Im lost. Im not sure what to do next.
l have some real estate interests by sheer accident. I never sold a house I lived in, but instead rented it out, this is due to 2 divorces. I am now ready to marry again and with my new wife comes, $1.6mm in various real estate holdings. There is roughly $600k in equity, mostly commercial, and she asked me to "find" her some office buildings that sell below market value to increase her porfolio.
Here is my problem, as I mentioned, l am in realestate by accident, both of my purchases were new buyer deals, one with me and one using wife 2 as the new buyer. Both houses were owner occupied and a conventional mortgage guy held my hand through both. I am as much of a guru as my cat. She aquired her properties by and through her father who has passed, she has not done a deal since he passed 5 years ago because he was the catalyst for purchases, she dosent have a clue how to go about this beause she has a management company deposit $7k a month in her bank and thats what she lives off of (as daddy planned). She only knows the more you own the more you make. she has no interest in getting dirty aquiring new property because "it stresses her out" dealing with lawyers, accountants, contractors and the like. my questions are as follows........
1. I am incorporated for my 2 single family row homes in Philly worth $230k combined. Should she incorporate since all her holdings are commercial and worth substancially more?
2. Can she just fall under the blanket of my LLC?
3. Where do you find commercial REO? Like I said, she wants office buidings. Where do you find below market value commercial in Phila., Bucks, Montgomery counties in Pa.?
4. Where do you go for financing? How will she parley her equity into purchaces?
5. She has no interest in hard money, and is trying to avoid conventional ( she says her dad told her commercial equity is a very difficult thing to borrow from) so she is looking at like portfolio lending or private equity.
I dont know, and as Im sure youve been able to tell by now, its my job to get her up and running. She figures whats the difference between two single family properties and a few office buildings. I am in desperate need of direction on A. where to find offices, and B. How to turn her $500k into down payments for "a few" office buildings that are cheap.
Help,
Scott