All Forum Posts by: Adam M.

I'd suggest mandating ACH as a payment method (for the next tenant). If they are hesitant then you know they might have problems paying and they might self select out before signing a lease. Also no more chasing down checks!

Nice work. How'd you structure the terms of you partnership?

Recently sold on an MLS service is always a good start. You should also check for appraisal values with your county appraisers office. I always get prices for recently sold properties off Zillow as well as the county appraisers office since that is the value you pay taxes on. I get 5-7 what I think are similar properties initially and as lower it down to 3-4 as I start looking at lot size, sq feet, beds, baths, etc.

@Mike Dmuchoski awesome I've seen it done on a lot of remodels and I have always wondered how it was done. Would it hold up on exterior brick? Or would that even be a good idea? It might look nice but I would be concerned w/ having to redo it ever once in a while. The wood just gives that extra pop for what i'd assume is fairly cheap. Nice way to add texture to the wall instead of just being a flat colored wall.

Nice I like that wood panelling on the wall in the back common area. Also how do you get that look on the chimney?

Yeah lawyers always a good idea. Not sure how taking a margin like that works out legally. Might only be able to charge some points and a service fee. I would think Dodd-Frank would come into play when it comes to lending. I know it does when we've looked at seller financing.

@Sean Yang An alternative would be to look to raise private lending monies. This is similar to a HML situation except they are generally not a company in the business of short term lending. They tend to be mid to high net worth individuals or other flippers w/ excess cash. Your terms are a lot more broad and open for negotiation. For example you could offer a note that is interest only @10% due in 12 months or 13% due in 12 months interest only but no payments except the final balloon with accrued interest. You offer them first deed of trust on the property and the right to foreclose as well as list them as additionally insured on your property insurance so that if something catastrophic happened and the insurance company had to pay out they could be protected. There is a whole chapter on it in the following. https://get.biggerpockets.com/nomoneydown/

Not getting in the actual laws but I'd be concerned about the HOA (if there is one) and maybe annoying your neighbors with its presence/traffic. Just a thought.

Make sure if you follow through to get the lien released from the property that you have a notarized release of lien and submit it to the county so that it is on public record. You don't want it to be an issue on the exit.

Oh I thought you meant you had an actual human financial advisor. Yeah no point trying to beat a bunch of Quants with PhDs for a few points. @Mike Dymski