All Forum Posts by: Sam Schlosser

 I think that is probably world class advice. I'm more interested in the legal transfer of the money and tax implications thanI am the nature of the agreement. I will also take your advice and speak with a lawyer on that portion. We have all of those parameters pretty well laid out but are both pretty confused on the best way for me to give him the money and for him to provide the return of my money. 

 Agree, however that doesn't really help answer the question of the money gets transferred? Do I simply write this guy a check and then he gives me money back later? In terms of tax implications how does that even work? I don't feel like I can just hand somebody money and then they can just give me money back but maybe I"m over thinking it. Take for example, if I wanted to use my proceeds to do a 1031, can I even do that if my name wasn't on anything. That is my line of questioning and all of your points are great. 

Hello,

A close friend of mine has acquired a property and construction financing to renovate. He has asked me to come on as a 50% partner. I am struggling to think of how to do this at this point. His name is on the construction loan and it is secured as well as the cash to purchase the property came from a heloc from his personal residence. 

I am just wondering if anyone has been in this situation before, and has found a good way to get my money in and get my money out.

Any advice is good advice.

No, I think that the floor plan will sleep the number of people I needed it to in order to be profitable. Great point. 

 Thank you so much. I believe the mistake was unintentional. I appreciate your input and that advice seems great. I'm curious if other investors place more weight on an appraised value or a dollar per square foot. 

This is my fourth property. A vacation rental on a small all sports lake. The property was listed at 2,832 square feet. Inspections turned up a couple small issues that were fixed. However, when the appraisal happened the appraiser found only 2,132 square feet. We looked into this to verify square footage, which we admittedly should have done earlier, and found out the website the listing agent used was incorrect and the property is in fact 2,132 square feet. 

I put it under contract at 370k, the appraisal came back at 370k. I know that technically the value is the value but I can't help but feel jibbed as I thought I was getting the property around 130 a square foot and truthfully I am paying around 170 a square foot. A house two doors down that was used as a comp in the appraisal, and is not as nice sold for 174 a square foot in January. 

All I have to do is continue on and the house will be mine, and I think would be a nice short term rental. I guess I don't know why I'm having such a hard time accepting this. I am feeling a little childish- as if I'm mad I didn't get a "better deal" 

I genuinely need some advice as I have been going back and forth for three days driving my wife crazy. We are told, of course, there is a backup offer ready to go. I feel like any request for concession is going to be combated by the fact that the house appraised at 370k regardless of square footage. 

Thank you for reading this, and I really look forward to hearing what you guys have to say. 

Thanks,

Sam