All Forum Posts by: Samuel Carmichael

@Juan Lopez welcome man, congrats on the 3plex, I went to small on my first deal. Need to refinance out of FHA so I can rinse and repeat.

@Anthony Thompson I recently convinced a stockbroker & an COO of a large Boston company to invest in my deals as private money lenders.

But I am struggling to find a simple way for them to fund just the downpayment portion. 

The goal is to buy rehab refinance & 80% and get private money out. 

Any thoughts?

I have a friend who will fund up to $30,000 that I would like to use as a down payment for an single family investment property. 

How do I get his money into the deal as the down payment? 

I have a private investor who will fund up to $30,000 that I would like to use as a down payment for an investment property.  

How do I get his money into the deal as the down payment? 

@Brandon Battle They are brother and sister 50/50 ownership paid off. 

Here is the full family situation.

Brother and Sister team own the property. 
MY BROTHER is buying it. My brothers WIFE is the daughter of the female 50/50 owner.

My Brother........ wants to buy out just the uncle.

The Sister will let my brother take over 100% upon her death because my brother is married to her daughter. So really she just wants to maintain her right to live there, but with some skin in the game for decisions if things go sour between her and her daughter.  The "sister 50/50 owner" cant buy out her brother on her own because she shows no income. 

Thoughts? 

@Ann Bellamy not sure if you have any insight on this. 

Hi Everyone, 

A family member of ours has 2 houses on one lot in Martha's Vineyard.

She owns it 50/50 with with my uncle  "TIM"and there is no mortgage. 

TIM wants to be bought out for 300K, but my aunt wants to stay 50/50 with US NOW.

What is the simplist way to finance and buy out Tim, but keep my aunt on the mortgage?

*****My aunt doesn't necessarily need to stay on the mortgage but wants to retain ownership 50/50 "somehow until she passes. Where we then have 100% control like she wanted.

Thoughts?

hi everybody! Happy Wednesday.  Does anybody know about syndicating small MF properties?

I have some private lenders who are willing to put up the $$$$, and the refinancing plan.

But in need to know how the transfer of funds would work, and the simplest way to execute he deal.

One challenge I expect is that if I am "gifted" 'money like this, some lenders want to see it be in my account for 60 days before they will allow me to use it for downpayment.

Thoughts?

I went through the same thing. After I bought a 175,000 house with a 25% equity position for $400 dollars they stopped. But also I know it's hard but you can't share your ideas with everyone. Some people don't care, get jealous, or are scared.

You can get 11 units for 400K in Maine? Lmk if your bringing in cash partners.

Great insight, thank you.

Ann Bellamy Thank you. I misspoke about seller bringing funds to the table. Thanks for the correction. I meant how does the HML officially pay for the property .....but typed seller. Good catch. It seems as if a HML already has a team for tile insurance and search that would make things much simpler. This is my basic idea right now, stop me if it seems unrealistic. When I find another good deal use a HML to close quickly with the seller. Within the first month or two (because I bought the property right) do a Rate & Term refinance, not a cash out. Hard money lender makes fees +\- a month of interest, and I get the deal a good deal, with hopefully minimal amount of money down. Also I wouldn't be opposed to waiting the seasoning period for a small cash out refi to get some of the downpayment money back. Do you see this scenario often with the rate and term refinance? I do have two lenders who mentioned they can do Rate and term refinances out of hard money with no seasoning period. Thanks again! Sam