All Forum Posts by: Jeremy S.

I am looking to sell non performing notes for 2 separate properties. These properties are located on the same block in Harrisburg PA and have a balance of $12,500 on each.  Both properties are occupied and I have been able to collect some rent by invoking an “assignment of rents” clause in the mortgage.

Please PM me if you are interested and we can discuss some details. Keep in mind that I will not be able to provide access to the property themselves.

In my area we are seeing a trend in corporate owned gas stations that own and custom build their stores. They offer quality food and dining areas areas as well. There are very few small independent owned gas stations that are surviving and that would be more of my concern for me. I agree with others that the land will still hold value and I don’t see the electric car thing affecting this segment very much.

I can’t help with any formal paperwork. My partner is extremely hardworking, honest and easy going. I wouldn’t suggest getting into this partnership with anyone different. What are you getting out of this partnership anyway? You obviously found the deal and are apparently able to fund it yourself.

Having just done this myself I would suggest opening a NEW checking account that is dedicated to this project in both your names. Deposit your cash each and Get debit cards for each of you and use it for all expenses. Sell house, deposit check, take out initial deposits, split balance 50/50, close account and move on to the next one. I would also suggest if you are both physically working on the property that you agree on an hourly rate and pay it if one person works more hours than the other. My partner had unforeseen health issues during the project and I had vacations and softball. He ended up with 10 more hours and got $250 more than I did. The biggest benefit of this arrangement was actually keeping track of the hours. I can almost guarantee that each person will believe they have considerably more hours put in than the other partner if it is not tracked. When you sell, the title company will give you each a 1099 for the sale. You will be able to ask them for any combo you want so long as it equals the sale price. That would take care of your income shown for your LLC issue

This is exactly what we need, everything is better when government gets involved!

The one on the right behind the sink would be my choice but all of them are tasteful and fairly neutral so I don't think you can go wrong

I personally like the tile you have pictured but something with a bit of color could work too

No need to add him on the LLC. Having just done this myself I would suggest opening a NEW checking account that is dedicated to this project in both your names. Deposit your cash each and Get debit cards for each of you and use it for all expenses. Sell house, deposit check, take out initial deposits, split balance 50/50, close account and move on to the next one. I would also suggest if you are both physically working on the property that you agree on an hourly rate and pay it if one person works more hours than the other. My partner had unforeseen health issues during the project and I had vacations and softball. He ended up with 10 more hours and got $250 more than I did. The biggest benefit of this arrangement was actually keeping track of the hours. I can almost guarantee that each person will believe they have considerably more hours put in than the other partner if it is not tracked.

Easy. what's the cost of the extra interest on a 5% down loan including PMI? What would be your expected return if you invested that other 15% some other way? I would also never suggest that as a home owner, you are completely out of cash reserves.

Flip? Rental? Your own home? What do similar properties in this price range have?