All Forum Posts by: Xavier Strong

No, it does not include taxes and insurance. (thanks for pointing that out) In your opinion what will make this deal work?

BPers,

Here's the deal:

OWNER FINANCED at: $28000 

DOWN PAYMENT at: $5000

AMOUNT FINANCED at: $23000

INTEREST: 6.9% TERM: 7yrs 

MONTHLY PAYMENT: $344.10

CURRENT VALUE: $46800

The startegy...

There's currently a tenant in place paying $400 a month. The property is located in a RURAL AREA (small county town). The tenant has occupied the unit since 1994 and has no plans of moving. Plans are to increase the rent $50. Refinance in about 1 to 2 yrs and hold the property in our portfolio until it's paid off. There aren't major rehab associated with this purchase. 

Your thoughts? 

@Bill Gulley

This is why I love BP. Thanks, I just didn't know.

Honestly, it's something I've been going back and forth with. I figured if a single person can transfer a property using a "quit claim deed" why can't a partner of a LLC purchase a property and transfer it to the LLC.

What are your thoughts on this matter?

@Duncan Taylor

BPers,

Here's the run down. A partner and I created a LLC. The partnership was formed for credit purposes, his credit is great and mine is so, so. The plan is for him to purchase a property and Quit Claim it over to the LLC. I understand only the rights and ownership transfer, and the loan stays in his name. We're planning to "buy and hold" and tenents will be making payments to the LLC.

QUESTION: Would these payments benefit the LLC as establishing business credit for future loan in the LLC name?

QUESTION: How often can this process be repeated?

If anyone has used this strategy in this manner please offer insight.

Thanks in advance,

Xavier Strong

Thanks for reply! Could you give an example of option C.

Thanks

Strong

I've been trying to figure out how can I structure private deals for my real estate investments.

Purchase and Rehab a home 50k

The property is cash flowing $210 per month. ($2520 per year)

My investment goal is to hold property for 2-5yrs.

Of the 50k - 4 family members gave $12000 total ($3000 per family member)

The rest I came up with.

How do I determine the ROI for my family member?

Do I offer deferred payments?

Principal and Interest? or Interst only?

The family members NO have say so in the operations of the investment property!

In need of a solution.

Thanks

Strong

Adam. What and where does this last "draw" come from. Seeing that you borrowed the purchase price and funded the repairs yourself? Curious...

Has anyone in Atlanta used a HML and was able to refinance immediately? If so, do you mind sharing a little in sight and maybe the re-fi lender information.

Thanks Joel Owens the links are exactly what I needed. I'll also contract GREC hotline as well, Thanks.

Bill Gulley I'll reach out to @J.Scott