All Forum Posts by: Pat L.

Even worse it could become a reality !!!

Do it right otherwise the judge will throw it back
But a good referee is invaluable
Up here NY
Disbursements were >$2500
14 months uncontested
Foreclosed on $37k resold it @ $52k :)

Just be careful with the balloon & your LTV @ the anniversary.
We have financed some commercial properties in your area because they couldn't get
financing after the balloon came due & were short of the 30% equity requirement.
Talk to a couple of mortgage brokers in your area regarding the ease of commercial financing if & when your owner financing needs to be RE-financed. Also ask them about the going rate as it can be double digits for commercial properties & that may affect your expected cash flow significantly.
Good luck

Short term OF Ballon payments would also necessitate a serious review of your exit strategies!!!

GREAT story...congrats

'............Take 5 minutes, go look at your pay stub from your 9-5 job, then imagine your boss' pay stub...Then get back up. ..........'

is probably the best piece of advice you can give 'kids' today.

OK so scratch the LLC as it's moot with a well structured Trust :)

Wouldn't Title held in a Land Trust & monies invested via the trust per se (managed by the multi-member LLC if so desired) resolve these SEC issues??

We had an investor last night @ our REI meeting indicate he deals with a privately held/owned bank & is up to 10 properties & mtgs.
But for each new one he had to have 6 months pmts in reserve & his credit score was over 720.
He couldn't get pass 4 elsewhere.
I don't remember if he disclosed the LTV or interest rates.

on the water lines & sewer lines
we got nailed on the crossover separation between water & sewer
cost us an extra 4 days of re digging & re -routing.
after the pipe lay was approved by the Bldg Inspector but not by the 'sewer' guy
good luck keep us informed

My daughter roomed with a girl here @ a local college.
Her father was a preacher & decided to buy a similar property to supplement his future retirement. He ended up owning most of the street, buying them up as they fell into disrepair by approaching the absentee landlords. When I met with him he started to offer them to parishioners on a rent to own basis . He decided that the 'landlord business' was very trying for a man of the cloth :)