All Forum Posts by: David Adler

Thanks @David M., that was helpful. Appreciate pointing me to those posts.

So I just passed my CA Salesperson exam and got my license 🎉. I don't have it attached to a broker yet.

It was something I always wanted to get since graduating college, more than anything, for my own transactions. Now that I have it, I have a renewed motivation to get going with RE investing.

What do you suggest I do with regards to attaching it to a broker? Anything specific I should be looking for or asking before deciding who to do it with?

How do you recommend I use it to my advantage in my own deals? Any specific strategies I can take advantage of now?

Thanks! 

Hi BP!

I have an idea in my head and I need some insight from experts.

I bought my apartment in 2008 and now my family has grown and we have to move. I always had the idea to hopefully be able to keep this one whenever the time came to move, but unfortunately I am not there. AKA, i don't have the funds for the downpayment for the new place without selling this one.

So, thinking of ways to keep this one AND get a new place I thought that maybe I can get a "partner" (really a family member or close friend, I have some options) who might be interested in being my partner on both properties. My plan (please excuse me if im a little crazy on this one):

1) Creating a partnership or trust to own both properties.

2) The new partner would invest the equivalent amount of the down payment for our new place and become a partner.

3) The percentage partnership would be whatever the down payment amount equals in the % of the value of both properties, or a couple of percentage points more as an incentive.

4) We would rent out this apartment (there is some cash flow to be made) and I would be responsible for paying the mortgage on the new one and keeping this one rented.

There are some legal issues to be had with regards to when, how and if we decide to sell, but maybe i am not so crazy after all and I can make it work.

What do you think?

Thank you!

@Scott E. I understand. I was just wondering if there was an opportunity for both of us on this that I hadn't thought of. I guess the way I posted the question didn't explain that. Thanks anyway!

@Jeff Bridges Thanks.. I do realize helping her would involve some kind of penalty for her if i am looking to make anything on it. You are right, the best idea would probably be to just help her realize the equity she has so that she can get motivated to do something about it.

Hi @Wayne Brooks , I know i would have to take money from her in some way and we are fine with that. At the end, the goal is to get her into the place she wants for the monthly payment she is currently paying.

I was hoping for some advice as to how I could make this work in a way that we could both benefit. I get $ or a property and she gets the bigger place she wants for the $ she is currently paying.

Hi BP,

I am looking for my first deal and here at my current job I have a very close friend who lives in a 2bd 2ba apartment in San Diego. She has been wanting to move out for years now because she needs a bigger place and feels stuck with the whole process and a little tight on the $$$.

She is currently paying $1,229.49 for her mortgage (incl. taxes) and $200 more to the HOA on her property. She is looking for a 3bd in the same area.

Her current home is valued as-is at $265,000, she bought it for $259,000 and owes $156,000 to the bank.

Is there an opportunity here for her and me? Could I help her get the bigger place she wants while making this my first (profitable) investment deal?

Thanks!

D.

@Bryan Collins Thanks a lot man! I will let you know. I am open to anything you need around this area as well.

@Aaron Mazzrillo Thanks, i will try to make it up to one of those meetings.

@David Friedman Thanks for the help! I will be in touch soon.