All Forum Posts by: Nick V.

Just to provide an update. We filled it in, was a pain to do but its gone now! the pool was actually in poor shape, only thing good was the liner. Everything else was not good. I had someone remove it all for free and I got close to 100 yards of clean fill and filled it in. Dont think this would effect property value for where this house is, the back yard has a lot of room now and I think this is more attractive to the majority of people both buying and renting.

Update.

#3 is complete and rented! and we close on #4 at the end of march! Purchase price was $249k and just heard it was appraised at $265. Im happy! Need to get ball rolling for #5 now!

Im about 50% done a conversion from a SFH to a duplex, i have done 90% of the work...

I'm now learning, if its going to take me 3 months to do it all my self, thats about $3500 lost from it being vacant.. so i may as well spend that amount to have it done in 1 month have it rented sooner, sooner money is in my pocket, and i didnt need to do anything and can spend time with my family. 

Only kicker is having the funds to do so.

Update.

#2 is all rented and going well. #3 (the conversion to a duplex) we have finished one unit and have that rented, now starting construction on the upper unit. Plan to be completed and have it rented for March 1st. A lot of work, we need to rewire upstairs completely add a new meter, new kitchen etc.. In the meantime I have started looking for #4. I was planning on doing a BRRR but as all of our funds are tied up, #4 will need to be a JV. Id like to complete one property and be able to roll right into the next so that we don't have any time wasted in between!

Thanks!

Good news, we have been approved to convert the SFH into a duplex! Need to finish renos on #2 and get the unit rented. Once that's complete, we will start on #3, once its complete and rented I have some time to pay off some stuff and in meantime will look for #4! Planning on a BRRRR for #4.

Hi Everyone,

I am in the process of completing out 1st JV deal. But I am unsure how to set it up "legally/legit".

My parents and my wife and I will be owners  (split 50-50) my parents will be paying the down payment/closing costs/reno costs and we will be completing all of the work, managing and operating the property. 

We would like all parties to be on the deed, but only my parents will be on the mortgage. I have called a few lawyers to ask if we (my wife and i) can be on the deed with my parents but not on the mortgage, and they all seem to say that if you want to be on the deed you need to be on the mortgage as a bank typically wouldn't allow parties to be on the deed and not on the mortgage.

I am wondering how others have done this. Is it simply an agreement between all parties stating the details? or how can it be more of a "legal" document?

Any information would be very helpful.

Thanks,

Nick

Thanks, I found #4 which is a BRRRR but dont have the funds to get it.. working on it though.

 Hi Kelly,

I'd still consider myself a rookie with all of this so that being said I may be wrong. I was told if we are not on the mortgage we cant be on the deed? if you have any information on how this can be done that would be much appreciated. 

The JV deal is with my parents, they are paying the 20% down payment and having the mortgage in their name, this will be a conventional mortgage with one of the big banks (I call them A lenders). That is their 50% and my 50% will be renos, managing, operations etc. but as this is our first JV i am not sure how to do it.. All I knew was i wanted more houses but didnt have any money so I found people who do lol! As my parents will be having the mortgage in their name the finances will not be in mine therefore it doesnt affect us in anyway.

 Maybe you can send me the link if you dont mind. Thanks!

 I think its an unknown answer. I think if the your doing as per the rules its a possibility to have multiple but i think its you need to try to find out kind of thing.