All Forum Posts by: Mark Holencik

This is not to say this is a good deal or not. This is just a way to make the deal work for both people. You have to decide if you want in or not.

You offer him $65,000. With a guarrent of $55,000. With the other $10,000 coming out at the end after your profit when it it sold.  Sells for $120,000 minus your$ 55,000 plus $30,000 investment. That leaves your profit of $35,000. Anything over $130,000 you will split with him 50%.  You draw up a 2 year agreement of sale or longer whatever you are comfortable with. 

Have your lawyer draw up the agreement and file the agreement at the courthouse.     Have your lawyer check the deed just like you are closing.

This will save the closing costs. He does not get any money till it is sold. You just are responsible for the rehab and selling the property. 

Why not rent out the extra bedroom you have now?

What do you mean by 8+ units?

If they are all in one building it is a commercial loan and you are not getting a 20 year loan. You will get a 5 year loan.

That is how we cleared up my son's student loans. Bought a property and sold it 3 years later and paid off his loans.

How much do they want. 

Figure out what price you can make a good cash flow at. Then offer that.

I had two deaths. 

One was an overdose. I found him.

The second was a murder. He was taken out while he was still alive. Died on the way to the hospital. Blood all over the place. My wife and sister made me have a professional clean the apartment. They thought I could not handle the blood. Cost me a lot of money, but kept the wife and my sister happy.

You do not need to tell anyone that someone died in the unit. 

I had a seller give me the property and $2,000 cash to take the property. Plus I asked for a 2 year agreement of sale. This gave me time to line up the financing. I rented the property out for the 2 years and sold it for a profit of $15,000 right before the agreement of sale was due. So I never transfered the property into my name. 

There may be a catch or not. But there is a way to put a deal together once you know what is owed.

Curious why you are not doing what your step father did? Since he has a system that works.

I plan on paying more taxes next year, then I did this year. But I will not pay $.01 more then I need to. I do what I do to make the most money I can. I let the CPA tell me how to structure and record my expenses in a way that reduces my tax liability to the least legal amount allowed. 

This year I switched to getting a paycheck every week. The accountant saved me way more then I pay him in a year. That will be a savings every year. There are a lot of ways to make/save money. 

I just talked to him about something I read about. He told me it would not be worth the effort. Sometimes he says that it is a legal deduction, but the documentation is exstensive and can trigger an audit. 

There are times that there is little to no cash flow, but when the accountant gets done you earn a good return. Only your accountant can tell you this, because your whole return will dictate how some things are handled.

Like Brandon said. Do not give anyone your insurance information. Let your insurance company handle it.

Logic plays no part on responsibility. If it gets to court, it is whoever the judge says is responsible. You are a business owner, chances are you will be found responsible.