All Forum Posts by: Kris Kempe

Hey BP,

This may be a dumb question but when getting a DSCR loan and they require a downpayment, can you go out and squire a 2nd note from a private lender giving you funds for that downpayment?

Hey BP

Is there a way to seller finance a property if the seller still has a mortgage on the property and doesn’t own it free and clear. Can the seller go in second position and still seller finance? Thanks 

Hey BP,

Is there anyway I can get around the law in Illinois, where you only legally wholesale 1 property without a license? 
other then double closing? Would it make any difference if it was in my LLC instead of my personal name maybe, idk. Thanks

Hey everyone, 

I need some help on if this deal makes sense or should I reconsider.

So I’ve been talking with a seller of a 7 unit multi family property about selling property subto, he agreed although for his trouble he wants $75,000 judt for letting us take over the loan. Upon that after a year he wants us to refinance and then take out his investment into the property and remove his already existing equity. I brought in an equity partner to cover the downpayment however, I’m still unsure if this deal is worth the cash flow or should I try and renegotiate terms with him. 

Thanks 

Hey guys, I have a few questions just before signing this purchase and sale agreement with my partner. Thanks for all the help.

I just wanna make sure I’m protected, what happens if my partner stops answering 

-LLC issues, should we use one as a partnership or a combined LLC

-does the partner have to be anywhere on that purchase and sale agreement

-does it matter which title company we use, does it have to be close to the property

-for the signatures would I sign that with my LLC

-what can I get my partner to sign so that I am protected aswell other then an NDA and a partnership agreement

-is there anything I can have my partner sign so he doesn’t go behind my back and try and get the deal or do anything like that himself

Hey guys, 

If I’m partnering with someone, and they are getting an equity side of the deal. Do they have to be on the purchase and sale agreement. Or do we just mark that on the partnership agreement? Because essentially they are bringing the money and we are splitting the equity 50/50. Thanks 

What precautions can I put forth in order to stay as safe as possible when it comes to a partnership on a multi family deal. I already have an LLC what else can I do?

Hey guys,

So here’s the situation, the seller agreed to 75 down for his building under sub to. While talking on the phone he asked when he was going to get the rest of the money he put in the property, after I refinance. I let him know that’s not really how it works and that 75k is what’s getting him out of the deal. He said he wasn’t interested anymore. Is there any way I can get around this where where the owner is still happy and I’m still giving him 75k down or less? Could the bank when I refi just give him his money? 
thanks 

What two things are those? :)

Hey guys, 

Looking for a partner to JV on a sub-to deal. The owner has had a 7 unit and a 24 unit for a while and just wants to get rid of it. They are interested in sub to although they need some money down. They want $80,000 down but that can be negotiated down.

The 7 unit:

Total expenses: $ 3,590 annually 

Taxes: ~$2,944.7 annually 

Gross income: $58,500 annually

Net income: $51,965 annually

24 unit:

Total expenses: $120,790 annually

Taxes: ~$19,045 annually

Gross income: $167,374annually

Net income: $24,005 annually