All Forum Posts by: Nick Zinner

Looking to network with wholesalers and other investors in Monmouth County, NJ. Specifically Middletown, NJ and nearby surrounding areas. I am active in flipping properties right now. Reply!

Thanks!

Hi everyone!

I just purchased a home using the VA Loan. I was curious how I can turn this into a rental property as soon as possible. While researching I saw something that mentioned an IRRRL loan, but I never got too much clarification on how that works.

Or if you have any advice on how I go about a quick flip with a VA Loan I am all ears.

In addition, I am getting separation orders soon. Not sure if that will work to my advantage on breaking some strict terms the VA has by stating the home must be "Primary Residence."

Thanks,

Nick

@J Scott @Ndy Onyido Thanks for the responses! I apologize for the confusion. It would be in terms of a loan. I was wondering what I need to do to keep this legal. They brought up some questions on how profits would be taxed, how they write this in their taxes, and so on. First, I would like to conquer the question of how to make this a legal loan and contract it. Is it something I need a lawyer for? Or is it something I can write up and we both sign. etc. 

Thanks again everyone! 

Nick Zinner

Hey Bigger Pockets Community,

Recently I had some friends and family members approach me on investing into my REI LLC. Long story short, friend A wants to invest $10k into my business, family member B wants to invest $15k, and so on. Neither need the money back ASAP, they understand the rehab and flip process. Obviously they would want a return on their money for the time it is loaned, and they understand that the ROI would be based on the profit of the flip. So the terms I have discussed with them are understood and accepted. So no need for discussion there.

What I am getting at is, how do I legally obtain their money into my LLC to use as money for my business needs? (House flipping) I am sure it is much more difficult than me taking a check from them, depositing it, and using it to my disposal.

In other words, it is almost as if they are giving me start up money for my company. How do I legally go about this without them being involved in the company, for example, part owner of the company, on the title of houses, etc.

Also, no need to hear the whole "Don't do business with friends pitch." LOL.

Thanks for your time everyone! Have a great day and good luck on your next deal.

Nick

@Jeiby V. Thanks for the response. I totally understand where you are coming from on the free coaching, but I have heard of it. Unfortunately, that mentor lives across the country. I am actually at a good start. Just purchased a house that I need to sit on for a year because of the type of loan I used. It was a REO property that I purchased for 200k and the ARV is anywhere from 306k-325k. I am going to put about 25-30k into it. I know the basic things of REI because of how much I have researched, but that extra hands on experienced person helps a ton. For example, after this house does get sold in a year, what is my next step with all that profit I have made? How do I go about my 1031 capital gain? And other things like that. So I appreciate your advice and I love the "Just go do it." attitude because that's what I am doing. I am not just waiting around, but an experienced mind can potentially eliminate some mistakes and guide me into the best scenarios. Thanks for sharing and good luck!

Nick Zinner

Hello Bigger Pockets Community,

I have been doing a ton of research, attending seminars, and making phone calls to answer a lot of my questions. Throughout this research I have come across a lot of beginners getting involved with a coach for free. I guess this coach is someone with a good heart who takes someone under their wings to teach them the way and watch them succeed. I do have some capital and I have the ability to use a VA home loan (Veteran) to my advantage. I am very determined and I can see how the business has tons of potential for a motivated, hard working individual. In addition, networking and capital are clearly the most important things needed. I have a good head on my shoulders, but I am looking for that extra piece of expertise to get me in full go. So to be clear, I am looking for a coach in the REI business that works out of NJ, Central NJ is even better, but beggers can't be choosers. Thanks for taking the time to read this!

Nick

Hi everyone.

So I am currently looking for any type of funds to have access to, to fund deals and get the ball rolling. I will be honest, I am a newbie to REI, but with high risk comes high reward right? I am an Air Force guy transitioning to the civilian life soon and really see a lot of potential in REI. Looking forward to any advice and input. Thanks so much.

Nick

Hey everyone!

My name is Nick, I am a newbie to REI, but I have educated myself a lot through seminars, research, and contacting people to find answers to my questions. I am currently looking for Private money/loans to fund some deals I have in the works in the NJ area. I am very excited. All information and guidance is very much appreciated!

Thanks for reading!

Hey everyone,

Long story short I have some people who want to invest into my real estate business. This money would sit in my businesses bank account until I needed to use it. This would help me with capital so I am really thinking about it because I am just starting out. What legal forms would need to be filled out between the two parties to make this okay? What about taxes on this money? 

Thanks!

Hey everyone,

So through some people I know I stumbled upon someone who needs help getting out of their situation.  They are in the process of being foreclosed and would like some help getting out aka selling their house. They reached out to me so obviously they are motivated. My questions are what information should I ask from them? The only thing I have found out is that the bank sold the mortgage to "Green Tree". I will be contacting the person soon and want to have some questions ready.  I have cash buyers lined up who would be interested, but this is my first foreclosure. All help is appreciated. Thanks!!

-Nick