All Forum Posts by: Joe Homs

@Chris Lyman for me it depends on the property that I own. I own more condo's than SFR's. For my condo's I only have 1 month in reserves because they are in good areas, and it only takes me 30 day or less to rent them out. Also, I only take care of the inside of the unit so very little issues there, so less expense.

My SFR's are different in that I need to have some money to address major issues, like Roof repairs, painting (inside and out), etc. I have at least 6 months of reserves.

Also, consider that I do not live "paycheck to paycheck."  If there are major issues, I can take care of them without effecting my lifestyle.  If someone is not in my position, then they may have to have 9 months in reserves.

Good Investing...

@Logan Winn welcome to BP.

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@Zhe Xu this is not difficult to do if you are working with the right person who knows what they are doing.  If you are the seller you just need to make sure you know the following:

1.  Is the buyer qualified to make the payments.

2.  Will you be using a neutral third party to receive the payments and send them to all the parties.

3.  Are you comfortable with leaving the loan in your name for a period of time (negotiable.)

4.  Are you willing to do seller financing for the difference or just wrap the other loans and get more money that way?

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@Amanda By the only way the tax assessor will NOT reassess your home is if the property goes into the other entity in the same ownership as you have it now. I would check with a title company to make sure you are doing it the right way. What I usually do is record it in a land trust and then have the beneficiary be me and then transfer it on paper to your LLC.

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@Ade Afon yes I still do.

@Kaelyn See maybe convert it to a self-directed account?  Is this going to be a loan?  I would reach out to @Dmitriy Fomichenko to ask his opinion.

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@Ramy Boshra just getting the leads and setting the appointment would be helpful.

@Mary Patton there are many ways you can structure this deal. When investing with others you should protect each other from each other. The best way is for each of you to have an LLC and own the property 50-50 (if that is your split?) He would then place a 1st TD loan on the property to protect his interest. Who is paying for the reno? Have you flipped homes before? Do you have a contractor in place? Owning in an LLC protects you and him from liability instead of having it just in his name, yours, or both.

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@Erick Armando Gonzalez she is in the best position if her name is not on the loan.  If they all cannot get along then do subject to at $600K or less and tell them to split whatever is left over.  There is a lot of pain there, so work it.

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@Radhika Naik you can search on Facebook for wholesaler groups.  You can attend local meetups like this one: 

OCREIN - How I purchased over 85 Homes in Alabama sight unseen. (biggerpockets.com)

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