All Forum Posts by: Kenneth Shelley

daren yes,  thats is correct. The loan in the property with back payments at total less than 42k and 8k will go towards repairs which my neighbor will not charge me and its a rental reno not a retail sale. The property is is great condition just needs sprucing up and I can get friends to help repair it to code. 

Jay I am newly a realtors assistant so I am on my way to getting my license. I am curious about commercial versus residential though and you make a good point. My girlfriend can not touch the IRA and rather have cash flowing rentals than larger IRA right now because both is beneficial and after she gets rental units then she will want to do renovation projects but for now we are just looking to use the IRA to buy rental units and refinance the IRA and hold the rentals.

Brent I just wanted fed back from bigger pockets before starting thanks for your imput

I have a lead on a property down the road from me. I am looking to buy it for 50,000 all in, including repair cost ARV is conservatively 150,000. My neighbor is a close acquaintance/ general contractor and is wiling to help repair the house so I can rent it out. I want to use a private lender, my girlfriend, to pay for the acquisition cost and repairs and then rent it out. The idea is to pay back her IRA fund once I refinance out. I am not looking to max out the refinance amount just enough to pay her back with interest. That is just one lead I am working on. What do you think about my opportunity? The house is only 802 SQF. I can rinse and recycle this strategy if I can find the right team to get the leads flowing cause I have the funds to buy and the trusted contractor to help with repairs.

Don, I did google some info before posting on here and you are exactly right except number 4). when talking about naive, dumb, or relatives would you forgot about friends, who want to invest funds with me to grow my business and their retirement account. By saying that you are discounting my abilities without even knowing it. I have very wealthy friends that arw willing to work with me so i came here to ask questions. I can google all the info you just provided and ask attorney's also. I was hoping for personal perspectives or advice on what i would need to do to get this processed. I find my own investments so i dont need POF or steals because I provide them myself.

The idea is to use investor capital to secure rental units. I have 4 private lenders. Each with 100,000 to start with. These people just have IRA capital and are not a company. They just want a 10% return when I refinance the loan. I just need somone experienced with this to get my T's crossed and my I's dotted.

Yes ideally more than 10 units would be large to me. I could go as high as 250k but I am not sure what multifamily units are available or house to find them. I am still building the relationship but they have 250 liquid but I suggested 100 to start. I want to refinance their loan out to pay them off. Do you have experience with this Percy?

I met with a potential private lender with funds over 100,000 liquid. How could I leverage private capital as a cash down payment to purchase large rental assets?

I am waiting on the title. Once that comes in AL can I call you for help getting my T's crossed and my I's dotted. This is my change to change my life and I would remember you for every of you helped me close a SUB 2 deal 

hey guys I used to live in allentown. l can help. I am free friday and saturday of this week and can meet just message me. Some areas are not good, some are.

definitely more questions.  Have a great night I will contact you tomorrow. 

I have  seller willing to let ne take the house Sub 2. It is in the suburbs of Philadelphia and is a 40k take over on an arv of about 150k. Is there any investors here familiar with the transaction? I know this is tricky and any local assistance is greatly appreciated. I am interviewing local real estate attorneys any references would help. This is my first sub 2 acquisition. Thanks for any advice or help