All Forum Posts by: John Anderson

I have a new client that wants to rehab some homes in my market. Is there a way to search the MLS to find rehabbed homes? For example a house might have sold in 2018 for $40k & then sold in 2019 for $160k. That is a home I would add to the list to show the rehabber. Thanks!

I have a new client that wants to rehab some homes in my market. Is there a way to search the MLS to find rehabbed homes? For example a house might have sold in 2018 for $40k & then sold in 2019 for $160k. That is a home I would add to the list to show the rehabber. Thanks!

I have a new client that wants to rehab some homes in my market. Is there a way to search the MLS to find rehabbed homes? For example a house might have sold in 2018 for $40k & then sold in 2019 for $160k. That is a home I would add to the list to show the rehabber. Thanks!

@Odie Ayaga Thanks. I don't have any knowledge on quitclaim deeds. Would have to assume it's less worrisome if it's just being used as a tool to move it from your own LLC's.

There are a few things I dislike about the partnership LLC.

1)  I plan to use many different partners & don't want to start 10 LLCs.  Maybe I could start 1 & just switch ownership periodically.

2) The partner & I will go out separate ways after 3 year so that is why I want the deed to be in my name (My LLC's name). Also the risk should be my responsibility as well.

3)  It just makes things more complicated for the partner.  I want to partner with people that are too busy to be real estate investors, I need to make it a simple process for them.

Guess my next step will be to give my lawyer a call to see what he suggests.
 

@Odie Ayaga   Great advice, I think you are spot on.  Thanks

@Tom S. Yes I called a few. Most of these types of lenders don't care where the funds are coming from. But some also don't allow second position liens. They all seem to want to have an LLC for me & my partner rather than my LLC that I use to buy buildings on my own. I would rather buy in my own LLC.

So what I'm thinking I may do now, is set up an empty LLC to use for buying buildings with a partner & then do a quitclaim deed the day after closing into my own LLC. Changed ownership of empty LLC to new partner & repeat. I need to do a lot more research on this & figure out the best way, but I definitely think it is doable.

@Tom S.

Thanks for the response @Steve Hiltabiddle.

The "Hard money lenders" I'm referring to usually call themselves "private lenders", although to me a private lender is someone you have/create a relationship with rather than a large organized business that lends money for real estate.

One of the lenders I've used in the past is called Capital Funding Financial. I havea 30 year mortgage through them at 6.5%, it was a no doc loan. My DTI etc wouldn't qualify at a bank.

I want to find a way to basically have a partner supply the entire down payment, we share profits for 3 years(it would mostly go to my partner) & then I own the building and continue the mortgage payments for 27 years alone.

I will have to call some lenders on Monday to see how we can do this.

I am going to start looking for private lender partnerships. I would borrow the 20% down payment from the private lender and get an 80% LTV 30 yr fixed mortgage with a hard money lender (~6.5%). I would repay P&I to the private lender monthly over 36 months, likely at 12-14%.

I haven't started asking about the mortgage requirements & searching for hard money lenders that do this yet but would like to figure out some of the structuring details before I start calling. I will sign a promissory note with the private lender. Have some questions I am unclear about.

1) Does the private lenders name go on the deed or which paperwork does their name go on if they have a second lien on the mortgage? After the 36 months, when their debt is repaid, do I need to do anything regarding the paperwork?

2) Am I going to run into hardship to find a hard money lender that is willing to do this?

Also I have great credit but don't have the DTI & correct ratios to work with banks, so they are out of the picture.

Thanks in advance!

I am going to start looking for private lender partnerships. I would borrow the 20% down payment from the private lender and get an 80% LTV 30 yr fixed mortgage with a hard money lender (~6.5%). I would repay P&I to the private lender monthly over 36 months, likely at 12-14%.

I haven't started asking about the mortgage requirements & searching for hard money lenders that do this yet but would like to figure out some of the structuring details before I start calling.  I will sign a promissory note with the private lender.  Have some questions I am unclear about.

 1)  Does the private lenders name go on the deed or which paperwork does their name go on if they have a second lien on the mortgage?  After the 36 months, when their debt is repaid, do I need to do anything regarding the paperwork?

2)  Am I going to run into hardship to find a hard money lender that is willing to do this?  

Also I have great credit but don't have the DTI & correct ratios to work with banks, so they are out of the picture.

Thanks in advance!

There are some very disappointing comments on this thread.  Jim K, yours takes the cake.  Your reply is all based on you, a 40 something, not in great shape, male.  I'm not trying to be mean, but nobody wants to rape you.  OP's sister might be a total dime(sorry OP), 22 years old & half the size of the guy jacking off.  Attractive women need to be concerned about their safety from creepy men 24/7.  You and her have life a different life so don't put yourself in her shoes.  Would you say these things if it happened to your daughter?

Also, how can you say with such certainty that the OP & his sister have totally fabricated this story?  Is it simply not possible that this actually happened?  Just watch the news for 5 minutes.

I'm renting out my first apartment. It became vacant early this month. It is a 4 bedroom. I've had a lot of interest and many want to move in however none are looking to move in tomorrow. Typically Sept 1. What is the best way to handle this? A concern of mine is that someone willing to up and move ASAP might be a low quality tenant.  But I also don't want to burn 2-3 weeks in tenants because tenants don't want to or can't afford to pay double rent.  This is a somewhat low income blue collar working town.  Any advice would be great. Thanks