All Forum Posts by: Michele B.

What is the total amount you need for the business?  How long have you been in business?  What is you payback situation? 

Please tag me with you answers so I can help.

Quick-books rental  is not free but it is easy to move into from excel.  I am unsure about a free product.  If you get QB pro you can use from phone and then add the rental package.   Sorry couldn't help more. 

conventional will not loan to an llc

Using a partner could be for many reasons. Are you going to buy ad hold? Fix and Flip? Are you able to make the whole down payment? Is you DTI to high already? Are you inexperienced? Partners can give you the things you need to set up successfully.

You do not have to have a partner to be successful. 

It is a way to gain knowledge or leverage only. If you are new to REI or you are unsure of yourself then find a partner.
Here is my only warning to you as a new investor looking for a partner.  CHECK THEIR CREDENTIALS  !!!!!  If you are the one with the money and they are just experienced then you make sure they really have knowledge you need.  And if the credentials are great then make sure you are getting a fair deal from them. DO not go into a deal that is one sided for them.  Make sure you know if they are using you.   

I have heard of new investors finding the deal, putting down the money, and only getting 50% of the property.  If this is the case you are being used. 

Any other questions please tag me. 

Most investors are happy with 100 a door... 1000 on 8 is 125.  not bad....

you could get a construction loan. questions tag me.

For using a trust you would make the trust pay for everything that happens in the property.....taxes would come out of the trust too.  So you would not have to use as an income.  Bad side to that is the trust keeps all the money from the property.  IF you take any out.....taxes.

Get a CPA to talk to you about this....

Also moving things out and in and changing things in a trust will involve a lawyer that is $$$$$$. 

So, I would say ask the lawyer you have how much to change the mortgage inside the trust? How much to add another property to the trust? How much to take money out of trust? 

Ask a million questions and figure out if that is best. I personally would say it is best for me. 

1. Can you pay off the reverse mortgage ?

2. After doing this can you then get the township/ city to let you divide it?

3. After you find out those things then you can decide what to do.  IF you can pay that reverse back without a loan on it and then the city says yes you can subdivide, then you can get a loan for just that part of the property.  

4. If you need a loan for the reverse mortgage payback then you will have to take out a home loan under your name.  Then after you have it paid down. Get it subdivided by the powers that be in that area. Then get either a blanket loan or two loans for the properties.

return on investment is not the way you just calculated.....(Net Profit / Cost of Investment) x 100.

So, you have to do the long numbers here......at end of loan how much will you be paying....add taxes, insurance and miscellaneous expenses .....use that number as your divisor......

the net profit is the amount of profit you made/make....

The 2% is the return on investment what your money makes you.  As for creative financing there are several ways: equity partner, angel investor, personal loan, business loan, double close or wholesaling a property, or using credit cards. 

Tag me if you have more questions.