All Forum Posts by: Zoran Stanoev

Here are a few additional ones.  Neither have any sales pitches. Let me know if you have any questions about any others you come across.  I think I've been to just about everyone.  

https://www.meetup.com/Chicago...

https://www.meetup.com/Chicago...

https://www.meetup.com/Redevel...

What do you mean by resources?  You can't find a contractor or don't have the money to pay for the repairs? 

@Austin Works

You said you’d be at the mercy of a few buyers looking in the winter. That might actually be a positive. They may be more desperate to buy if they’re looking in the winter when inventory is typically smaller.

Have you tried other banks? I wouldn't take what one of them says as gospel.

If this is going to be your first deal, don’t be surprised if he asks for more than a 50% share. Since you’re not investing any money, you’ve got no skin in the game so if things go sour, you can walk away leaving him holding the bag.

Also, if you’re going to be partners, your partner is a co-owner and has an equity position and not a debt position. So you can’t guarantee returns etc.

@Nathan Graham

If you’re planning on doing more than 1 deal per 12 months, get licensed. If someone offers you a “guaranteed” work around, I’d be very skeptical. The new law is broad and without a single case having been filed, its difficult to know how the new law will be applied.

Isn't there already a book on BRRRR published by Bigger Pockets?

 The law limits a non-licensed broker to 1 wholesale deal every 12 months. While I think a double-close may avoid the new requirements, ultimately, I think they’ll figure it out and it will no longer be a work around to the new law. 

From my experience, I think you’ll get more responses if you start your own thread.  I know it’s somewhat counterintuitive because the issues are similar but I don’t see it play out that way. 

I certainly appreciate your ideas to be creative. As a newbie myself, it’s something i often hear about but am not totally sure on all of the parameters. My two cents...

Once your partner buys the property via an FHA loan, anything you do to try and add your name to the mortgage or have an LLC take over the mortgage, triggers the due on sale clause.

I also don’t hear about people working out creative partnership deals for house hacks. Typically, house hacks are done by a single person or spouses. I think trying to make that work could potentially cause problems and may not be workable.

If i read correctly, your partner wants to bring you in primarily for your property management skills? If that’s the case, why not be his property manager and skip the ownership stuff?

Another tidbit, I’ve never heard of a partnership where each partner is assigned certain units to operate. Typically, the duties are divided up and the profits are shared. If you’re both operating each of your two units, it sounds like there’s going to be a lot of duplication of efforts and possible issues.

If your both truly want to be owners, you could try and find a portfolio lender or use a commercial loan for the 4 unit. Both permit LLC's to be owners. Obviously, the terms are different and may not be as appealing.

Why not pool your money and get a larger deal?

Good luck.