All Forum Posts by: Account Closed

Thanks David, I'll give Homestyler a try.

-Jim

What software are flippers/re-modelers using to generate simple construction plans?

In the past I've either hand sketched or done simple layouts with Excel tools. 

Autocad/Revit will certainly get the job done, but wondering if anyone can recommend a more cost effective alternative.

Thanks in advance,

-Jim

How are property managers structuring escrow accounts for rent collection?

Do you create separate escrow accounts for each building?

Do you collect all rent through a single account before distributing to individual owner accounts?

If you have a single account that initially accepts rental income for multiple owners, do you create escrow protection by holding this account under a separate LLC that is different than the management entity?

Is it possible to get a mortgage for a property in my own name, but hold the title of the property as an LLC?

I want to protect my other assets from any liabilities that may come up at this property, but I am having trouble getting reasonable financing in the LLC's name?

Is there some type of creative process that can be done at closing?

I originally tried structuring this as an LLC but was discouraged because of limited lending options. I actually would rather hold this as an LLC but I cant justify the extra financing costs. I'm getting ~ 2 APR less and ~3 initial down points less by holding in my own name. It may be that I just haven't found the right lender yet...

Partner brought the deal to me and will also be performing value-add renovations ( which are mostly labor related). Once improvements are made, we plan to refi. The goal is that the refi will bring $25k equity that can then be used to pay me back. At that point, we will both have close to $0 into the deal and will split both the 25% equity and rental income.

I am considering providing the 25% downpayment for a deal that I will own 50-50 with a partner. 

Lets say that purchase cost is $100k. I will provide $25k and the bank will finance $75k. 

Can I record the title so that the property is owned 50-50 between me and my partner (tenancy in common), but I will also record a second position lien of $25k secured against the building? (so that I can get my down payment back before 50-50 profit splits happen).

Or are there smarter/simpler ways to do this?

How have others structured 2 person partnerships for flip projects?

If one member provides 100% of the capital and one member GCs and performs all repairs, do you think a 50-50 profit share is fair?

Should the GC partner get compensated for their hourly labor or should they only be paid through profit share?

Or do you think it is better for the financing member to charge a set interest rate and leave more of the potential remaining profit to the GC partner.

I know this will be an"it depends" type of answer- I'm mostly curious to learn about partnership models that others are using and how they've worked out.

Does anyone have a good rule of thumb for evaluating tenant income when the primary rent payment source will be through liquid investments in retirement accounts?

I'm struggling to find general contractors in the Shelton, CT area.Does anyone have recommendations?

I'm shopping around for property insurance on a 2600 sf commercial building. I have it under contract at $110k but every insurance provider I've called is making me insure the building to $400k+ (because that is their estimated rebuild value). I only want to insure the property to $200k -- any higher seems like unnecessary over-insuring to me. I want to avoid wasting extra money on premiums if I don't have to.

Does anyone know of any insurance carriers that let you select the rebuild-value that you want to insure to?