All Forum Posts by: John Adamkewitz

So maybe just 4 separate mortgages in all 3 partners names, with an agreement between the 3 partners?

John

The short version. 3 equal partners buy 4 separate property's, 1 of the 4 property's will be sold and closed after 1 year has passed for cap gains tax advantage. The initial financing will be commercial money.

The proceeds from the sale of the the first property, will just about pay the other 3 property's mortgage balance, 80-90%.

The remaining 3 property's are of equal value, and may be divided up between the 3 partners. If this goes well, We may all hold for cash flow, or some may want to sell, not sure at this time.

What is the proper way to structure this deal? Transfer fees, taxes, enitys, 4 or 2 llc's? Please ask if more info is needed.

Thanks, John the Rookie.

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@Christopher Sica My RE Agent just called Me to thank Me for a referral I gave out about a month ago, that ended up with a "Good offer" yesterday. She was very happy.

Now I wont feel so bad about having Her show Me the next 30 property's. Lesson learned, keep handing out Your RE Agents cards!

John

Hey Duncan and Wayne,

I purchased property insurance in 2012, for a 4-unit rental I own. the original quote and purchase was around $1400 per year, which I didn't think was a bad price. I've been with this company with multiple policys for about 6 years. No claims.

By the end of 2013 the rate was raised twice, until it came in at $2150. no explanations, just pay more. I called My agent and asked why, He really "didn't know" which was an unsatisfactory answer to Me. I shopped and found the same coverage with a smaller local company for $1625 per year, and then did not renew the one policy when it expired. I did call and tell My agent before hand to let them know. Two months later My existing Homeowners (Personal Residence) comes due and I find a 14% increase for that policy. I have had no claims and My credit score is in the mid 700's, I'm not in a flood area. I see no new risk.

I just need to know if the agent is behind the increase or it's the company.

Because if it were the agent, I would switch All My insurance elsewhere, but what a major pita that would be.

Thanks, John

Hey BP,

How much control does a St ate f arm Agent have in rate increases, on property insurance? Can they raise their commissions on exisisting policys?

Thanks, John

Hi Michael, Welcome to BP!

You're motivated seller is contractually obligated to a Realtor, so no matter how a sale happens, the broker is going to get their cut as per the listing contract. As far as I know there is no "withdraw", only expiration of the contract.

The answer to Your question of:

"Does he need to withdraw his listing before he sells to me?" Is No, but He's going to have to pay the listing Realtor. You may as well use the service.

John

@Bill Gulley I've heard a lot lately about "Cross Collateralization" where equity in another property is used towards the down payment for another property.

Any possibilty of @CL Ziegler using this angle?

John

In case anyone missed it, credit union, credit union.

If the rental property is rented, the rent can be applied @75% to help Your dti ratio, but I haven't seen that help lower the down stroke.

Your best bet is to shop with out credit pulls, make face to face appointments, sit in the hot seat and follow some of Jimmy Moncrief's podcast suggestions, even though they are about commercial lending, His advice is solid.

John