All Forum Posts by: Dan Barli

It depends on the market you are looking in Will. Have you spoken with a local real estate attorney to find out the specifics? Usually, an REO property has specific addendums that don't allow a wholesale of it. How are you putting it under contract?

Usually if a loan is getting commercial financing, it will require 20%+ down. If the member of the LLC is living in the home, is there a reason they are not getting a conventional mortgage? Those products are where you can get the down payment with 3.5% or so.

Where in NJ are you located @Alex Fabiano? What kind of investments are you looking to get involved in? Depending on what you are looking for may dictate the areas/neighborhoods you want to look at. 

@Matthew Fearneley is the lender doesn't qualify you to be on the mortgage, there is a risk for your partner to not have you on there. You can have an agreement that is separate from your mortgage where you are equally responsible for the payment. To give him comfort, you can suggest opening a joint bank account. If he is concerned, he needs to understand that you cannot go on the mortgage, but you are equal partners. You can even offer to include a clause that if you default (don't pay your half), then he gets to take your interest after a certain period of time. I would only suggest offering that if you HAVE to in order to get the deal. Otherwise, just try to comfort your partner and keep the strength of the relationship as the reason for splitting it. 

Absolutely you can. The seller still pays the real estate commission, but can hold paper on the deal. I have personally done that myself. 

My pleasure - good luck! 

Start speaking to local banks and commercial lenders @Account Closed

Glad to help - good luck! 

Congrats on getting to 10 homes @Account Closed! That's a great achievement! If you have used your own personal ten, you have to look at other financing options. Have you spoken with a commercial lender yet? Any banks who are doing portfolio loans? Have you explored private financing at all yet? 

Generally the seller pays the real estate commission as part of their closing costs. However, there are times when the buyer pays it, but most often,  it's the seller.