All Forum Posts by: Nate Gelinas

Omar,

Just sent you an invite to connect and a message!

Thanks for the info gents.

Will Barnard, I guess I did not specify, however I would not be personally occupying the property.

Hey guys. Long story short, I have a family member who may be financing a purchase. They are lending me $45k, 5 year note @8%, interest only payments for the duration, lump sum due at the end.

Now I would like to set up this member to have a mortgage/lien on the property that I am purchasing simply to legitimize the loan and make them feel comfortable with the whole transaction.

Can anyone provide any insight, or point me towards a good book or anything that I can read up on?

Appreciate any help!

Hmm, thanks for the info.

What about for borrowers, have you had any feedback on that?

It seems like the site has made significant progress since the OP. *signs up*

Hey Lex welcome to BP.

First off, the way your question is presented would lead one to believe that you might want to pick up a little more savvy on the topic before delving into it.

Just like you, I too am interested in getting into multifamily. I would suggest reading "What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures". I just read it last month, and it is a MUST read for understanding the metrics used in income producing property analysis.

Was curious about the BP REI summit when I first joined. Guess I have to go now if I get a free pass. Thanks Josh.

That shows you have not a clue :P

Bill Gulley, its human nature. People want the quick route, the fast answer, the solution. Most are not willing to put in the hours doing their educational "due diligence".

Additionally stupid questions are bound to pop up from even people who have done the research. I read 20 real estate books before feeling credible enough to step foot in the forums, and I am sure that some of the questions that I may have asked thus far have seemed stupid as well ;)

You answered everything. Basically I wanted to know if I could get my sales license, and "work" under a broker (purely for MLS access for investing purposes) for 3 years and be eligible to then proceed to get a broker license.

I just was not sure whether or not you had to be actually doing listings with clients for those 3 years, or if simply having an "active" license fulfills the requirement.

Thanks!

Awesome info.

Last question for you since you brought up an excellent "exit strategy" via the broker route. In order to get your brokers license, I believe for GA you must have your sales license for a minimum of 3 years. Does stipulation refer to 3 years as an active agent, or 3 years total? If 3 years active, would the setup that your wife does (and what I would plan on doing), count for the time requirement?