All Forum Posts by: Eric Veium

A friend of mine owns a property 50/50 with another couple. The property is worth $1M. Property has 3 units with $4k+ rent potential The couple wants to sell to move out of state. My friend wants to stay on the property until his parents pass. He owes $50k so there is lots of equity. He is having difficulty qualifying for conventional lending since there isn't rental history (owner occupied) and his business is often cash (unreported income). He makes $5k+ per month with no debt and $1300 PITI. I've been trying to brainstorm pathways forward and would appreciate your advice.

Here are some ideas.

1) Qualify for cash out mortgage ($550k) to buy out partners. Strategies to qualify?

2) Find a silent credit partner to cosign mortgage in exchange for equity. (where to find credit partner? , What % is fair? )

3) Cash out refi with existing partners to cover down payment on new place. Partners earn rental income. However, partners want out of property and want to sell.

4)Sell property with agreement that friend stays on property as renter until parents pass

5)other ideas?

Thank you for your advice and support.

@Jack Medford Hi Jack, I'm a Wisco native living in California. I'm coming back for the summer to visit my family in Madison and am exploring the real estate markets in Southern WI. I'd appreciate the opportunity to connect with you to hear your experiences and perspectived.

Our family and friends live on a 5 unit MF property. We are in the process of seeking new tenants. Everyone on the property is concerned about health and safety related to Covid and we are all vaccinated, except for the kids. Can we require that new tenants be vaccinated or does that requirement create legal liability?

@Richard Rozo

Taking over payments on the current owner's mortgage. Learn more on episode 2 of the BP podcast.

@Calvin Chan

I'm house hacking (owner occupied) a 4 unit on Buchon street near Mitchell Park. I'm in the process of permitting a free standing tiny house ADU (230sqft + loft) on the property that I expect to add about $1000 per month in cash flow.

I'm happy to connect to share what I know and explore your situation together. Feel free to DM me.

@Frank Patterson Thank you. Very straight forward and super creative. Well done!

@Frank Patterson

Congratulations Frank!

Can you tell us your story from the last 3 months that led up to this deal?

Hi Calvin, thanks for sharing. Are you aware of the new ADU law that enables you to convert a garage or build a new free standing structure up to 800sqft with streamlined requirements? That may help to further support appreciation, depreciation, and cashflow.
Happy to connect to discuss.