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Updated about 10 hours ago on . Most recent reply

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7
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Stanton Ward
  • Dallas, TX
1
Votes |
7
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Purchasing with partnership. Offer volume and Loan options

Stanton Ward
  • Dallas, TX
Posted

Hi all, 

I am just about a year into my RE investment journey. I've spent the last several months reading many of the BP books, listening to podcasts and meeting with RE investment professionals (attorneys, CPAs, realtors, mortgage brokers, builders, etc.). I have two main questions currently, and apologies for the long post ahead.

First question:

I have just formed an LLC with a partner and we have intentions on purchasing our first property ASAP. We've made some offers but no luck so far. Most of the conversations we've had revealed we just aren't making ENOUGH offers, so we are looking to increase our volume in doing so. We have been told that partnering with wholesalers who can submit offers on our behalf is a viable strategy, or to utilize parcel data apps and similar services to look up off-market and on-market properties to do the offering ourselves. Curious about thoughts on those strategies?

Second question:

I currently own a primary residence. My partner however, is renting (working on seeing if he is willing to house hack). We have ~$120k to put toward an investment and have been working with a broker to find properties in a specific area. Our intention is buy and hold with a focus on Cash flow. We have been in contact with both hard money and DSCR lenders. Regardless of our initial approach say for example a rehab, we will obviously need to secure a 30yr loan in the future to hold a property. With my partner being a renter, this means we cannot purchase through the LLC but rather that I would need to purchase in my personal name and then transfer to the LLC later. Does anyone have experience with this process? Should we draft an additional OA to outline the terms?

  • Stanton Ward
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