All Forum Posts by: Frances Regalado

Hi,

This may be overly simplified, but if tenants bank with some of the major banking institutions such as Chase or Wells Fargo, they generally have the ability to set up an online payment. For instance with Chase Quick Pay, they just need your email address to send money to your account.

Frances

Thanks for your feedback, messages, and referrals. I am searching for the the out-of-state market that works best for me for rentals and other real estate opportunities. I look forward to the entering the Cleveland market and establishing trustworthy connections.

Frances

HI,

I'm from Pasadena, CA. I visited Cleveland, OH because I want to dip into out-of-state rentals, which seem to cashflow MUCH better than Los Angeles.  I met with individuals who will rehab and manage turnkey properties in the Cleveland Heights, Garfield Heights, and Euclid-type neighborhoods.   It's taken me a few months, but I"m finally ready to move forward.  They will basically take care of everything, including getting the house Section 8 qualified, if I choose to go that route. In any event, I would feel much more comfortable if I had an additional 3rd party inspection. As mentioned, I met and spent a couple days with them, but this will be a new relationship; thus, the hesitancy.  I have spoken to two others who have worked with them and they seem happy with results.   

I'm seeking a referral for a Cleveland R.E. inspector, who will do a thorough inspection job to ease my first out-of-state rental property.

I also spoke to a couple locals who provided mixed feedback on the neighborhoods; thus, would always appreciate any feedback if you know the areas.

Thank You,

Frances

Hi,

Thank you for all your posts. I felt like I was being very reasonable by asking for the loss allocation until they told me they had never written this into their JV contracts before. Since I trust and assume they are more experienced than me, I thought maybe I was being unreasonable; hence, this post.

In any event, I am very appreciate of these responses. They expect me to get back to them this evening, and now I can do so with confidence.

Thank you again!

Hi,

I wil be the potenital funding/money partner for 50% of profits on a flip.

I've asked for the other partners to assume 50% of the loss if the deal goes south and to write this into the JV. They said they've never done this before. They will be the project manager and investing their time for 50% of profit; however, they don't have any skin in the game in terms of actual cash.

Is it normal for me, as funder, to ask to have a loss allocation written into the document? Should I assume a first loss position up to a specified amount? What's typical? I would appreciate your thoughts. Thanks,