All Forum Posts by: Jacob Tracy

I am looking for an Attorney that knows the SEC regulations and is Experienced in Syndication or Fund creation. Also a firm that is schooled in the creation of PPM and LPA documentation.  Would like someone who has the heart of a teacher. We have gotten to the point that we're ready to make the jump from self funding our deals to creating a syndication or RE fund to create growth in our company, but don't have any experience in the syndication or fund space yet. Any recommendations would be very much appreciated! Thank you!

This is an almost turn key property that was built in the late 80's and has been remodelled along the way. I actually know the current owner who is willing to work with us on doing a "subject to" on his current mortgage and carry back the down payment. He is the president of a local bank and is able to work with us on the financing. He also agreed to an interest rate of 4.75% on the carry back portion of the financing. This is why the closing costs aren't very much and we are more aware of any issues with the property. I believe this is a pretty good deal also and it is a value add deal when it comes to monthly rent amounts, as we believe they are about 10 percent low for the area. Thank you!

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Do you have notes available right now that you're looking to sell with these specs?

Thank you for the kind words. They did sit down with a local community bank but have not tried a credit union yet. I will have them attempt that route. I suppose that its possible for me to co-sign for them if it came to that. I hadn't really thought about that. It's not to often that a parent would need a co-signer that was their child. Might work though.

I have a rather interesting situation that I'm not exactly sure how to handle. So my parents are getting close to retirement and would like to make a few investments to help solidify their retirement future. Now the interesting part. My parents have both been heavily involved in building and maintaining non profit organizations to benefit others. They are amazing with the ability to live very comfortably on very little annual W2 income. In fact they make almost nothing on paper and have almost no cash reserves. But they have NO debt other than a very small amount left on their mortgage. My father would like to use the equity in their primary residence to invest in some other properties but when he has talked to several lending institutions they are unwilling to work with him when they hear that he has almost no W2 income (he does get social security). Even though he has over 800 on his credit score and over 100K in equity in his house. Are there lenders out there that will open a HELOC for them based only on the equity in their home and the fact that they have amazing credit and no debt? They have always helped others and never asked for anything in return. I would really like to put them in a position to live comfortably through their golden years. Thank you for your input in advance!

my apologies, each building has 8 units not 6. I fat fingered that one and hit the wrong number. but thank you to everyone who pointed that out. I do think that this complex is in a C- class and it does need some work but not alot. this has been on the market before with no buyers, so I think I will just keep an eye on this for a while. thank you to everyone who gave their thoughts.

I recently discovered an apartment complex for sale in my area that looks to be a pretty good deal, and would like some thoughts and opinions on it. Also am not sure of the best way to go about financing it. The property is 8 buildings for a total of 64 units. There are 6 units per building. Each of these units are 2 bed/1bath and rent for $500 per month. The current asking price is $2,125,000. Looks to me like about a 9 cap with an ROI of about 18%. The property is in surprisingly good condition but there is some room for value add. I'd love to get some thoughts from investors who have experience with larger multi family properties, as I have none. Thus far in my investing career I only have experience in buy and hold single families and flips. However I would love to jump into the multi family market. Any advice is very much appreciated!

it looks like that's exactly what I'll be doing. as long as there are no big events that happen in the next 5 years it shouldn't be a problem. however it is a bit of an extra risk and I don't love the idea. I had thought of purchasing/taking title in my own personal name and then deeding it to my LLC after the fact, but it just feels like a bad idea. especially since the lender could call the mortgage due if they were to find out. I'm definitely not in the business of being dishonest or unethical. thank you for your thoughts! I appreciate your insight.