All Forum Posts by: Alex Shaughnessy

I would shop a bank/credit union, a broker, and a direct lender. there are pros and cons to each but I think it would help

@Jeff Tallard hit it on the nose. I would do that

Hopefully I explain this clearly, here goes....

My friend and I want to buy a property. I have found a good turnkey company where it appears to make sense. We dont need both of our names on a bank loan to qualify and given that most banks allow only 10 loans at once, I would think doing one in mine and then one in his will be more beneficial. My question is, (and before the scolding comes from doing business w/ friends), if his name is on the loan, and we are not forming a legal entity, would the easiest way to go about this be putting both of our names on title?(if that's a thing), and just having a joint bank account where the property is handled w/ both of us having access?

This is just bare basics. obviously I am still looking into best legal structures but I just wanted some advice for the inner workings for partnership not on paper. hopefully it was clear enough. thank you

Youre definitely in the right place. And you already have more in your "portfolio" than probably half the members on the site. Welcome

I would follow @William Wright advice. Take your time to find out your preferred strategy and go for it.

Good luck, there are plenty of great resources in the tools and education tabs on this site as well. dig in

good job man, starting early. many productive years ahead of you

I think im a bit confused about hard money. I found a deal that said cash only. given the fact I didn't have that much cash, do not have the network yet to get private funds, I decided to look into a hard money lender. I was told if they want cash then they cant finance it because it is still technically a loan. I was under the impression that for people in my situation dealing w/ cash offers, ppl go to hard money because it was the same. am I misunderstanding? thanks

Hello BP. I have a deal im looking at from a turnkey dealer and want some advice on which approach to take.

Traditional financing w/ 20% down w/ my own money.

Traditional financing using my mom's HELOC, use cash flow to pay down loan and her Heloc

My mom's HELOC for entire purchase to get a cash "discount" of 2-3k, then use cash flow to pay down heloc or refinance out of it after seasoning then repeat.

I know it will depend of the person, know that I am not a debt snowballer and don't mind high leverage. Thank you

Hey BP, I bid on my first property on an auction site and lost. After it closed, I got an email saying they were holding my last bid as a "back up bid." Can anyone shed light on what this means?

Am I next in line?

Does everyone who bid on it get the same email?

Thanks