All Forum Posts by: Eva Medusa

Jon!!
THANK YOU!

you are great!! i do understand now exactly how it works, i was very confuse honestly.

Thanks to all you guys for the replies on this post!!

Thanks jon,
that's was exactly my question.

But if that's the case so how the partner that is putting the loan secured by the property is gonna make money?
Because the other partner put 30k, that of course he or she wanted back.

my idea here is maybe that also the partner that carry the loan, can use some credit card money for the fixing of the property till the different of 30k come to zero. But in that case so there is not value for the one who carry the mortgage and do all the legal paper on his/her name because at the end he/she is paying back to the other partner. i do not know if i explain myself clear here, sorry.

thanks

Jackie and Jaremy thanks for the advice.
Really appreciate!! :)

Hi Everyone!
Sorry if you see this twice, i am trying to see where is the right place to put my question.

Maybe this is a very silly question but i would like to know
how you guys set up the rules with your business partner.

Example: Let's say one of the business partner is putting the credit and name for the mortgage and all the legal papers, the second person is putting the money (20 to 30k). After the deal is done, fixed, sold back, they make 40k profit ( 20k each)

Now, my point is whoever is putting the money already invested 20 to 30 k, so is kind of getting the money back. On the other hand the one with the credit get 20k also but do not put any money so is not or do not feel such a tangible resource.

Can anyone can share here please how this play, if there is a maybe instead of 50-50, maybe 80-20 profit split till the person that put the money get his or her money entire back. But also this not fair with the one that put his/her name on the deal.
There is way of putting value to this credit/name business person?

i am sorry if i did not explain myself right...just want to get an idea how this work with your partner so it is fair for everbody.

thanks

thanks Bryan,
A very good advice regarding having my credit repot with me.
Thanks..:)

thanks!
well the first idea here with my partner was to buy, renovate and put the property back into the market as soon as possible, but looking around and seeing how long things take here, and how expenses are the property, nothing for less than 250K with 20 to 25% of downpayment, we are thingking about holding.

Rigth now actually i just talk to someone from HSBC bank and he told me that if we are looking for an investment property that need renovation we have to fix it before closing with the bank or get a construction loan in place before.
did not know this..ummm
things are getting complicate...-(

Hi Everyone!!

thanks for all the great post on this web, very helpfull!! :)

i am new in this business and here, just planning to get my first investment property within the next 3 to 6 months, a 2 or 3 family home in the bronx or brooklyn area in new york city. Already talking to some real estate brokers, and mortgage companies, while also running some basic numbers to start understading if the deal make sense or no ( i am reading the ABC of real estate investment from the rich dad series).
Right now i have many questions but one step at a time.
my next step is to get pre-approval by a bank and see for how much i can qualify for. Having some questions here if i should go with chase or HSBC ( whihc is my present bank for my co-op home) or if i should go for a local mortage company in the bronx.

Thank,
E

Hi Everyone,
I am new here, trying to buy my first investment property ( a 2 or 3 family home in the bronx or Brooklyn area , new york city).

My question is: should i go for a big bank like HSBC or chase to get pre-approval and see for how much can i go for it, knowing of course that i need a 20% downpayment minimun ( as i did 5 years ago when i purchase my current Co-op place) or should i go to a local mortgage broker company? which one is faster and more reliable?

thanks for all the posting. I am leaning a lot here.
E