All Forum Posts by: Jason Taken
Jason Taken has started 56 posts and replied 380 times.
Post: Escrow Closing Attorney
- Lender
- Chicago, IL
- Posts 412
- Votes 142
Quote from @Mitch Wilkes:
Need a referral for a solid escrow attorney who has experience with subject to deals.
24hourclose.com
Post: Flip partnerships - what structure?
- Lender
- Chicago, IL
- Posts 412
- Votes 142
Quote from @Tom Camarda:
@Jason Taken hard money financed
50/50 LLC is probably the cheapest way to do it. both on title. both responsible for the mortgage. Make sure the operating agreement reflects a mutual understanding of the transaction.
If it were a cash transaction I'd suggest joint tenants with you holding a 1st position lien for the proceeds you injected into the deal.
Post: Owner financed offers on my listings
- Lender
- Chicago, IL
- Posts 412
- Votes 142
The big thing here is not involving a bank but rather making you the bank. If the buyer's strategy is to hold long term, and they are getting favorable interest or payment terms, and the value supports, offering more than ask isn't necessarily a bad thing for them.
Post: Flip partnerships - what structure?
- Lender
- Chicago, IL
- Posts 412
- Votes 142
Quote from @Tom Camarda:
@Jason Taken
We are looking to do a 50/50 split of the entire project. From acquisition to rehab to sale. 6 month project in and out.
Is this a cash or financed transaction?
Post: Home is in the name of a dead relative.
- Lender
- Chicago, IL
- Posts 412
- Votes 142
Quote from @Mark Aiken:
I'm in the process of signing a wholesale deal but I ran into a roadblock. The home is in the name of his dead brother and he doesn't have a will supporting he is the owner. His brother died over 10 years ago and he has been taking care of the property and paying the bills and taxes ever since.
How do I go about ensuring the seller has the right to sell the property. Who should I talk to?
Probate attorney would be the best route probably. Depending on local law, you may be able to get a bond in lieu of probate from a title company if you can tie the brother to the property as the other living heir. Otherwise, you need to do an heir search (typically like $300-500) and find out who all of the heirs are. Then, that's when the real negotiation begins.
Definitely contact a probate attorney in that market though.
Post: Interested in connecting with new flippers
- Lender
- Chicago, IL
- Posts 412
- Votes 142
Quote from @Rav Sharma:
Let me know if there are any flippers out there who are interested in working together, especially in Lake County and the northwest suburbs. Please DM me.
We're a local lender and we have a bunch of newer investors who are also local. Give me a buzz and I'll make a connection.
Post: Flip partnerships - what structure?
- Lender
- Chicago, IL
- Posts 412
- Votes 142
Quote from @Tom Camarda:
HI All,
I may be partnering with someone on a SFR fix n flip. Whats the best way to structure this? I would be putting up 50% of the funds needed to buy and rehab. Guessing we should start an LLC and do 50/50 membership ?
Thanks,
Tom
What are your objectives? Do you both want to be on title? Do you both want to be on the financing? How would you want your objectives codified?
Lots of questions to answer here to give you solid direction.
Post: Need help networking
- Lender
- Chicago, IL
- Posts 412
- Votes 142
Quote from @David Roberts:
I'm from central illinois and looking for any events/gatherings to attend. I'm brand new in my journey to build something great. I'm lacking a network and relationships with like-minded people. Communities like these are terrific, but I feel getting out and actually meeting and getting to talk to other passionate people in real estate would help immensely. If not an event, what else could I do to reach out locally to start building these relationships? Thanks for any information you provide!
I'm in the NW burbs -- but Will, Cook, and DuPage county all have REI meetups. Just check FB for the groups or google them.
Post: I’m I Mistaken or Just Foolish?
- Lender
- Chicago, IL
- Posts 412
- Votes 142
Quote from @Andrea Evans:
I don’t own my primary home outright. However, the purchase of the property did included three separate parcels on one deed. My question is, can I use one of the separate parcels as collateral for a construction loan to build a multifamily on it (of course adhering to zoning regulations)?
You need to review the mortgage and title commitment for what parcels and legal description are included in the mortgage you took out. If the land is part of the security - then you'd need to refinance the debt most likely.
Post: cash out refi on less that 100k properties or blanket mortgage
- Lender
- Chicago, IL
- Posts 412
- Votes 142
Quote from @Kristin Vegas:
is there a way to cash out refinance 2 properties I own? the first property is worth around $69k is paid off and bought it 2 years ago. the second property is worth around $68k bought that property on November of last year with a loan. those properties are occupied by tenants. do you guys know if I can cash out refi each property with that amount or can use both properties at the same time with a blanket mortgage? these houses are located in Rockford IL, if yes: any lender here that can help with with that? will appreciate your comments
If you cant' find DSCR - we can do bridge. But, long term, you'll need to probably use a local credit union (or do forced appreciation with the bridge if its even possible)