All Forum Posts by: Rick Maningas

Hello everyone,

I hope this is the proper place and subject matter for my post. I am considering conducting business with Alexis Realty Solutions out of Detroit MI. They have what appears to be an unbelievable nonrecourse loan program for either residential or commercial investing. I would like to hear from anyone who has credible experience with them. If you need more information on my situation, drop me a line. Thank You in advance. 

Hello, I am a cash buyer for a SFR in Milwaukee. I typically buy in the northwest section of Milwaukee, Timmerman Airport, but I am willing to consider other areas. My all in costs, purchase price, rehab and soft costs are a maximum of $100,000. I like 1950 or newer homes, 3/1, that have not been upgraded. Thank You.

Hello, I am a cash buyer for a SFR in Milwaukee. I typically buy in the northwest section of Milwaukee, Timmerman Airport, but I am willing to consider other areas. My all in costs, purchase price, rehab and soft costs are a maximum of $100,000. I like 1950 or newer homes, 3/1, that have not been upgraded. Please email me at [email protected] or call me at 262-888-2599. Thank You.

What are the odds of the lender considering the land contract a sale (I don't know the relationships here) and evoking the due on sale clause of the mortgage?  

I would think to protect all of your partners you would want to form an LLC and lay out what percentage ownership each partner has. Then they get their share of deductions from the LLC. Under the LLC operating agreement it can say that not everyone has to be on the loan, what profit distribution each has, etc. I'm not an accountant but those are my two cents.

I'd like to know also. Has lease option with rent credits along with land contracts on a balloon payment gone the way of the doodoo bird?

@Brian Gibbons  Thank you. I didn't understand that your main premise was a ROFR. Are you involved in Land Contracts, lease options or rent to own?

@Brian Gibbons, assuming @Chantelle P. never lived in this property and qualifies as a Category 2 Land Contract seller, she still is unable to do a balloon payment as per Dodd Frank correct?

I have my Lifeonaire membership that I am selling for 1/2 of what I paid for it. I am selling it for $2,500 until the end of June. If you are thinking of joining Lifeonaire, save the money and join now. Membership could be more than the $5,000 I paid since I joined a while back. Go to Lifeonaire.com to learn more of this coaching program that is changing people's lives. PM for more information  

Thank You. @Ken Rishel