All Forum Posts by: Jared Christensen

And that is what I am trying to do is to finish the house sell it give him his portion and get mine but when he tells me to take the house and shove it up my *** and that I am trying to screw him over when that is the farthest thing from the truth it is kind of hard.

The whole reason for this was to make him some money but he is mad that I opted to refinish the nice maple hardwood instead of throwing carpet back in, and I had to completely remodel 2 bathrooms and I replaced lath and plaster with Sheetrock where he wanted to just mud the cracks. I am paying to have the electrical brought up to code and move the laundry from the basement into the main floor bathroom. I am trying to make it right by him and told him I just need a little more time to finish it since it was Spose to be our project not just mine. But I can't keep giving him money every week and pay to finish this house.

The house is in my name. He wanted it that way. There were no contracts or anything. I have been helping him out money wise for the last couple months but the problem is that he spends $200 per day in the bar and has blew through approximately $600,000 in the last 2 years with not a lot to show for it. He gets $900 per month social security since he opted to take it at 62. He is 63. He paid $30k for the house and I have about $15k into it and my time. What kind of bites me about this is that he gave a friend $50k to invest in his company and it went belly up in 8 months and my dad just says whoops but I have taken a little time on this house trying to increase the value way more than he wanted to and he calls me today and tells me to shove the house up my ***.

I am looking for opinions of others to see if I am in the wrong or if my partner in a flip is. About a year ago my Father and I purchased a house. He paid for the house and I was to pay for the rehab and we were both Spose to do the labor. My dad was a licensed contractor for 30+ years and I grew up around it and know how to do a lot of things everything started out good , I work a full time job and have 3 very busy children and would hang out and help or do their own thing while I worked on this house. My dad came and put . 1 little slab of mud on the wall and said his body couldn't handle it. After working on this house for about 3 months strait I took a couple month break and got back at it. Now my dad is running low on funds " that's another story s". Now my dad is freaking out that I need to get this house sold so he has money even though our plan was to hold and rent. I am about 95% done with the rehab but I am wondering does he have a right to freak out about this when there was no timeline and it was Spose to be a joint rehab?

hey there.  I am sort of new to RE investing.  I do have a commercial building with apartments above that I rent out, just purchased a 3 plex and went in with a person on a house flip. (Biggest mistake) I have made yet was investing in a flip with a partner.  Live and learn. The only trouble I have ran into is funding properties from a bank.  RE I have at the moment are all owner financed.  

Originally posted by @Andrew Bondarchuk:

Originally posted by @Jared Christensen:

I have a couple problems holding me back.  First and foremost is my bank, my credit is used up according to them.  My income to debt ratio doesn't match right do to borrowing my wife's business a bunch of money and we get paid back monthly but it doesn't get to count as income or as money owed to us for that fact.  Being she owns her business and I work for her part time and also have rentals and flip houses the bank requires personal and business tax records every time I apply for a loan.  Together through business and personal we run $3 million dollars through the bank in a given year but won't borrow me $80000 to buy another rental property.  Does anyone else have these type of problems with banks? Never miss a payment or ever late and have over $800,000 in clear equidy.  Second problem is time.  Having 3 kids in school and in activities it is a real time constraint to run then around all the time.  End of rant. Thanks

 Hey Jared, I'm curious- if you have $800k in equity why not just tap into some of that to fund your next project instead of relying on a bank for an $80k loan? I read and hear about people doing this all the time.

 It is in real estate.  It is what is not owed against, but I can't get my bank to use any of it as collateral.  I own 3 properties outright, and the other two I am buying on contract for deed. I was trying to buy another 4 plex for 100k and needed 80k after I put the $20k down in cash and the bank told me know and wouldn't let me borrow against my other property either.

I have a couple problems holding me back.  First and foremost is my bank, my credit is used up according to them.  My income to debt ratio doesn't match right do to borrowing my wife's business a bunch of money and we get paid back monthly but it doesn't get to count as income or as money owed to us for that fact.  Being she owns her business and I work for her part time and also have rentals and flip houses the bank requires personal and business tax records every time I apply for a loan.  Together through business and personal we run $3 million dollars through the bank in a given year but won't borrow me $80000 to buy another rental property.  Does anyone else have these type of problems with banks? Never miss a payment or ever late and have over $800,000 in clear equidy.  Second problem is time.  Having 3 kids in school and in activities it is a real time constraint to run then around all the time.  End of rant. Thanks

Chet Maxwell I just went and bought your app and it doesn't work at all. I click start and it tried to bring me to a domain that is forsale...

Well the market in our area is on the rise. Economy is doing well. Rent prices have been increasing as well. I am 31 yrs old and currently have 1 commercial building with 3 apartments above it fully paid for, buying another commercial property with seller financing, just bought this house I am rehabing, and am now buying another 3 plex with seller financing. Not sure what my goals should be other than I want to build a decent rental portfolio. I don't care if I keep my full time job or not, but would like to retire at about 50 yrs old if possible haha. I am just not sure how people get banks to give them multiple loans, like if I was to take out one against this house. The bank says my income to debt ratio is no problem and my credit score isn't bad, they just say my credit is all used up.

Ok I am new to BP and am wondering on some information in how to move on from the standpoint I am at. I just recently bought a 2 bedroom house for less than 50% arv. House needed a little bit of work mostly labor not much for materials and I have 10+ years experience as a contractor I am doing the work myself. I originally bought the house to flip for a profit, but am now leaning towards holding and renting. The house is free and clear of any loans, do I finance a mortgage to use a bigger lump sum to purchase another house and use the rent from this to make the payment, or just collect the rent and save it and purchase another rental in a few years. I posted in another thread earlier I did just buy a 3 plex with seller financing and close on that deal In a couple weeks. What is the best approach. I also still have a full time job and do this on the side. Banks prefer you to have an actual job over just having rentals for financing don't they?