All Forum Posts by: Matt Speer

@Al Jacobs By tax free, they mean that the owner didn't have to pay capital gains tax on the income since he owned the property for more than 2 years. At least that's how it works in Indiana for me. 

I'm looking to network with a contractor in Indianapolis to do a rehab for my live and flip in Butler Tarkington. The job will be between $40K-$80K depending on the scope of work I decide to move forward with. 

If you know someone that is licensed and insured please send them my way. I'll reward you with coffee/lunch and at least average conversation.

Love this feedback, Wayne. I need to stop getting worked up and simply analyze the issue at hand and act accordingly. I'm not one to get pushed around either. 

Thanks again for this feedback, it's much appreciated! 

It's not worth losing the deal over $1,000.. we have over $100K invested in the property. At the same time, why pay someone $1,000 that we don't owe just because they're sleazy scumbags? 

Clearly I'm pretty frustrated at this point, but I appreciate your comment nonetheless. 

I'll make a long story as short as possible. 

• Just as I thought our refi was complete - we realized we had to pay off a lien to our contractor for $4,000 that we owed him from the original rehab. It was interest free money and at the time, made 100% sense for us to take. 
• Now he's just being sketchy - we realized after the fact that we shouldn't have agreed to the terms of the lien. If we're just one day late he could try to seize our property appraised at $167K over just a few thousand dollars. 
• He's trying to say we owe him an additional $1K, even through we have record that it's absolutely false. He has a sleazy lawyer that is dragging his feet even after we proved we paid the full amount - we think he dragged his feet thinking we'd forget to make the 8/31 payment today.. didn't happen. 
• At the end of the day, we can deal with this issue and get it resolved, but it's keeping us from closing on the refi that will put $125K+ back in our pockets so we can roll it into the next deal(s). 

What should we do?? 

Part of me wants to just let it work itself out because we're clearly in the right. The other part of me wants to find a lawyer to put a scare into them for trying to push us around. 

Any help would be highly appreciated and if you're a lawyer that wants to make a quick $100 to send them some sort of legal magic, please help!! 

did you ever get that logo created? 

Without the ability to prove at least some experience I would expect it to be difficult to find private investors of a deal that size. However, if the deal is good enough the money will find you.. 

I'd recommend getting a few deals under your belt and to keep track of the results with the goal of using them as a confidence boost for future potential partners/private investors. 

Also, don't forget about the in-between. You can always put some skin in the game while still having private investor(s) involved. 

Hope this helps! 

I have two properties with a partner. I'm looking for a cash out refi to put our money to work again. However, I've been told that to get a 75% LTV, I couldn't refi the properties under our LLC.

With just two properties, is the risk of personal liability less and than the more stringent terms of a potential commercial refi? Also, what type of terms could I expect through a commercial loan? 

Context of the properties -- 

Property #1 CFs approximately $1,200/mo (no loan)

Property #2 CFs approximately $400/mo (no loan)

Any advice would be much appreciated! 

A partner and I just finished a renovation on a Butler University property that is in an area surrounded by mostly student rented single family homes (before after/project company coming soon!) 

I have a plan that will be set in motion today but I was hoping for some tips/advice from someone that's rented to students/young professionals before!

Thanks for any help! 

I'll keep this short and sweet. 

I have an LLC with a partner and we have 2 rental properties. My partner is in the process of getting things lined up to file taxes for the first time for the business.

On the other hand, I'm currently in the process of obtaining an FHA loan for a personal residence. They've asked me for a K1 form, but I don't know how to get this document. My DTI is close so I've been told that it's pretty important that I supply this form.

I have $1,500 in escrow for the property and have 3 roommates lined up to pay me $1,500/mo which will give me $275 CF and no living costs. So it's pretty critical to ensure I get approved for the loan. 

Any advice would be super helpful!