All Forum Posts by: Nikko Tountas

There is a debt lender, where they are paid a percentage return. An example would be a 10% annual return until the property is sold or refinanced to pay the lender back with interest.

You also can do a combination of the two. The great thing is you can be as creative as you want.

Yes I was leaning towards this specific property using the BRRRR method to refinance and get him his money back plus some interest.

0 Votes

Chicago, Illinois

Quote from @Stephanie P.:

Quote from @Nikko Tountas:

Hey guys,

So I am just getting into the real estate investing industry and am looking to purchase a few properties. I have a private money lender I can turn to for covering the down payment on the properties. What I’m looking to see is what is the best way to structure the deal to get him his money back the quickest way. He wants nothing to do with the property just wants his money to make money. I would like to just have his assistance to just jump start my portfolio. Thanks in advance for any advice!

If he wants nothing to do with the loan and you're going for a long term rental, then you will have to probably source and season the funds to close for 60 days. Not all lenders require it, but most do these days. Funds to close include downpayment, closing costs and usually 6 months reserves.

If he wants to just be a money partner but still have his name on title in case something happens to you, set up an LLC that makes him a less than 20% owner. Most of the lenders in the DSCR space don't require anything (application, credit etc...) from any members with less than a 20% stake in the loan.

This is great info! I appreciate it the feedback

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Chicago, Illinois

Quote from @Eliott Elias:

Pay him monthly interest or a set return at the end of the project.

What is a typical good percentage for an ROI on a project like this?

1 Vote

Chicago, Illinois

Hey guys,

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Chicago, Illinois

Nathan I appreciate the feedback thank you! Going to check it out right now

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Chicago, Illinois

Quote from @Paul De Luca:

@Nikko Tountas

Here is a list of real estate meetups in Chicagoland: https://www.straightupchicagoi...

Awesome Paul thank you for this!

1 Vote

Chicago, Illinois

Hey guys I’m located in the Chicago area and looking to see if there is anyone looking to network. I would love to talk real estate and be able to talk strategies or potential future deals. I’m always looking to learn more and expand in this space.

1 Vote

Chicago, Illinois

Quote from @Jim Flynn:

Would need more info. what is your end game in the deal. Are you going to do another project after this

The endgame would be home to sell the apartments to a larger corporation such as a hedge fund once construction is complete. Also the first 18 townhomes have been already bought and should be completed by next spring. Then we will construct another 18 townhomes

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Quote from @Bonnie Griffin Kaake:

@Nikko Tountas Are these developed units rental properties that you own and have tenants for or were they sold as condominiums?

Bonnie,

yes the first 200 or so were sold as condominiums. Also the 18 townhomes are already pre sold and under construction at the moment. Now we are looking to expand to more townhomes as well as being able to put up almost 300 more units.

1 Vote

Hello,

My partners and I are developing 18 townhomes at the moment and looking to build 18 more plus looking to develop 350 apartment units. We have 35 plus acres to develop with a previous 200 plus units already developed on the land. I’m reaching out to see who can I potentially approach to fund/buy the project and develop it for the group such as hedges funds etc. Also any advice on this would be great and all feedback is welcomed!

1 Vote

All Forum Posts by: Nikko Tountas

Nikko Tountas has started 7 posts and replied 19 times.

Post: Private lender money

Post: Private lender money

Post: Private lender money

Post: Private lender money

Post: Networking and meetups

Post: Networking and meetups

Post: Networking and meetups

Post: 36 townhomes plus 350 apartment units development.

Post: 36 townhomes plus 350 apartment units development.

Post: 36 townhomes plus 350 apartment units development.