All Forum Posts by: Charles Carillo

@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. 

@Bryson Williams

You can check other similar properties and see what they are offering, but I would always have your tenants pay their own utility bills.

@Cosmas Paulosi

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.

 You need an SEC attorney for a syndication. DM ME for a list of attorneys.

@Diego Alvarado

If any investors are passive, you need to setup a syndication since it is a security.

If all of the investors are active, you can setup a joint venture partnership. 

@Khalid Lewis

The goal of house hacking is really to decrease your monthly costs of ownership. I would not expect a househack to cashflow. You could just move out and rent the entire property. Hopefully it will cashflow if you are not living there.