All Forum Posts by: Julian Buick

Hi @Julie Gates There is a Savannah REIA meeting once a month on the second Monday of the month. Google Savannah REIA or look it up on Meetup. Last time they probably had close to 50 attendees. A lot of newbies but there are also people that are pretty heavily involved in real estate investing. The first meeting is free. You should come along and check it out. The next meeting is on the 12th of March. I look forward to seeing you there!

@Gail Greenberg I don't know any HML or private lender that doesn't record a security instrument (deed or mortgage) against an asset they are lending on.

@Nghi Le Great Story. I'm really glad that was not the property we did together!!! They were a pleasure to work with. I wish them much success in the future.

@Brad Decater there is virtually no difference in your scenario 1 and 2. Whether the partner puts up cash from his bank account or borrows cash to put it up, he is still on the hook for that amount of cash. His cash on cash, as you put it, is irrelevant. If he loses that money he is either out of pocket or he owes that money to someone. Both scenarios carry the same amount of risk so the reward should be the same. For scenario number 3, if you can refinance after a certain amount of time (agreed upon by both) and the lender gets all his money back then holding it as a long term rental as a 50/50 partnership from that point forward is reasonable. I have done that, where I provided the seed money and the partner did all of the work. Our goal is to keep this going and build up a portfolio of rentals that are split 50/50. 

I have a friend that has a roommate. At first she got along great with him, in fact maybe got along too well. As you can imagine things have not worked out well and she would like to get rid of him. He has stopped paying rent and refuses to leave. What recourse does she have? I’m assuming there was never a lease agreement or anything like that. Since it’s her house and there is no contract can she just throw him out or does he have some kind of squatters rights or something? This is in Savannah, Georgia. Thanks in advance for any advice. 

Last time we did Molly's in Pooler, which worked out pretty good.

@Patrick Jameson Cunningham @Raymond Northcutt @Justin Wren @Chuks Erinne @Nick Sunderhaus @Robert Callaway

I'm up for it this Saturday. Pooler works for me but I could also go downtown if it suits more people.

Haha @Nghi Le, I bet @Troy Fisher resembles, I mean resents that remark. 

@Brian Eastman this would be a debt only deal, not an equity deal so UBIT would not apply. I have heard of notes where there are multiple lenders on the note, as in California where you can do fractionalized notes but I have not heard of them elsewhere. Is this state specific? I’m meeting with my RE attorney for lunch tomorrow so I will ask him. I figured you would probably know more than him though. 

I'm wondering what the best way to structure this would be. I have funds in my SDIRA and my friend has funds in his solo 401k. We want to fund a rehab project where we will not be doing any of the work. We plan to make a loan to a third party rehabber that will be doing all of the work. Should we set this up as an LLC or a Trust of some kind? We want to combine our funds so that we are both in first position. I don't want one of us to be first and the other to be second. That brings up another point, if we crate a JV agreement I assume it would have to be between my SDIRA and his 401k. Do we have to get the custodians to sign off on it. Any recommendations or suggestions are greatly welcomed. Especially from @Brian Eastman and @Dmitriy Fomichenko

Thanks