All Forum Posts by: Anthony Musolino

@Nathan G. That was my fear. I have pretty much built my portfolio alone. However, the thought of having the opportunity of purchasing a bigger property does kind of suck you in. I just have a gut feeling and alot of reservations about a joint venture with someone that I dont know too well. I hear about people partnering on deals all the time but when it comes down to it its a big responsibility. I just dont want to pay for a poor choice down the line.

Hello all, I just wanted to know how many of you have invested with a friend or associate in hopes of obtaining a better quality of property. Is this something that is common practice ? If so, what are some things you can do to protect yourself in the case that the partnership goes bad ?

Does one partner go on the loan and the other partner go on the deed at closing ? I have recently been approached to partner on a deal to purchase a multifamily property. My fear is that the partnership goes bad and I’m stuck in a bad situation. Ive always been told that a buy and hold partnership is like a marriage.. everything down to the paint is a joint effort. Would you partner with someone you haven’t known for very long but together have the resources to make a good deal? All feedback is welcome. Thank you.

@Chase Thompson Thank you, Chase. The property is actually in Oak Grove, Kentucky. Clarksville, TN and Oak Grove, KY are only a couple of miles apart. And right in the middle of it os Fort Campbell which draws most of the general population. The Clarksville market is definitely booming with appreciation being a little over 12% since last year. However, inventory is pretty low and prices are getting higher in Clarksville.

Thank you so much for the good advice! I found the form and will fill it out with an attorney’s review. I appreciate your time and attention. 

@Mason Hickman perfect, that’s exactly what I needed to know. So I draft ip a purchase and sale agreement with the agreed upon terms with both parties signatures. Would I be able to use that with a lender as an “executed contract” ?

@Mason Hickman do I not need to have the seller sign a contract ? Or does that happen in the attorneys office/title company ?

Hello, I am currently in the process of purchasing a FSBO property. However, I am stuck when it comes to the paperwork. The seller and I have agreed on a price and terms. Now I just have to put it on paper and make it official in order to submit for a loan to complete the transaction. What would be the best method ? Realestate agent ? Realestate attorney? Google "how to write a purchase agreement ? Any and all feedback will be appreciated. Thankyou

@Todd Dexheimer Hey Man, I really enjoyed the article. I aspire to one day do something like that as well sometime soon. I sent you a PM.  Thanks for the good read!

@Evan Polaski Thank you for your reply. I have thought about a cash out refi and a partner. I am currently in the process of discussing that with my lender. I am hoping that because all of my rentals are currently being rented that it will help my case. I may have to give this a bit more time to develop as this virus situation is making things a bit more difficult. 

@Todd Dexheimer would you say finding someone willing to execute a seller financing option is a bit more difficult these days? I have yet to see anyone willing to go through with one. is that something some sellers agree to when they have multiple units ?

I appreciate all of the responses. 

@Bjorn Ahlblad, Thank you for your reply. I agree at this moment it is a little more difficult. Would a MF with 4 units or less be any easier to do ?