All Forum Posts by: Al Wilson
Al Wilson has started 1 posts and replied 1062 times.
Post: Typical interest rates for a private loan to a purchaser?
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
6% to 8% would be about right in our market. Of course, if you can get more, do so. Good luck.
Post: Partnership Financing
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
No advice for you here. I would form an LLC. Good luck.
Yes, you can do this. My guess is that you will need to work with a tax lawyer who is conversant with 1031 requirements. Good luck.
Post: LLC required for receiving hard money?
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
We require borrowers to take their loans in the name of an entity and I think most private lenders do the same.
Post: Backing out
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
This is a legal drafting question for your attorney. Contract laws vary from state to state, but a due diligence provision is commonly used to protect a prospective purchaser. Good luck.
Post: real estate license disclosure if buying as a business
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
In this situation, we would disclose (better safe than sorry) and would expect it to make absolutely no difference to the party on the other side of the transaction.
The answer to this question depends on a number of factors that are specific to your situation. Your lawyer and your CPA will be in the best position to advise you on this. Good luck.
Post: How to benefit partners?
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
This sounds like a train wreck waiting to happen. You will probably want to consult your attorney and CPA about forming an LLC or other entity to cover you and your new partners. Good luck.
Post: LLC's Reimbursement to Owner
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
It's either a loan or a capital contribution. Good luck.
Post: No alerts
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
Same here.