All Forum Posts by: Michael Majer

Short question: Is it possible to refinance a property purchased under 1 LLC, but JV'd with a partnered LLC (not on deed) into a long term mortgage?

Purchase a property on hard money with intent to flip. Partnered with another LLC not on mortgage. Ran into significant sewer repair that was completely unforeseen even after camera. Has completely crushed rehab budget and set us back significantly in timeline.

Internet was to flip, but wondering if it's even possible for us to refinance and rent it now. Issue is we have the JV partner and they would like to be part of the ownership if we long term hold. We have great relationship with the partner and would be open to long term hold together if that's our last resort. I just don't know if we can refinance it into a long term mortgage with 2 LLCs even though my LLC solely purchased.

I notice with most wholesalers I have worked with, the title company is stated in the purchase agreement. In Pennsylvania, isn’t the buyer allowed to determine what title company they want to choose for closing?

I’m not an attorney and don’t pretend to be. But if it’s true that buyer can choose title company, why and how do wholesalers push the closing company of their choice?

And as a buyer, how can someone bring that up to a wholesaler when working on a purchase? Will wholesalers walk away from the deal? Can they do that, legally?

Just curious. Thanks.

@Alvin Sylvain thanks for the reply!

I will definitely check with an attorney.

As far as family, I believe that there isn’t much desire to hold on to anything in the house. But i agree that i should be certain of this before I start making any decisions.

Thanks again!

So I’m set to close next week on this property I purchased from wholesale.

The previous owner of the house died.

There is a car in the garage.

Does anyone know how to go about selling this car (Pennsylvania)

If anyone needs a 1992 Acura, hit me up.

@Chris John still good advice.

 Thank you for the response. Yes I have scheduled 2 more walk through's to get some perspective.  Being clear with my budget and expectations this time. 

And yes, I am very much inside my own head now. I do not want to talk myself out of every single opportunity, and I can see that happening going forward.  I NEED to learn and get hands on experience.  

 

@Stone Saathoff

Thank you for the response.  I did walk with my agent and his recommended contractor.  My agent said that the deal can work and while I won't make a huge profit, at the very least I can make some money and gain the experience.  He also thinks that 70k on this property seems high.  Not replacing roof, not replacing windows, no structural issues.  Kitchen, bathroom, cosmetic. Then the unforeseen. 

I really do not want to back out. I want to see a project through and learn from it.  But once I talked to a lender, the lender had me seriously second guessing myself. His concerns line up with some of the posts on this thread.  

I have scheduled 2 more contractor walk through this week.  Going to be more clear on my budget and expectations.  

Thank you for the response. 

Yes I think that the scope is a big thing I need to reevaluate right now.  I think this will be something I have to redefine.  

@Damaso Bautista thanks for the feedback. I don’t disagree.

@Jim K. Thank you.