All Forum Posts by: Kathy Calderini

@Terrance Hall I would check with the local Community Building permitting office. Or whatever government agency issues them in your local market.

Hope that helps and make it a great day!

@Ronnie Holbert. Your goals is how you should manage your portfolio.

First thing is to analyze the property and ensure you have a positive cash flow.

Secondly, an emergency fund of 6 months for all properties is a must.

Third thing to keep in mind is you pay interest on your mortgage daily. For example; if you have a 30 year loan and make 1 extra payment per year, you will pay off that loan on 20 years. Key here is a retirement income or an influx of cash later down the road. More properties or cash for retirement.

All depends on your goals.

Hope that makes sense and make it a great day.

@Mark Wurtemberg A few questions for you:

1) Are you creating an entity?

Be sure he has 51% ownership so you can use his credit as primary borrower.

2) Is the loan going to be in the entity name?

Depending on the loan you both may be required to sign a personal guarantee.

3) If you both are participating in the deal at an equal amount of down payment shouldn’t the income be split equally?

Especially since you are both responsible for the loan payments?

Please work the numbers, your investment of $10,000 is not getting the same return as your partners with equal liability. Hmmm...

@Johnny Accardo Totally agree! Patience and perseverance will help you find one in SoCal! Another idea would be to find a partner that would be interested in going in on the deal with you for the short term and define the exit strategy when setting up the JV. Just a thought!

@Johnny Accardo I would suggest you stay local for your first deal. It will shorten the learning curve, learn from being able to visit the property if need be, and all around reduces risk.

Hope it helps! Make it a great day!

@Jered Noland I would contact a CPA to see if/what benefits there are to an LLC. I would also contact a lawyer to inquire about the protection an LLC gives you.

LLC's are easy to set up, just check with the Secretary of State in your State to get the paperwork completed and sent in. Most states it of all done electronically.

There are Lenders that will lend to 80% loan to cost and 65% loan to after repair value with a new LLC and no experience.

Hope this helps! Make it a great day!

@Nicole Heasley REIA is Real Estate Investment Association. There are local chapters in or near most cities. The group shares information, has speakers to help educate, and a great networking group. It is an excellent opportunity to meet people in the local markets. I would highly recommend googling it in your area. Usually you can attend a meeting prior to paying the membership fee to see if you want to make the commitment to join.

Hope this helps!  Make it a great day!

@Mark Moraca Congrats on taking the leap of faith in BP by asking some great questions!

This business is all about relationships, just keep building them along the way!

1) Yes, there are all kinds of lenders on BP with different offerings. As you know, each project is like a puzzle and finding a loan that will put that puzzle together and help bring your vision to completion will help you scale.

Please do your research on whomever you work with to verify offerings, etc.

2) Yes.

3) I do not pay for an upgraded membership so not sure on that.

Hope this helps and here’s to continued success!

@Giovanni Pisano for the first one with a new partner a JV is definitely the way to go. Be sure to include the information others have mentioned as well as what happens if an unknown/unseen repair is required. Hopefully it doesn't happen but better to be prepared if it does!

@Justin Greene Congrats! Here’s to many more!