All Forum Posts by: Jeff Piscioniere

@Jeff Wittig just curious as to how you’re planning on reaching out to those kinds of owners; what means? That’s what I’m trying to learn about because I know seller financing is an incredible opportunity to find deals. Thanks.

@Jeff Wittig just curious how you went about finding properties/owners who were interested in seller finance? Thanks in advance for any info you can add.

@Aaron Fuhs I agree with the others. Try a small community bank or credit union and try to stay in your local area to build a relationship. Try to network about town because I’ve always been amazed at the number of people who work in mortgage origination or even people in insurance who know others. Great to see you starting off on this pathway so young. Good luck!

@Scott Smith hello and hello to everyone else in this thread. I have a current real world scenario I would love feedback on part of which I think may have the series LLC as a factor. This questIon Is a spin off of a prevIous post of mIne. I have 2 partners with a plan to purchase buy and hold rental properties. Prior to closing on our first 2 family property in late July we set up an LLC in the 3 of our names. The LLC outlInes how the assets are treated and divided. The mortgage is in the 3 of our names. Our goal is asset protection however the property is in our personal names and not the LLC’s. I’m reading a lot and getting feedback on the concept of quit claim to the LLC (which sounds dangerous), setting up a land trust, get a commercial loan in the future instead, or simply increasing our insurance coverage to protect us. We are planning on scaling (buy and hold) as quickly as possible. What should we do now as a partnership and what should we set up and do going forward? Thank you!

@Costin I. Those were outstanding links including the second to last forum thread which I read all 132 comments. Got us talking as a group and thinking about what’s best to do. The most intriguing concepts I gathered was creating a land trust prior to quit claim. Sounds like a bank might only interpret this as an act In estate planning. The other realistic option to consider is the fact that other than being grossly negligent as a property owner and landlord, is it really necessary to have this and any subsequent properties in an LLC? Is increasing our home owner’s coverage enough? Would love to hear any feedback on those 2 options. Thank you!

We all had a meeting the other night to discuss all our concerns and I brought to the table all the excellent information you all shared. The wife of one of the partners works at a bank and helped with the original mortgage origination process. We are going to “quit claim” (hope I got it right) the mortgage over to the name of the LLC which she assured us should not be an issue as she said banks are way too busy to ever discover it and make an issue with the due in full call. Is there anything else we should all be concerned with? Thank you!

@Costin I. Great information and thank you! I am still unclear whether or not our property is protected by our LLC. We definitely have a well written out LLC with a good operating agreement however because the mortgage note itself is in the name of one of the partners, I’m unclear as to whether he specifically is at risk if something were to go wrong at the property. The question about the title is also a good one that I will have to find out about. I’ll be in touch if I have any further questions. Thank you again!

Good morning all! Just a few short months ago, my 2 partners and I created an LLC for the purpose purchasing buy and hold rental properties. We closed on our first multi in July. The mortgage is only in one of the partners names because based on credit scores it made the most sense plus we knew we could spread the number of properties we could hold by keeping them separate. We even plan on having our wives involved increasing the number even more. My question is that although we have an LLC and all bills are paid out of a joint account, the mortgage is still only in one of the partner’s name. Are we even accomplishing the asset protection we intended by having an LLC? I hear about quick claiming the mortgage to the LLC but that can be dangerous in that it may be called to be due in full. Any suggestions would be appreciated! We are also discussing on how to file for taxes as this one partner will claim the taxes this year and the pla was to rotate between the 3 families. I look forward to your responses and thank you in advance! Jeff

@Dmitriy Fomichenko In order to utilize a SDIRA in a syndication deal does the investor need to be “accredited”? I’m very interested in using a sizable chunk of one of my IRAs for real estate syndication and I’ve been unable to get an answer to that question. Thank you in advance!

@Jordan Ardoin Interesting situation and I look forward to the other comments! Jordan, did you only have to put a down payment based on $92k? I have to assume that there might be some work that needs to be done unless the seller really is that desperate to dump the properties at such a discount. Is it a situation where that extra cash in hand might be viewed as a rehab loan? Are the units rentable and/or already rented? In your opinion, if you do what’s necessary to have great rentable units how much cash is left over in hand? I’m just guessing that if you’re in a $90k price range or less then you should absolutely go for a 3rd property, just get the other 2 rented and get yourself comfortable but sounds to me like a marvelous opportunity to rapidly scale your investments!!! Assuming cash flow on the two and possibly a 3rd property you could rapidly be on your way to a 4th property in short order! Can you tell us more about these properties and how you made a deal and closed? Good Luck!