All Forum Posts by: Bernie Huckestein

I will be a first time and new Grandfather early summer 2018 -- stoked about that for sure!!

I'd like to purchase a 1 - 4 unit right after birth on behalf of the child...when he/she graduates from high school he/she would have this property free and clear...could then leverage it for more investment, keep renting it and enjoy the cash flow, sell it to pay for college...whatever.

What is the best way to proceed with this so that I maintain control for approx 18 years but then pass it on...what about taxes for the 18 years...how to transfer the property or is it titled to and infant?

I am sure I am not the first one to do this...appreciate the ideas on the best way to set this up and manage.

Thanks, b

Check the local banks —. Commercial loans, many hold their own paper (don’t sell it to the market) and the might want the current loan to season but they can wave that. I have a bank here I use for that very thing...it is about 1% or so higher interest but i wouldn’t think that would impact you numbers much Anybody that sells their loans back to the market will have this as a requirement, locally held loans the lenders can and do make exceptions

Any feedback on this? Greatly appreciated.

Question:

I have an opportunity to purchase VERY nice oceanfront condos -- 6 of them which is the entire complex.  Would be purchased from family (but not prohibited family).  The deal is quite attractive; however, 

I'd like to use $200k of SDIRA money along with some owner non-recourse financing to purchase 1 of the 6 condos...then use my own funds to purchase and finance the other 5...each would have their own deed and be closed under separate transactions but from the same seller...is there any reason this would not work?

My goal really to keep the SDIRA condo for several years while after a year or two selling 3 of the 5 others leaving me with 2 free and clear.

I will seek the right legal counsel just looking for thoughts and input in advance.

Thanks, b

These are the correct numbers, I put 20% down and spent significant monies when I bought it so that accrued cap ex and repairs would be smaller.  You are free to make your own analysis and assumptions when evaluating but this is the actual criteria. 

Have a Gardiner Maine duplex for sale.  Great performing property but I am moving out of state and it is my only property in the area.  Happy to provide more information to those interested; however,

Awesome house hack 1,400 sq ft each side

2br, 1.5 bath, 2 sets of stairs, W/D hookup, basement, NG heat, 2 electric meters

Nearly all new

Rented $900 ea

Monthly Expense $600 (taxes, insurance, gas, water/sewer, repairs)

I do PM but there is very little to it

$1,800 - $ 600 = $1,200 x 12 = $14,400

Property does have a shared driveway but:

• It is my driveway with a ROW to the adjoining 
• I have been waiting for him to be even more motivated but do think the property next door (with the driveway ROW can  be purchased quite attractively (3 - Unit).

Can be purchased via BP for $140k

Evaluation 20% down, 20 year, 5% int

Please advise if interested

Moving to the Orlando-Winter park area.  Would like to rehab a property to live in but depending on the amount of rehab may need to rent for 1 year or less.

Appreciate any feed back on either a potential rehab project in or near WP + potential short / 1 year lease for property.

2 married adults 

1 dog

Move January 2018

If rental longer than a few months will need to have pool or pool access

Solid w2 incomes, great credit, availability to cash for rehab purchase

As mentioned your PM % is to low. Also think your reserves might be low for section 8 but that is also impacted by age and condition. Make sure you find a PM with significant experience in subsidized housing Not sure there is a huge return there but maybe

Agree with everyone here dogs are far far better. I do not allow cats but do allow dogs, I do ask to meet the dog. Dogs are great companions and depending on the area they defer crime. The sad part of the story is it is more about the owners than the dog...I look for people that love and care for their dog (regardless of breed) not someone who ties them to a chain out back B

ROW should be in the deed as mentioned I don’t believe the previous owner could have financed the property without clear ROW. Also, you should find the septic plan at the town office...not sure what your recourse there is. Definitely spend some of your cash flow on good legal advice