All Forum Posts by: Rick Pozos

I am a borrower from several friends and family who use Quest, now Inspira. I tried to make a payment and kept getting a message that some information was missing, but it wasn't.  I called customer service. After 65 minutes on hold with them, over 2 months ago, I got hung up on. They just called me back yesterday to ask if they could fix any issues. LOL

I told them that the issues were cleared up about a month and a half ago, but thanks.

@Aaron Fischer I would find a new custodian. You dont have to keep your money there. You can move it.

Hey @Dana Brix since you have nothing in writing, it should be split 50/50. I guess you paid your fiancé for his work? If not, 33.3/33.3/33.3.

Everyone thinks that their contribution is worth more. For me, finding the deal is the big part. If it is not a good deal, you will lose money. For some, they dont have money, so that is most important. For some, using a contractor who can get the job done is most important. 

Finding and funding are usually the big ones. It looks like you each did your part, so you are entitled to your contribution.

Next time, just use your friend as a realtor and thats it. You have the funds to do the rehab yourself. Now you dont have to split it with her. Let her do one by herself also. I think you will both find that life is so much easier when you are working together with a partner.

If you are getting out of your rental properties, you might 1031 them into larger, less hands on type of properties or property. If you have 5 single family that have some equity, get into a little strip center, office building or apartment building. Something that a property manager can handle for you. When you guys get old and pass away, the kids get it with a stepped up tax basis.

Just a thought.

Hey @Jordan Deaver the way to look at this is that it is a long term scenario. As mentioned above, this does not work out great right now, unless you have a screaming great deal. By the way, Those are the only type of deals you should be purchasing right now.

If you can buy, clean up or fix, get rented and get 90 to 100% of your money back, you now have an asset that has some equity. You might only have 10% equity, but little or no money in the deal AND you have a rehabbed house that will not need much capital expenditure for quite a while.

Just think if you did this with 20 houses over the next 20 or 30 years. Pretty soon you will have loan balances of ZERO AND Rents that are slowly increasing. The rents will not be 1300 anymore, they will be 4k per month x 20 houses = $80,000 per month. Plus houses in 30 years will probably be 500k x 20 houses = 10mil.

It's a long term retirement thing. You will not see it in the short run.

Nobody has mentioned one big point, BOYFRIEND. It is NOT her husband. What if they break up? What if he runs off and leaves her with the payment, but not clear title?? 

Sell it to your daughter only. The boyfriend can pay rent as a tenant. She can use most of the rent as income to qualify. If he goes away, she can find another tenant/roommate.

Just another perspective for you.

The original poster says I just got off the phone with a lender, then says We are a private money lender, HMMM???

All his socials have 1 or 2 followers, but 10 employees, HMMMM???? I would have all of my employees like my socials.

Says in Nashville, but says in Dallas, but no phone number anywhere, HMM????

Dont give up your bank accounts and social security number!!!!

If everything is the same, I would go with the cheaper one, 3/2. Less payment if it stays vacant a while. Both 1% so you are purchasing for about 220k or 260K?? Those are pretty decent numbers.

Remember property taxes get re-evaluated every year and can go up every year AND they are kinda high relative to other states.

Neighborhoods matter. Make sure you do more research than Rentometer. 

When interest rates go from 3% to 8% in less than a year, YES prices will go down. It takes time for people to adjust to why their house is not selling. Then they lower a little, maybe get it sold. The comps are now a little lower. THEN market price is a little lower and again they have to be a little lower than that and on and on until we get to equilibrium.

If prices have NOT come down and there is lots of demand for housing in that area, prices may only come down a little, if any. In most markets, prices will come down plenty more over 2025 and maybe more in 2026. Just my thoughts.

Before you pay for inspections, estoppel, etc. go look at the property yourself. See the condition of the property. YOU can tell if the exterior needs work. Look at one or two of the units, do they look like crap or do they look like the neighborhood??

What do they say the rents are for the different units?? Are units in the area about the same price or are they way lower?? What are the rental rates around you?? You are going to need to see their tax returns to see if they are telling the truth.

And what is the interest rate that they are offering you? Is is low enough that someone would be ok with a wrap??

Ask the realtor to have a sit down with the seller and the agent. Talk briefly and honestly about the condition and your plans for the property. Let them know that you like the property and the area, but there are some issues that need to be taken care of. 

Let them know that you could purchase at XXXk, you would need a low interest rate for year 1 and 2, interest only. By the end of year 2 you can get bank financing. Low down payment, but you would be increasing the value of the property with your own cash. See what they say. It can't hurt to ask.