All Forum Posts by: Tim Coakley

Thank you Will! That's a great foundation for what I'm looking for.

Hi Everyone,

I am evaluating a new type of flip opportunity and I was curious if any of you have similar experience. I am looking at a partnership with a seller who owns a duplex outright in a very affluent area of South Carolina. The owner wants to transition the duplex into a single family home and then sell, but he doesn't want to finance or manage a renovation himself. The plan is for me to handle the renovation project and cost, and then take a proportionate share of the net profit after sale. After initial analysis the margins look very strong. My main concern is protecting myself, as I have no equity in the property and legally don't know what safety nets are available to make sure I get properly paid out on the back end. Has anyone done a deal like this in the past or have some guidance on how to prepare before commuting? 

I appreciate any insight you can give me!

Hi Everyone,

I'm hoping someone can help me out. My partner and I are located in South Carolina, but we are looking to purchase some large multifamily properties in Milwaukee, WI (triplexes-small apartment buildings). I am originally from Milwaukee and have a solid network there, also the market is much more favorable to where I live now. We plan on buying 3 or 4 and then do a portfolio refinance in 3-5 years. Wisconsin typically has a 12 month seasoning period. However, we have talked to a ton of local banks in Wisconsin and no one will work with a non-resident for the refinance. Some even require 51% of partners be local residents. 

I could potentially claim dual residency. My regular job is located in Milwaukee, (I work remotely) and my primary bank account is still in Wisconsin. However, I think I would run into the problem of having to pay taxes in both states. Outside of finding a local partner to work with, has anyone found a way around this?  

I'm open to any and all suggestions. 
 

I am looking for multi-family properties. Duplexes, triplexes etc. We already have our financing and will be paying in cash. I'm more looking for a bank to work with when we refinance. I am also looking for a commercial loan because the property is going to be held under an LLC. I also have a 50/50 partner in the mix.

I currently live in South Carolina, but am originally from Milwaukee, WI. I have been looking for BRRRR deals in Milwaukee since the market is much more favorable than my current location. However, I am struggling to find any bank or credit union that will work with an out of state investor. I am looking for a commercial banker, but even with a Wisconsin LLC, they still seem to all require me to be a Wisconsin resident. Has anyone run into this situation and found a way around it?

I also have the possibility of claiming dual residency as my parents still live in the area. Has anyone tried that strategy with success?

Any kind of insight or help you can provide is greatly appreciated as I have struck out on the last eight banks I've tried.