All Forum Posts by: John Stover

Hey J Scott,

I have also been working with a Real Estate Attorney for about 10 years and he is the only person I'd ever use. He's awesome at what he does and knows his sh_t! His name is Rex Caldwell at Brilliant Title Company in Annapolis, MD

John Stover

Trying to figure out a strategy:

My brother wants to invest into a property with me. His credit is very bad but he has about $150,000 in equity in a rental. My credit is good so we want to sign over his home to me, I'll make the house my primary residence and then take out approx $100,000 to invest.

My question is this:

1. If we put his house into my name and he sells it to me for a nominal amount say $5000, are there any tax consequences to him or me?

2. If I bought the house for $5000 would I be able to take out $100,000 if it appraises for $150,000?

3. Does anybody know of a good place to get a fixed equity loan?

He purchased the house 2 years ago for $75,000.

Thanks,

John

Wow! Thanks for everyone's advice. I have written out what I thought was a pretty detailed business plan (until now). Here is a little bit of it so maybe you could let me know if I'm on the right track. I still have no idea where to buy the multifamily house. I have a couple of states in mind but not sure..

Objective – Long Term

Increase my CASHFLOW and have enough real estate investments to earn over $10,000 a month in passive income in 10 years, over $120,000 a year, and to have over a $1,000,000 net worth

Objective – Short Term

Acquire 1 “multifamily” Income producing property and 1 primary residence. Increase net worth by $60,000 and monthly net income by $800-$1000!

Mission Statement

My mission is to be incredibly successful.I will accomplish this by dedicating 10 hours a day (7-5pm) to my success formula, 6 days a week.100% of my time will be given to help myself achieve my goals to have a happy, secure, fun and healthy life.My plan of action will include time at the gym, 1 hour dedicated to study, the completion of 6 daily work goals I create nightly, 30 minutes dedicated to meditation and self-awareness and fun time with the family.When I’m at home I will dedicate my time to my kids and will have no thoughts of work.My goal is to be successful, stress free and happy......

Some of it's a little corny, I know...

Thanks again,

John

My goal is definitely long term. I would like to have good cash flow but I'm not sure where to buy a mutli-family.

Hi Brandon. I actually live in Indianapolis! I would love to not spend the money if I dont have to but my credit isn't very good (650 or so) and I have read a punch on creative financing but cant figure out how to do it.. Any advice?

Ryan. Yea, I'm very reluctant to purchase anything additional in Cleveland. I'm currently off of West 65. I have recently started to look in Cleveland Heights and Shaker Heights. What do you think of those areas? My aunt lives in Brunswick which doesnt seem bad either. Would you purchase cash, put money down, buy a single or mulit?

Thanks for everything!

John

Thanks to everyone in advance for your responses.

Here is my situation:

-I have approximately $100,000 to invest in real estate and I want to get as much cash flow as possible.

-My credit score is about 650

-I currently own 5 houses. 2 houses are on the West side of Cleveland "war zones" cash flows about $500 total), 2 are in nice neighborhoods in Maryland (1 generating $500 cash flow, the other, $0) and 1 is in West Virginia $400 cash flow).

-I'm trying to figure out where to invest and how to buy. Maryland is a really good market but the house prices are HIGH in good areas. Cleveland has decent cash flow but in a "war zone". West Virginia is no good..

-Would you buy a few "war zone" houses, try to get a loan for something in Maryland that has a chance of appreciation, duplex somewhere?

Not sure what I should do. This is an extraordinary amount of money to me and I need to invest it wisely.

Please help!

Thanks,

John

MODERATOR: THIS IS NOT A REQUEST FOR OFFERS TO SELL PROPERTIES. ANY POST OFFERING PROPERTIES OR "HELP" WILL BE REMOVED WITHOUT NOTICE. "BECAUSE I HAVE PROPERTIES FOR SALE" IS NOT A GOOD REASON TO RECOMMEND A LOCATION OR INVESTMENT STRATEGY.