All Forum Posts by: Nithin Mathai
Nithin Mathai has started 8 posts and replied 25 times.
Quote from @Michael K Gallagher:
@Nithin Mathai I would think if you educated the GC that your end goal with most of these pictures was to make social media posts, then they'd be willing to take the pictures with that in mind, and to document the process. I'd honestly be surprised if they weren't already doing some of that for their own socials/portfolios, but if they are not then this could easily be framed as "hey mr./mrs. GC, if you take some good progress pics and videos we want to put them up on social and we will tag you and make sure to credit you." that way they are getting some exposure also.
Maybe its just me, but this really seems like a task that could be handled by the team you already have in place, its not a very large ask in my mind.
We have a Project Manager and they're coordinating everything with the GC. I'm just worried that the pictures and videos that the GC submits for reimbursement won't be decent enough quality to share to our network and on social media.
Hello BP Fam,
I am an out of state investor who just purchased their first property in Ohio. I am in search of someone who can take progress pictures and videos of the property every week or two weeks. I don't need a professional photographer for this, more due to limited budget. If anyone has any recommendations or suggestions, it would be much appreciated. I tried looking on TaskRabbit, Upwork, and Fiverr but no luck.
Post: Opening a Business Bank Account with a Partner
- Posts 25
- Votes 7
Hi BiggerPockets Friends,
My business partner and I are looking into opening a business bank account. Each of us has our own holding company LLC and the property is held in an LLC which we both own 50-50 through our holding company. How does it work to open a business account together? We have a level of trust, but just so we don't run into any issues down the line with someone withdrawing extra money or fraud situations, how do we split the profits into an account that neither of us can withdraw all of the funds from without approval from the other partner? I asked Chase Bank and they said this is not possible. Any input would be appreciated. Sorry in advance if this wasn't enough info, but I can add whatever input is needed. Thanks!
Post: Subject to or Wrap Around Mortgage
- Posts 25
- Votes 7
We weren’t even able to speak to the seller. I think the house is under contract with someone else so it worked out for her I guess lol.
Post: Looking for recommendations
- Posts 25
- Votes 7
Hi all,
I am looking for recommendations on who to use for entity formation (LLC) and tax services near Dayton, Ohio. Preferably looking for a one stop shop like Anderson Advisors. I booked an appointment with them but if you know of any alternatives, I am all ears. Thank you!
Good night Bigger Pockets fam!,
Thank you for your help on my previous question. This time, I am trying to connect with someone in the creative finance space.
If you or someone you know who does seller financing, subject to, lease options, hybrid deals, etc. , and is willing to have someone shadow them, please respond here or DM me.
I am just trying to learn how to structure these deals (mainly sub to), and actually execute on the deal, such as what forms do I need, and who else needs to be involved (title company, lawyer, etc.). I am able to drive within a 3 hour distance of Rockland County, NY. I would love to connect. Again, any help would be appreciated. Thank you!
Post: Subject to or Wrap Around Mortgage
- Posts 25
- Votes 7
Quote from @Travis Timmons:
My advice is to get off of youtube and find local investors doing these sorts of deals. Go to a meetup or something like it and get your questions answered by someone who closes these transactions, an attorney who writes up the contracts, and/or a title company that does this work. The stakes are simply too high for you and the seller to go into this guessing on anything.
Thank you for the help! I am in the process of contacting a real estate attorney and titling company to get my ducks in a row.
Post: Subject to or Wrap Around Mortgage
- Posts 25
- Votes 7
Quote from @Wale Lawal:
While a wrap-around mortgage can benefit both parties, there are risks that buyers and sellers should consider before proceeding with this type of transaction.
It’s wise for both parties to work with an experienced real estate attorney, who can provide assistance through the process and reduce the risk for everyone involved.
For Buyers
As stated before, the original mortgage continues to be the primary loan. The wrap-around mortgage is a junior lien. That means if the seller stops making payments and goes into default on the existing mortgage, the original lender can put the mortgaged property into foreclosure and take it away from the new buyer, even if the buyer has stayed current on their payments to the seller.
Buyers can help prevent this risk by making their payments directly to the original lender, as long as their loan terms allow it.
In a wrap-around mortgage situation, the buyer gets their mortgage from the seller, who wraps it into their existing mortgage on the home. The buyer becomes the owner of the home and makes their mortgage payment, with interest, to the seller. The seller uses that payment to pay their existing mortgage to the original lender.
Depending on the terms of the loan, the seller can make a profit from the difference in the two payments, the one to them and the one to their lender. This is typically done by the seller charging more interest on the wrap-around mortgage than the interest charged on the original mortgage.
This loan can be beneficial for both parties but comes with several risks. To mitigate those, the buyer and seller should work with an experienced real estate attorney.
All the best!
Post: Subject to or Wrap Around Mortgage
- Posts 25
- Votes 7
Quote from @Nithin Mathai:
Quote from @Bach Anderson:
Hi Nithin,
Please take this with a grain of salt as I’m a newbie. I’ve been learning about this too through the Pace and Jerry masterclass videos. See link below for the video playlist. Pace walks through each of these areas and the questions to ask. Pace also mentioned going on his Facebook page and asking for one of his students in your local area to help you structure the deal. Hope this helps. Good luck! 🍀
Thank you for this! I am going to start watching these now, and I will also reach out in that group.