All Forum Posts by: Travis Stern

@Dave 

@Dave DeMarinis the latter of what you were saying about closing is what I expected. Just wanted to see if there was anything I may have been overlooking or should add. I did not want to tie up that much and really feel good with the investor as I have known him a long time. 

I have decided I would rather make the loan and become an equitable partner in the llc for this deal. I wiIl spell out the terms in the llc which will take out some of the risk of being in second. 

If you have done something like that before, any caution flags to be aware of that you know would be appreciated. Thanks

@Tim Herman Thanks

Thanks Tim, 

I would buy with cash if investor ran into trouble. The Hml is funding the rehab money and the investor is putting in 6k to meet reserves required by hml. 

The concern is not wanting the property if it ran into issue, it is trying to put myself in position to either get paid or be able to clear the 1st and own the home. 

This is the second home the investor is doing with the hml. First one went fine.

Thanks Tim, 

I would buy with cash if investor ran into trouble. The Hml is funding the rehab money and the investor is putting in 6k to meet reserves required by hml. 

The concern is not wanting the property if it ran into issue, it is trying to put myself in position to either get paid or be able to clear the 1st and own the home. 

This is the second home the investor is doing with the hml. First one went fine.

So I am stepping outside my comfort zone of landlord/flipper and making a loan to a fellow investor for the down payment on a flip house. I am planning on taking 2nd as he is getting a hard money loan who will be in first. The house I have looked at and would have no problem owning the home if something went south. The numbers are good there. The loan is for 30k.

I am wondering what is the more standard rate/points for this type of loan and if there are any caveats I need to be careful of. I assume my attorney will have to file the note, can that be done at closing are is that best done before? Any advise or pointers to info would be appreciated.

You do not have to rent to section 8 and you can list "no section 8" in your listing. 

Looking forward to the meeting tonight! See you all there.

Hi Jason, 

I am also looking for a good local attorney. Just caught your post and was wondering if you are still happy with College & Butler? 

Nick what type/size property do you have and what made you try to airbnb it? Was is a LT rental first? I curious as I am looking at going from LT rentals to trying airbnb. 

Has anyone in the Charleston area found a local 3rd party RMLO? Looking at mixing in owner finance into our rental portfolio and would like to find a local company. Will checking with local attorney, but would like to hear from the BP crowd first!

Thanks, 

Travis