All Forum Posts by: Kevin Yeats

I always liked Mark Twain's response:

"Quitting smoking is easy. I've done it thousands of times."

Others have given some good advice ... prepare for expensive medical bills and for life without your husband.

Mike

Why not ask this lender for specific of what they want and what is "too much." (Graphs are probably too much).

Ask what has worked to get a loan like what you desire approved.

It could be a simple 1003 application.

NEXT

Don't buy someone else's problem.

I agree with Ned ... We need more details especially about the other expenses.

I plugged the info that you provided into a spreadsheet (available if you want it) and guessed at some of the numbers and this comes out as a "NO" even at 8% interest (my 'softer" hard money rate).

Another major factor is how soon you will be able to get the last unit rented and how soon the existing leases expire and you can renew at a higher rent. The listing broker should have and provide that info.

Send an email to me if you would like the spreadsheet.

What? No love for Alan? How about Paul?

Manuel

There are four very broad subjects that you will need to discuss with a financial adviser:

1. A plan for creating and growing your wealth
2. A plan for protecting and preserving your wealth
3. A plan for the distribution of your wealth during your lifetime in a way that meets your goals with a minimum of taxes
4. A plan for the distribution of your wealth after your lifetime in a way that aligns with your goals and wishes with a minimum of taxes

There are a great many facets for each of these steps. If you (or anyone) wants a longer description, just email me and I will send it (free).

If you meet with a financial adviser, expect to pay a fee and plan to reveal LOTS of personal information about yourself, your family, your finances and your goals. Many financial advisers will discuss broad topic with you during the first meeting for no charge. Don't expect specific answers or very complete answers in the first meeting.

Congratulations! Most people never consider meeting with professionals who have the knowledge and training to help.

I have seen lenders offer (and close) on loans up to 80% CLTV but that still leaves 20% that you or other equity contributors must provide.

I know of an equity investor on commercial deals (again) but they have to be great deals and the General Partner must contribute an equal or greater amount.

Can you find other equity contributors that can provide $150,000 to $175,000?

and I guess you missed the reason to buy different types of insurance.

Forget responding Marcus. I am done with this thread.

Please show me where I recommended whole life?

The only thing that auto and home insurance policies have in common with life insurance is the word insurance.

@Marcus Johnson

I am NOT here to give you a financial plan but I will say that you have a lot to learn.

I agree that partnership are NOT the most advantageous form of a business but this principle applies even if we incorporate. In the example that I gave, family composition is irrelevant. The question arises as to where you will get the money to buy out a partner's heirs or another shareholder's heirs when that person dies? What if that person dies AFTER the term insurance has expired? What if you each bought $1 million in term insurance but the value of the business has grown to $10 million.

Term insurance is transferring the risks of someone's death during a fixed period of time. 97% of term insurance policies expire without a claim.

But you know everything Marcus. I am not here to argue with you.