All Forum Posts by: Jonathan Bonck

@Dan Costantino

 Yes the private lender is OK with 2nd position.

I have't decided on how I will hold this property. I currently only have 1 SFH that's under my name. I am in the process of getting LLC setup and will transfer the 1st SFH. But this deal would likely be in my name and then transfer.

Thanks@Dan Costantino! 

The seller has the first lien.  I would have to do a "wraparound" for this seller financing deal. My plan is to wait 1 year then do a delayed financing (cash out refi) with the bank into a conventional loan. The conventional loan would pay the seller and the cash out refi would allow me to use the equity to pay back the private lender. 

I need help understanding this scenario. I have a house for sale at $100K with seller financing. Give the seller 7% interest rate but I am using private lending for the 20% down payment of $20K. I will pay the private lender 7% return monthly. This deal has a 3 year ballon. Once I've  acquired the property and it has been 6 months to a year, can I execute a cash out refi? I want to refinance out of the seller financing into a conventional 30 yr loan and pay off the seller and  pay back the private lender the $20K. My question what is the best way to refinance out of the seller financing and pay off the private lending? Not sure I could perform a delayed financing ( cash out refi). From what I understand that happens only when you pay 100% cash. 

Thanks you so much! 

@Ashley Pimsner

 Thank you for the input. I think I have a high likelihood of getting it lowered. Just wanted to understand the standard operating procedure for making sure this was reflected accurately in my escrow. I appreciate your help! 

Hey Team,

I have an escrow account setup for the pirincipal, interest, insurance, and taxes for a property. I am protesting the property taxes. If I win an the appraised value of the property goes down then my taxes will go down. Will this automatically be adjusted for my monthly escrow account payment? Do I have to speak to the mortgage lender and let them know. What is the general protocol?

Thanks!!

HI @Account Closed

I would think about growing your savings about another $10K. For me starting out I am looking at SFH. I want quality products in order to attract quality tenants. I don't want my first couple of acquisitions to cause issues. Down the road I plan to leverage more and take more risk. .So I would think about buying your first SFH but looking to put down 20-25%. That would require about $25-30K with closing cost included. Remember, your first deal is a building block for your next deal.

@Alexander Plott

 Welcome to BP! Setup your alerts for the areas you are interested in such as "Houston". Great way to stay up to date. Definitely check out the BP's webinar's on Thursday's too!

Hi @Patrick Anastasiowelcome to BP! Its an amazing community. I have just started investing in Houston this year and learning tons through this community. Houston needs more REI savy attorneys. I think you will find some great opportunities here. Best of luck!

Sorry if I was not clear on my initial statement. I am just seeking a CPA in Houston that is just starting out and is looking to develop long term relationships. Not necessarily someone to partner with me on investment deals. Most of the CPAs that are real estate focused in Houston seem to already be well established and have 100s of clients. I want someone that I can start and grow with throughout the next 30 years. 

Hey BP,

I am a beginner buy and hold real estate investor in Houston. I have one property with the plan to acquire many over the next year. I am looking to partner up with a professional CPA that would be close to my age. I want a relationship that I can grow and build over the next 30 years as I build my real estate investment company. Do you know CPA's in their 20's or 30's that would be interested in something like this?

Thanks!