All Forum Posts by: Jeremy Taylor

@James Allen do you mind going a little deeper with the thought process there? What makes one area a short term play and another a long term play? 

Thanks! Are you referring to long and short term in regards to the length of holding the asset and the location over time or long and short term rentals? 

I’m looking For info on what areas to focus on and what areas to avoid in Knoxville TN

My partner and i run an airbnb management and we currently have 18 units we manage. We are outgrowing our systems and we would like to find a mastermind or mentor that has effectively and efficiently run or is currently running 30 plus properties. We have taken some courses and been in a few masterminds but we feel like we are outgrowing the systems available at our level. Most courses we have seen only give you enough info to get started and were past that step at this point. It seems as though everyone we find is in the 20 unit or less range and we all use similar systems or just manage to "make it work" with hard work. We are having a hard time finding someone who runs a larger operation that is willing to help. We are willing to pay for the coaching if the value is there. 

 I’m working on my second one now. 

Thanks for the advise @Christopher Phillips.

Thanks @Tom Gimer thats exactly the info I was looking for. 

Just for reference for anyone reading this, I spoke with an attorney and this is what we came up with; I have a notarized copy of the quit claim deed in hand before close of escrow and I will be submitting it after close of escrow (this meets the non assignable stipulation) I also have a contract stating our intentions with the wholesaler (between us). I found a hard money lender that is familiar with this type of transaction and will have me exclusively on the loan so I won't be involved with the other party legally in any way other than the title. I have seen many posts and articles online about this type of transaction, but nothing that explains the actual steps involved. Hopefully everything goes smoothly and this info helps someone else down the road. 

I'm the end buyer, I'm buying the REO from a wholesaler. I'm just trying to avoid as much cost as possible and keep myself protected. What are your thoughts on doing a quit claim?

Ok. I wasn’t aware of the difference. What would be the additional closing costs associated with a simultaneous close? Have you ever done the quit claim strategy?  

I'm trying to buy an REO from a wholesaler. Due to the contract being NON assignable he has suggested we leave him on title with me and quit claim him off after closing. I understand the strategy and I like the idea of avoiding the costs associated with a double closing but it makes me nervous because my lender is saying he needs to be on my loan as a joint venture. Does anyone know if I can get a loan(hard money) by myself with him on title?

Also how would you recomend I protect myself in this scenario. Can I write up a contract stating his intention pre close of escrow? 

I don’t really have a “fear” because I just won’t sign the closing doccuments without the quit claim. My concern is about how the process typically works. My hard money lender doesn’t think the loan company will let them be on title without being on the loan. Neither of us want them on my loan, so I’m trying to see how it’s done. He is saying they give me the deed BEFORE closing which sounds good to me but how would that work since It would be essentially assigned to me at that point? It seems like it would have to happen AFTER escrow closes but that concerns me a bit more and I think they would need to be on the loan at that point.