All Forum Posts by: Charles Carillo

@Jerah Yassine

I would keep everything dated within the last 7 years. Most of the other documents can most likely be shredded. Make sure to check through it though since there might be some deeds or copies of title insurance etc. that you should hold onto.

@Hadiya Coppedge

Did you indicate when you rented to the other 2 tenants that there would be 3 tenants living in the unit? 

@Antonio Bodley

Motivated sellers need to sell. Typically because they need money or they own a property that they do not want to own/manage/repair anymore (possibly an inherited property). Unmotivated sellers are sellers that are not in a position that requires them to quickly sell.

@Cameron Iarrobino

Very smart idea to get off of oil within your rentals. We did this years back and installed new furnaces instead of conversion kits since the oil furnaces were older. It is well worth the switch hassle and cost. If you ever sell; your buyers will also prefer gas over oil.

@Clarivel Morallos

People form LLCs in order to limit their exposure but it is not required to purchase property or wholesale property. I would suggest speaking to an attorney and see what they suggest.

@Karma Senge

A couple years back, my wife and I setup a very in-depth asset protection plan. Feel free to DM ME and we can discuss. I am not an attorney and I do not want to provide specific details in a public forum.

@Cody Burke

I would seek out conventional, commercial financing that will normally require a down payment of 25%-30%; not a 73% down payment. Possibly, you are able to negotiate a better price since he will get all of his funds up front, without any additional risk or hassle.

@Devon Remington

You could put a second mortgage on the property. This would secure your loan (if the value is really $950k). I would have him pay all of your fees and points up front; your attorney, filing etc.. You will stipulate your terms, points and interest rate in the mortgage. 

Speak to your attorney first about how you would proceed, costs etc.

@Joe C.

Yes very strange. I would avoid altogether.

@Eric Klein

For many commercial loans; local banks and credit unions are really the best place to obtain financing. I would call all lending institutions within a 45-minute to 60-minute drive of your property and see if they loan on your type of property and then what they can offer. You will find that most offer similar terms but you might find a couple that will think outside of the box. These are the places where you can start a relationship so you have a place to refinance this property and future properties.