All Forum Posts by: Eric M.

@Tom V. Thanks. I think that's sort of the point. We're trying to AVOID major negotiation by trying to figure out the rough "going rate." Trying to keep it friendly AND fair!

@Mike Landry Personally, I think the Home Equity Loan or Line of Credit is the best choice of the options. HELOC is best if you want to use the money more fluidly, and a fixed home equity loan if not.

You could get about $80k using the home equity line of credit. Right now, rates are good, and most banks will let you lock in a fixed rate on a certain amount. You would be an effective cash buyer with that amount.

Plus, the HELOC gives you the likely tax advantages the loan from Dad would not. ;-)

I browsed around a bit but didn't see anything exactly on point, so thoughts welcome.

I am working with a family member, with whom I own a separate property. We will have an LLC. I will be doing ALL of the work, from finding properties, contracting, legal, managing, etc. I also provide 50% of financing.

Family member is a "silent partner." Effectively, he will serve as a co-signer on non-recourse financing. (For example, we intend to apply for a HELOC secured by our jointly owned property). Other than serving as a co-applicant for certain financing, my family member will have no other role.

Question: What percentage of the TOTAL business (profits, eventual equity, etc.) is fair for the family member given this scenario? Stated differently, what percentage of the LLC should he own?

Really appreciate thoughts!

@Christina R. Thanks. You all are going to meet me at the next event! Appreciate the assistance! Looking forward to participating here.

Thanks @Ramon Jenkins !

@Christina R. I know I could research, but if you don't mind and since you're in-the-know, what is a good Meetup in our area for a beginner like me?

@Account Closed Thanks. I'm probably a few weeks away from any investments, but will keep that in mind.

@Ned Carey Excellent, thank you!

@NedCarey Thanks. I can already tell from browsing around that you are the King of Baltimore on BP!

Edit: LOL. Maybe someone can tell me how to get those @ replies to work. Can't find the answer! :-(

I'm personally a fan of Redfin's app. Lots of good info and you can save/reference, etc.

Hi Folks:

Trying to be a good soldier here and post an introduction.

I'm a non-real estate professional in Washington, DC as my "day job." I'm a licensed Associate Broker in Maryland, and I expect to have my DC real estate license shortly.

While I am licensed, I am more interested in investment opportunities right now. I'm interested in DC/Baltimore/Philly corridor, primarily. I'm probably mostly a real estate "hobbyist," but I take it seriously when it comes to investment and I do hope to move forward with deals in the near future.

I'm probably looking for rentals, which I intend to purchase with cash and perhaps finance after renovations. It's all to be determined! Looking forward to being part of the community.

Eric