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24 August 2020 | 17 replies
Note, however, that if you are attempting to raise capital from other investors, a QOZ Fund is classified as a security, not a real estate interest - it is highly recommended to consult your CPA and attorney before raising capital from others.If you invest in a QOF fund that does not adhere to the up-front or on-going requirements, an investor potentially opens themselves up to taxes on the previously deferred capital gains/recapture and potentially to penalties.
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16 November 2018 | 8 replies
I recently attempted to purchase a condo that needed a bit of kitchen/bath Reno; I found HOA detail on the MLS and its usually include there’s or Zillow by the way.
15 November 2018 | 9 replies
We also felt that the realtor would roadblock us by not submitting offers that in their opinion was, "too low and the bank wouldn't take that" and was attempting to get us to pay for homes that we felt were too high, for their own personal gain on return.
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14 November 2018 | 1 reply
(the down payment is completely relevant to the seller)Interest- 7% is pretty standard...it's a premium paid for consideration in carrying the noteAmortization- 30-years is typicalPayment- I would look for the actual P&I based on the amortization schedule, but again, this is relative to the sellerBalloon- 48-60 months is common, and this is completely up to the seller as well (If sellers are leary of the time frame, I always agree to attempt a re-finance sooner...but no guarantees)Some extras:I always pay the listing agent's commision based on the transaction price...otherwise, you can structure a partial commission the first closing and a second commission when the balloon is due...waiting 48-months for the rest of your commission is crazy, thoughWe pay all the doc prep fees (note/mortgage/amortization/assignments/personal guaranty) Typically around $300, so not bad.- use the attorney at title and add it to the HUD-1We use a clause in the note that waives the right to defend a foreclosure in default, so the property returns to the seller without contest (varies from state to state I imagine)We also pay the sellers closing costsAll of this stuff is negotiable...you can always push things with these...like lower the down payment and have the buyer pay all your clients fees and your commission, etc.Give me a shout if you want to chat more about this topic.
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14 December 2018 | 13 replies
Whenever I attempt something new I always try take on partners who can help me curb the learning curve and guide me through the process.
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20 November 2018 | 16 replies
Borrower with criminal history of: attempted murder, narco-trafficking and domestic terrorism (actually placed this loan)3.
16 November 2018 | 6 replies
My issue is that I was not given a chance to make those repairs myself with a move out inspection after repeated attempts to set up the inspection.
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15 November 2018 | 2 replies
I will attempt to make the questions as concise as possible!
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17 November 2018 | 3 replies
Had a couple attempts where I made it far but frankly the market here has been so competitive it has led me to seek my fortune elsewhere, specifically in Chicago, where I have a good friend doing real estate.
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16 November 2018 | 1 reply
Disappointing as it was...that was my first attempt at a sight unseen, that happened to be local.