All Forum Posts by: Roman M.

I use one for general liability. 

https://www.usli.com

 This info should be as appearing on your tax return. Most landlords will put zero in gross income and zero on cost of goods because their income goes on rental schedule. However if you are running an airbnb business then you probably will have gross sales and cost of goods. Just look at your last tax return and see what you have on the front page for gross income and cost of goods. If it is zero for both then you put zero for both and only put amount of rental loss which at this point is probably an estimate. I projected 3 month loss of rent. 

What was LTV at the time when you made the loan and what is current inplace cap rate for the portfolio?

Wait 6 months there should be a lot more for sale and for a lot less 

I will not buy anything right now based on the current numbers.  

They need people to start buying things. Buys cars, buy real estate, don't worry about tomorrow. Live today. Europe has been doing it for last 10 years and they survived. We just starting now so not so bad but now they have a real problem. 

time will tell. 

I bought foreclosures between 2009 and all the way to 2015. In Miami it was highly competitive and there was always tons of people bidding. I must have submitted 50 offers on various properties before I got my first deal and figured out that i always had to go over asking price because there was always a multiple offer situation. Sometimes I would bid 10% over asking just to blow everyone out of my way.

I bought at online auctions where you closing is basically next day at 12pm. I had to do tons of due diligence as there was no title insurance and even after I paid, I wasn't 100% sure if I missed any details. It was crazy time. 

Everyone was trying to get an edge on competition. 

I bought REO which was much easier deal in terms of due diligence. Closing would take about 30 days.

I bought Short Sales. Closing took anywhere between 60 days to 4 months (if it went through). 

It was fun times but now that I look back, I wish I did not walk way from some of the deals. 

I kept most of the deals for 2 to 3 years and made good money. 

Is it a single family or condo? If condo beware if the condo assessment that may not be a lien yet but they can lien later.

I had taken deed in lieu in Florida but my attorneys prepared a settlement agreement and also has inserted a language into the deed that it will not merge into the title held by my Co; said mortgage shall continue in full force and effect until satisfied by my Co. This was done in case any other liens pop up and I can still foreclose everyone else out. I suggest to have an attorney handle the paperwork and can also buy title insurance. 

I think another way is to deed it to another newly formed entity so you preserve your current lien. 

Jen, 

if you are asking all these questions than you should really avoid doing any deals until you get proper training or at the very least consult an attorney. 

If you loose money it will be an expensive lesson. There are too many details when you lend especially that it looks like you doing 100% financing.

Can he ask for a piece of profit sharing in the deal based on how much capital he brings in? Kind of a sweat equity.