All Forum Posts by: Tom La Rosa

On the other hand, if its a lost cause, what would be good advice for him ?

A family member is 30K underwater on his 2nd home. His ARM will adjust next year and he wants out.

Is there an opportunity there and a way to help ?

I am pretty new with REI and my focus is on rehabbing, but this situation popped up and I dont know what to do.

Any ideas ?

awesome.

@Mike H., @Account Closed sounds cool.

Keep me posted on your results.

Thanks @Jon Holdman for the detail.

I have some questions for you.

My future partner has bad credit, a levy on his bank account. He also has a $100K inheritance. The money is safe in a family trust.

We are talking about forming an LLC to protect the money. I will contribute money as well.

Will the LLC be safe from his past credit problems ? Is there anything illegal about putting the inheritance into an LLC ?

@Account Closed  thank you.

@Phillip Syrios

Thanks for replying. The goal is not to lose money.

I see a hard money loan that converts to 9% after a while ( 5 year term ). Its not a good interest rate, but it may be a way into a multi unit with nothing out of pocket. 

I wonder if you cash cash flow with a 9% loan ? Then refinance to a conventional loan later ?

It may be crazy, but Im trying to get creative and make something happen.

has anybody done it ? 

I see a Norris Group buy and hold product that I am interested in.

any thoughts ?

ive been swamped as well. trying to finish a big remodel, then get re-focused on REI.

I bought a thrashed REO and have nearly turned into a beauty.

I am considering borrowing against my homes equity to buy another house.

If my house gets appraised at a much higher value than I bought it for, will that affect my property taxes ?

@Mike Hepburn, thanks for your reply.

What do you recommend ? Hard money loan ?

How did you / do you do it ?