All Forum Posts by: Joe G.

@Josh Lyons Also, I should stress the importance of ensuring you have these items worked out in writing so that the terms are clear. Great partnerships are built on open and transparent terms of engagement that are beneficial to both sides. However, whenever credit is extended to a partner -- they should expect to pay a fair premium for that service.

Is it feasible for you both to agree that all cash flow from the property will be placed into a reserve fund until there is an amount that is reasonable, then cash flow can be paid out?

Also, in the meantime while that reserve fund is being built up you will need to have an agreement in place. I might suggest that the owner that can't afford to pay for repairs can actually afford them. Whether they are using personal credit, selling items around the house they don't use, or working W2 overtime. That reserve fund should be a priority.

Remember that if you are in it for cash flow, you can benefit from the tax implications without actually getting a dollar in your pocket.

@Derrick Gordon I have found it helpful to calculate it as a "Cash Purchase" then calculate all the costs of the capital and enter it as a monthly payment in the Other Monthly Costs section. 

For your second question, I would calculate any recurring payments as a monthly income even if it is paid quarterly or annually. If it is a deposit towards a cost (for instance a pet deposit that you will use to replace flooring when the tenant moves out) I wouldn't calculate this as income.

@Timothy VanWingerden What does the current lease say regarding inspections, work, and notice for access?

@Joshua Callanan In Maryland, I go to the Department of Taxation website and search the legal entity search. You can get see some of the docs for free and usually there is an indication of who might own it based on who signs, mailing address, or if it is owned by another business -- you will have to look that up as well. Also, Maryland requires that a Resident Agent be identified for legal service. If someone is trying to stay "ghost" by using third party legal systems, the RA is a step in the right direction and should pass your message on to the owner. Not all states require a RA to be disclosed, but almost all of them do. 

@RaymondHunce

Trying to revive this conversation. How has your relationship with TD been for lending? I have asked around in different circles and the following have been suggested locally: Old Line (Formerly Bay Bank) & Revere Bank. 

This deal has passed, will post more in the future - please continue to BOLO. Thanks.

3/2 Cape Cod on large lot with unfinished basement in seasoned neighborhood. Looking for a partner for the down payment and co-sign or use your lender. About $10k in repairs to be paid by me at closing, $1k EMD already paid, plus I worked since July to get this property at this price. So we will have the same skin in the game. Estimated $100.00 positive cash flow until long term loan can be secured, then nearly double. Closing price is around 68k; ARV should be 120k. In addition, I am a licensed agent that is the buying agent and will be the selling agent during the exit -- saving around 6%. $13,000 gets you 50/50 partnership with me. Please contact with any interests. Thanks!

@Anil Samuel is this still available?