All Forum Posts by: Liam Galbraith

@David M. Thank you for the help David and your point totally makes sense. Not really a way to keep the asset protection of an LLC if the mortgage is under my name, even if I transfer the title. Just sent you a message with some more details.

@David M. Hi David, thanks for the input and the thread link, very helpful. I was planning on transferring title to the LLC after taking out the loan in my personal name. However, I need to speak with an attorney about whether this will effectively negate the point of the LLC if it will allow a judge to pierce the corporate veil. Any experience with this process? Thank you!

Hi BP Members,

I'm learning about partnership deals and would like to start one with a business partner of mine. The partner will put up the down payment for the house(residential 1-4 units), and I will manage and bring the deal. We will split everything 50-50. 

I will take out the mortgage under my name but we will hold the title under an LLC. If this is the case, does my partner need to be an accredited investor? (I will of course double check everything with my attorney) Thank you!

@Scott England The property itself will be residential (1-4 units) and will be rent ready or very minimal updates (paint, refinish cabinets if needed, etc.) We don't have a specific property picked out yet but do have our criteria as far as purchase price, income requirements, neighborhoods, etc. I'd like to take out the mortgage under my name because I have residential fannie mae slots open on my credit (haven't hit 10 properties yet), and the interest rates are lower. But the main issue is the capital will get hit with the gift tax when my investor gives me the funds to invest. 

I've been looking for a loan structure that will let me do this without the gift tax. In your experience, would I have to get a commercial loan if I want to use an investor's money to fund the deal? This would be my first property using investor funding so I'm a bit green when it comes to this sort of thing. Thank you!

Hi BP Members,

I have an investor who will provide me with the down payment on an investment property. I will manage the deal and receive a portion of the equity in return for doing so. My questions is how do I structure financing for something like this? I originally wanted to take out the mortgage under my name using my investor's funds but, this doesn't seem possible without the investor having to pay the gift tax on the down payment when he gives it to me to invest.

Any tips for how to structure this deal in order to move forward? Would we need to form a join LLC? A limited partnership? Any help is greatly appreciated, thank you!

Hi @Scott England I'm looking to pick up an investment property in OKC with a partner of mine. My partner is putting forward the down payment and I would like to take out the mortgage under my name. Any suggestions of who to contact that could help out with this? Thank you!

@Brandon Just Hi Brandon, that sounds great! Sent you a direct message with contact info.

Hi BP Members,

I'm going to pick up a SFH rental in Oklahoma City soon and am currently researching local sub markets. Does anyone have some local knowledge they can add as far as where some of the best up and coming areas might be in and around Oklahoma City?

Thank you!

Hi BP Members,

I have a passive investor lined up to provide the down payment on an investment property. I will find and manage the deal, and take out the mortgage under my name, and receive a portion of the profits for doing so. However I'm stuck on how to use my investor's money while taking out the mortgage under my name. This will be through a conventional mortgage for a residential building (a duplex). Any tips on how to proceed? Do I just need to place my investor's money in a bank account and let season for 60 days? Thank you!

Hi BP Members,

I would like to purchase a multifamily property through a partnership deal with an investor. My investor will put up the capital for the down payment, but I would like to take out the mortgage under my name. I still have Fannie Mae/Freddie Mac slots available (currently only have one personal property under my name), and would like to use one if possible for this purchase. 

The only financing option I can think of is to have the investor deposit the down payment into a bank account, let season for 60 days, and then take out the mortgage under my name. 

1. Are there any work arounds to this that other real estate investors have thought of?

2. Is there a way to use commercial loans to get around this?

Thank you!