All Forum Posts by: George Liu

@Pip Pritcard yikes thats pretty steep. thought theyd have come down with fed funds rate at zero...

What rates are yall getting for conventional 20 or 30 yr fixed?

@Tj Hines wholesaler only allowed EM to be paid to himself. Found out later that he only paid $1000 EM to seller and I paid $3k.

@Guy Gimenez the contract was not viewable before earnest money is funded. Is this common in all wholesale deals?

@Tanner Marsey more than anything I hate being lied to. He told us contract price for him was x when his real contract price was x less $30k. Same with EM - told us EM was y when in reality it's y less $2k - and never mentioned it as an assignment fee. I'm pretty sure not disclosing that it's an assignment is a class A misdemeanor in Texas now. I'm fixing to blast these people out on fb

Went in on my first multi family deal and got burned by a wholesaler. Sellers refused to proceed as they were fed up with the wholesaler and now they won't refund $. Are there any protection for buyers in this kind of deal? I'm in Texas.

Haven't found many materials that cover key clauses in multi-member LLC operating agreements. For equal % members, how do you determine contributions, distributions and exits? For instance if a member decides to take some cash out of the LLC down the road but the others don't how do you determine the new equity splits? TIA!!

@Cory B. I asked a question about the 2/5 yr rule in a different thread before, and it seems that even though you can claim the rule, you still have to pay uncle Sam on the depreciation you took throughout the time you rented it out.

@Chris Grenzig

I do have to differ slightly in my view on this. To me, if the lenders allow it and the mortgage payment is still covered by the income, I should try to take on as much leverage as possible. While downside protection is important, having a lower downpayment means I have the additional capital in my pocket anyway and I'd like to think I can get more return out of that additional fund to help with the rainy day than having it all locked up in a single Plex no? I never understood for example why people go for 15 yr loans vs 30 yr since you can pay down the 30 yr voluntarily and get the same lowered effective rate while not taking on the higher monthly LTV hit for future loans?

@Chris Grenzig

Correct on the 80 and rate. Feels like getting a higher LTV would be the more important thing from both a liquidity perspective and a return perspective no. Having bank finance the additional % would seem like a better return than equity up front? Like an LBO?