. 

Thanks everyone for the feedback. If this was a smaller ranch I would probably try to do the foundation work myself. Since it's a massive 2 story 3100sqft house and the cracked foundation runs down the length of the house I'm way less inclined. 

I called 3 more local companies with great reviews and I should have all the bids in by Monday. 

I'm not a foundation expert either so open to suggestions.

House needs new flooring throughout, and the slab cracked about 5 feet away from the edge on the downward slope. Basically once you get 5 feet from the edge it's a very noticeable slope so I didn't want to put the floors on that. The house is also two stories... 

One the bottom story I could theoretically just pour a bunch of levelquick. On the top story I guess I could add some more subfloor along that edge to level things out.... 

The plan though is to sell the house in two years and I wouldn't want to sell anyone something that wasn't built right,

Yes, two inches on the downslope side. There are substantial cracks all the way down the long side of the house. The building was built in 1973