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All Forum Posts by: Pat L.

Pat L. has started 60 posts and replied 3918 times.

Post: NEW LICENSE REQUIREMENTS!

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

Even worse it could become a reality !!!

Post: How to start a foreclosure?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

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 :)

Post: Commercial property with 2 apartments upstairs.

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

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

Post: where is the end with Owner Financing?

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

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

Post: Year #1 of "10 Year Plan" is in the books - A look back

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

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.

Post: When does forming a multimember LLC count as a security transaction

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360
Originally posted by Bill Gulley:
Originally posted by Pat L.:
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??

They are still two seperate entities, if the LLC is tainted, it's still an issue. :)

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

Post: When does forming a multimember LLC count as a security transaction

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

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??

Post: Number of mortgages per individual

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

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.

Post: first brand new home construction, personally

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

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

Post: Great Neighborhood - Horrible Street - Triplex

Pat L.Posted
  • Rental Property Investor
  • Upstate, NY
  • Posts 3,976
  • Votes 3,360

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 :)