All Forum Posts by: Mick Harvey

Hey Alex I am an investor in south side. Partner and I are getting what we can there and doing well. I have hit a road block with banks since I am out of town. Rest of our systems are running well and could lead you in a positive direction

Looking for some help for lenders, banks at this time. Looking for out of town lending. Hitting a lot of road blocks living in CA and investing in other states Local banks are hit and miss but nervous about of of town investors and larger regional banks are too big for some of the smaller 2-10 units. Looking for some experience advise Thanks all info

Frank

Thank you. 

Have you found this or know that this is acceptable everywhere?

I do have a UPS near me that I use as a notary. But I think there is limitations on what they can notorize

Can electronic signatures be done at any closing table? State/county rules or bank rules? I dont want to fly for every closing. Besides Power of attorney, is there a way to close, and where, without being there? Has anyone done this? Cheers

Ahh yes! There we go. Thank you Logan ROR is rate of return from what I know If we use that 15% simple interest. Is that the ROR or more commonly IRR and that's the calc I would use to pay investor? Or course if 15 and simple is what we agree too So these numbers are usually calculates yearly. I think I'm getting the terms and calculations. Thanks.

Yeah that part I got. Maybe ask a different way. What are the calculations to see what I would pay at a certain rate. If they put in 100k and want 15%. Is that 15% ROR or APR? I guess hard to ask when not sure the terms Looking to see the numbers calculated out and what it is called paying out an investor. Maybe better?

Trying to understand all the percentages terms, when come to borrowing and pay backs.

I understand there is an APR that you pay banks to loan money. If you have a debt partner that wants to put money in the deal, APR still used? based on month/year or is the same? simple vs complex interest. I can calculate the ROR, is that what I can/should pay the partner? I can calculated COC return, or is that what I pay the investor and how?

Looking for examples of how would pay investor that say... is just a debt partner

I have some deals coming up and have done the calculations. I am trying to keep banks out and investors in. How do I calculate what they are getting

Thanks for all that reply 

thanks Bill,

Seems to be a organize now or later thing. use the correct card and you are done, or use one for all and organize later. makes sense. The PM works for us as well, so I guess we will pose the question to him and see how much he pushes back.

thank you

Getting to the point of multiple LLC's, owning units, which have back accounts linked to them. We have an individual that is our PM, no company, working for us. Question: who or what should pay the R&M costs. If we have 5 LLCs, that have 5 bank accounts, is it best to keep all 5 debit cards in the wallet and when you go and buy paint, you have to rememeber which unit its for, therefore which LLC; therefore which account and debit card to use? There has to be an easier way. We would like to think that we can have one card that our PM can use and somehow track and trace which unit it was for to keep the books correct. I am confused with all this to even ask the question. Please let me know what works and especially what doesnt. thanks all

I am in the same exact situation and have been for years on a property. Was holding for my mom and now she isn't going to live in it. So do I hold or sell? I have done lots of research and doing as stated, 1031, but waiting for right time and ready to buy a like kind property to follow the rules I recommend hold and 1031 when its time That's where I am not 100%. Says like kind. It's residential real estate, I say yes, but I have a lot more reading to do when it comes time as you should do to protect yourself. I have to wait for market in VA beach to come back first. So I have lots of time Good luck