All Forum Posts by: Joseph Firmin

I'd be patient and stick it out. It's not a bad deal based on the 15% CoC if you can get the financing. Out of curiosity - what lender(s) would lend on something lower than $50K? I wasn't able to find one in the area I was looking in a couple years back.

Form the partnership or structure it as a loan from them to you - either of those two ways would work.

Venmo, PayPal, Zelle, Cozy.co property management software, PayNearMe.... lots of options.

Operating agreement for what? Your LLC? - Yes. Set it up the right way or don't do it - negates the legal protection of the entity if you don't set it up the right way. Otherwise, just stay a sole proprietor. If you need one and want it done right, I'd recommend contacting Corporate Direct.

@Ralph Pombo, I'm not sure, check with the 1031 specialist on that question.

Where the cash flows. :) 

Where you can get good rents coupled with low expenses and price/door. There are also different strategies that can be implemented in different markets. Some markets are great for long-term buy and hold, while others crush it with STRs. 

@Rey Gonzalez, don't be discouraged. Go make a deal. Make sure the numbers work, but there are still deals. They may not be in your backyard, they may be in another town, but they are there. Long Distance Real Estate Investing by David Greene is a great book for opening your mind to other opportunities out of your market.

Partner with someone who is willing to put their name on the mortgage(s)? Buy cash, buy it subject to the existing mortgage.

Yes, if that aligns with your goals. Sorry for the confusion.

Assuming your goals are to grow a portfolio (you need to get clear on this first), then you would use the equity and buy a cash-flowing property that will also pay down your land loan. Think about it in terms of how you can leverage the bank's money. Say you pay off the land loan. You now have untapped equity in the land that is just sitting in the land, not being put to work for you. Always try to keep your capital working.