All Forum Posts by: Bo A Vanecko

@Simmy Ahluwalia  thanks for the reply.  are you able to finance in texas or offering up advice?  just curious and as always all advice is greatly

Partner and I are looking for a lender on new builds.

What we would like: financing with a 5,10, or 15 note 30 year amortization.

lending on new builds (lots secured, permits either already obtained or in filing)

lender who is willing to have an LLC sign docs (partner and i would use our W2 filings as our means to secure loan but would like to have the LLC as property owners).

willing to walk through any offer or suggestion as they come through. we are ready to break ground/build on 4 lots as we speak.

feel free to reply on here or PM me and i would love to speak more.

thanks

John Vanecko

I have no idea if this will be able to occur as of yet (we are researching with the city now) but if we purchased a 4 plex and a duplex and then are able to convert it to a "6plex", when we go to refi (using HML's to do purchase and rehab), how will the banks choose the value of the property for which the loan will be created? Would they do a basic NOI generation for anticipated "year 1" and then divide by current Cap Rate in the area to get a "value"? And then I am guessing they would do a 75% LTV, 6-8% rate?, 20 or 25 year Amortization (5 year arm) and run from there?

is this a pipe dream to think i would be able to buy in a "conventional" setting, and then convert refi out in commercial?

(even if it is a pipe dream :) a quick answer to my valuation / loan conditions still appreciated :)

Thanks in Advance.  John Vanecko

If you listen to Rich Dad Poor Dad and Cash Flow Quadrant, basically buying a home with a min down and not too much yr/yr equity growth is dangerous.  reason being you are working for money, money isnt working for you.  and the home is NOT an asset in this case b/c you are paying into it.  Assets should work for/pay you.

that said the books dont say you shouldnt buy it but rather you must be diligent in doing so and buy the MIN you need not "what you desire or wish for" so you are not stretched.

paying it off as fast as possible is the best in the long run ....now on the flip side, if you build up enough REI and are able to then utilize that money to pay your mortgage/car loans/ car cash purchase etc....then it isnt as bad off.

bottom line, the best thing you can do if you would like a house is to make sure you buy the min you really need.  keep it simple for now esp if you are getting into investing etc.  also reading these books highly suggested if you havent already.

from a standpoint of understanding how renting vs buying affects your day to day activities and tax situation etc, the calculator provided above does a great job.

check out:  http://www.4smartmoney.com/  i havent worked with them as of yet, but may be in the next few weeks..... pending deal close etc....

Hello all.  Looking at my first purchase in texas (FW area) and would love some advice/help in doing a title check on two lots i am looking at purchasing.  Basically want to make sure they are free and clear and also want to make sure they are currently zoned as a 4 plex and a 2 plex which is how they are being sold.  

Not sure (i am beginning to do some homework this morning on them OOS) if it is fairly easy to get this info in texas and online as i am OOS.  

any help advice would be greatly appreciated.  

Quick question on an early partnership situation. I am looking to make a move with my partner on a 4plex and 2plex in the next few weeks. Based on this being the start of the "business" and we are still working out the LLC arrangement etc, I will likely purchase in my name and then move these into the partnership. Curious how others approached purchases in a partnership early on when LLC / business cant make the purchase and individuals are on the loan docs etc.

Do i purchase on my name but add partner to title docs?

Do i keep loan and title under my name but then roll into the LLC? (so partners name not associated with loan/title but LLC ultimately has property)

Is there anything i should be watching out for to make sure I am not solely liable for anything with the property moving forward and legal issues would fall on the LLC?

Thanks in advance and if i need to elaborate a bit more feel free to let me know.  Trying to juggle a ton of items at once heading into my first partnership and first purchase :)

John

@Cara Lonsdale @Brent Coombs

thanks all for the responses.  This is how i went about it but wanted to make sure that i was thinking about it the correct way.  sounds like i was on the right path.  thanks

Bo

have i now ventured into a commercial note/property vs multi family?  if i am evaluating these how best to run the numbers?  

the units are right next door sharing a parking lot.  right now there is not enough spots to turn the duplex to a quad but we are researching that.

if i can find a way to get two more spots we can turn the duplex to a quad.  it is 3800 sq ft so easily room for a quad or tri at min..

but the bigger question is if i purchase from a wholesaler as one note buying both properties do i run the numbers as a commercial property and evaluate using cap rate or can i run them separate using the normal property calculators?

just curious how others would approach this purchase.

right now numbers looking as follows:

150K purchase for both

250K rehab needed

rents around 750 conservatively now and 850-950 if we upgrade appropriately

running a few scenarios now but curious how others would approach :)

need to act fast on this one so may be making a move in next 24 hours :)

interested as well:  [email protected]

thanks John