All Forum Posts by: Kenneth Blacow

There is an real estate group on that meets once a month at the Ihop in Fayetteville that has a large attendance. I do not think I am allowed to post the link to it, but the Facebook group is Southside EEE - Real Estate Investing. 

Look for Mike Williams here on BP he is one of the Facebook admins, for some reason I cannot tag him here.

If you do it you need to keep it in a separate account just like your deposit money and transfer it each month. In your books you need to track it as a liability until you record it as income. 

@aaron shearin’s method works well for prepaid fees that you pay such as a lawyer retainer. 

@Chandra Whittaker, so sorry I hope you believe me when I say there is no judgement on my part. I don't want you to get in trouble is all I am talking about. I hope you can get it worked out, I'm sure you will.

@Chandra Whittaker

I did not see you address the question about whether you live in the residence. Please be careful if you do not live in the residence and still claim a homestead on the house. If you are living in another residence with your husband and he claims the homestead exemption on that house you are probably breaking the law. I know if you lived in that situation in Florida you would be breaking the law.

@David Gerard as with most questions like this it all depends. I am not a lawyer so seek your own legal advice, but FL does not have a strong single member LLC protection. Look for a podcast with Scott Smith from Royal Legal Solutions. He talks about a Texas series LLC that might be an option. My guess is NY will probably be more expensive to form an LLC. Just my two cents.

@Charles Wesley it may be worth at least speaking to Brett Swarts at Capital Gains Tax Solutions. He has been very helpful in discussing options for deferring capital gains taxes using a Deferred Sales Trust. There is a cost to the setup and maintenance of the trust, but it would let you defer your gain until you find something you want to invest in and then the trust can actual invest in your new venture. Just a thought.

Following also as this is where I am headed. 

HI @Alan Abdin,

For many years I did IT support for Justin Dinerman of The Dinerman Group. Though I did not use his services I saw his operation and work ethic and found him to be professional and innovative in his thinking and business approach. I can PM his email address if you would like.

Ken

Thanks @Michele B.

The property is a 5 door NNN with 100% occupancy. The appraised value 2 years ago was 3.2 million and I expect the LTV would be around 50% since that is his stake in the partnership. I do not know what the partner is willing to take for his interest at this time, but I think he is trying to replace the worry and stress of ownership with a lump sum in the bank. Since there is no debt there is significant cash flow that I need to maintain for the health and well being of an aging parent, so I will be trying to keep the payment within a range of 6-6500 a month. I would like to try and find a 30 year amortization 5 to 10 year term, but I understand that might be hard find in commercial loans. The appraised value 2 years ago was 3.2 million and I expect the LTV would be around 50% since that is his stake in the partnership.

I want to put together a leather bound notebook that  would have a good 1 sheet with info a bank would like to see and then have more in depth financials as other documents that I will need during the application and underwriting process. I think if I walk in with something professional looking in hand that will help my chances. I am looking for suggestion and or examples of what I should include.