All Forum Posts by: Charles Carillo

@David McFarland

I would suggest cash for keys. If they cannot pay the rent now, they won't be able to pay it in the future. 

@Brian Jasinski

You could also speak to the seller, offer to put down an additional deposit, and see if they will extend the closing date by 60 days.

@James Aravena

Yes, your attorney is correct. When you transfer the properties to LLCs, speak to your insurance company/agent to have them make sure that the LLC's name is on the policy. If you have debt on the property, and it is under your personal name, I would leave my personal name on it and just add the LLC to the policy.

@Munjal Adhvaryu

We have partners who are foreign investors. DM me and I will send you contacts for; attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Andrew McArthur

We have partners who are foreign investors. DM me and I will send you contacts for; attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Skyler Lehman

It depends on the type of property and the type of loan you are receiving. 

With commercial properties, bridge lenders and certain other lenders will finance the property's renovations. With residential properties and hard money lenders, they will usually have an option for financing the property's renovations as well.

There are a couple of caveats: first, most lenders will require a property down payment. Second, the renovation/construction budget is usually structured on a draw schedule, where the funds are held in escrow and released as work is committed. In other words, you need to complete the work to receive the funds (you need to have money to cover the time between the completion of the work and the receipt of the draw). 

@Faisal Zaman

I would suggest accepting rent payments only by money order or cashier check to avoid issues with returned payments. The problem is that it makes it more difficult for tenants to pay, and higher-income tenants will push back because of the inconvenience and hassle.

@Eamon Fitzpatrick

We have partners who are foreign investors. DM me and I will send you contacts for; attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Randall E Collins

I would first speak with an SEC attorney specializing in real estate syndications.

@Tom Server

I would have a separate checking account for that specific property that you use only for finances associated with that property. It helps keep everything organized and separate.