All Forum Posts by: Jackie Sawyer

I am under contract to purchase a first rental property with my son 50/50. This will probably be his only investment, although I plan to buy several more in the next year on my own using an LLC. I am wondering if I should take title to this first property 50% in the LLC (as opposed to my name) and 50% in his name. Any comments or feedback on this?

@John Karg Hmmm; I hadn't thought of the fact that no lender meant I could close without ins if need be, at least this makes the closing achievable, albeit chancy. 

@Benjamin Aaker actually I do know a roofer, I am going to ask if being paid at closing is a possibility.

@Benjamin Aaker I really wanted to order the work myself as I was thinking the seller might be tempted to have the cheapest work he can find but it seems I won't be able to close without a new roof being installed.  Several insurance agencies have said they will not write it with replacement.  Do you have a recommendation on this?  Thank you!

@James Mc Ree I hadn't considered asking insurance agent about business liability insurance, that's a great idea, would certainly be worthwhile.  2 months vacant wouldn't be so bad but this is a student housing location, which is usually mid-July occupancy for the Fall semester.  Thanks for your reply!

@Benjamin Aaker I may just have to do the increase in sales price for the roof at minimum; it seems I cannot find an insurance policy without the roof being replaced. 

I offered a 2 week closing but he wants to extend until after the end of year for tax purposes which is fine with me. and he's not interested in doing the repairs.  He is not motivated, but flexible enough to give me good terms for my needs but I would love to have a unit ready to rent or close to it at closing.

Hello Biggerpockets Community! I am currently under contract to purchase a townhome with owner financing. There is no bank or HUD involved, I am dealing directly with the owner. There is a bit of work that will need to be done; new roof, cabinets, drywall repair and painting etc. and seller has requested a longer escrow period (2 months); . It is currently not occupied and looks like the last tenant pulled a midnight move out. I know there is risk involved, but I would really like to do some of the work during this escrow period. I'm pretty sure owner would agree its ok, but do you have any suggestions for me to help minimize my risk? My best chance to rent it before summer is the same week I'll be closing.