All Forum Posts by: Ray Thorsen

@Kole Kingslien thanks I will call them on Monday. 

it depends on the terms. I am not opposed to hard money if it saves me hassle and money. 

@Doran Summers the pp is 140k

@Kole Kingslien I am trying other banks, I was hoping someone hear could save me some time calling.

@Marcus Auerbach I agree with you about sticking with standard resi financing. I may be trying have my cake and eat it too but thought I would reach out and see if any one was aware of a bank willing to do it.

The one thing I forgot to mention is that I am going to try to BRRRR it. It needs 30k in repairs. WIth an ARV of 220k I should be able to get most if not all my cash back. But that would be another closing and there associated fees.

@Daniel Sitler I should find out 11-7-17 if my offer is accepted on a 4 unit just north of the Il border in western kenosha county. ARV 220k pp140k repairs 30k. rents 2700/mo. Is that something of interest to you?

I am writing an offer on a four unit tomorrow in south east Wisconsin. I am looking for the most economical way to leverage a free and clear duplex I own (worth appr 120k) to cover the down payment (appr 35k). Obviously I can cash out refi it and get conventional financing. But then I have to pay closing twice. Unfortunately the private lender I had has stopped lending which would have made this easy. I am  wondering if there are any banks or hard money lenders in the MIlwaukee, Kenosha, Racine area that would do a cross collateral loan and if there fees and terms would be more economical than the traditional route. Thanks BP nation for any help on this.

I think I know which house you are looking at . If it is that house i was contemplating it prior to The flood. The neighboring house is newer and was built high with a brick retaining wall. I was thinking you might be able to do a small retaining wall outside the flood zone. I was never in the house but drove by a couple days later after the water receded and it looked the river probably reached the house and maybe the road which would probably render any wall useless at that time. If you do pursue it keep me updated if you don't mind. Barring another flood like that I think that property had potential. 

I was at one of at my duplexes and the Landlord next door was at his unit doing some maintenance for a turnover. So I always say hello and introduce myself and and ask if they are interested in selling. He said yes!!... But he owns it with the spouse of his former partner who passed away. She does not want to sell for fear of tax liabilities but she also does not want to do any work in or on the building. He wants the cash and wants out. She would be happy continuing to collect a check and avoid the big "perceived" tax bill. I am looking for some options on how I can structure a deal that works for all. Below is what I was thinking but I would like to hear from BP some other options. 

For me the best option is she buys out her partner and owner finances it to me. What if she can't or will not do that? How would that affect her in terms of taxes?

 Could I buy it with a combo of bank money for him and have her owner finance me her half? How would the title work to get him off it, her in second lien position and the bank in first position? It seems like it could be done but it could be tricky.

This maybe covered by @Brandon Turner and his low and no book. Sorry Brandon I have not got to your book yet. If it is please advise and that will be a good reason to move that up on read list. 

I recently was in contact with a cable and dish installation company. He was trying to sell me on contracting him to install all the cable/dish services in my building. That way he only installs to my specifications. There is no extra cost to me or the tenants it just gives me more control over the install to prevent my buildings holes and cables everywhere. I already had no dishes on my buildings in my lease. I am now going to specify a single source for installation as well.

@Corina Eufinger I look forward to it. Thanks for setting it up again.  

I was offered a similar opportunity a few years ago through a friend of a friend who was diagnosed with something that was going to prevent him from working and eventually cost him his life. The numbers were similar, Buy half and he would have no mortgage which would allow him to stay in the house until his death and then he would will his half to me. But there was no money for maintenance or repairs so I would have to keep pouring money in to maintain my investment. I passed because I felt like I would have been investing in his death and I could not stomach that. He was very aware of that and was actually part of his pitch to me but I could not do it. I advised him to look into a reverse mortgage.