All Forum Posts by: Ron Steele

I have a complex thats been billed as one but the units are indiviudally metered. I want to change to bill them individually.  What legally do I have to do to make this transition?

Thanks

Class c and d all day for me. It's not investing but a job. And is special niche which means less competition

I pay utilities on most of my properties and I hate it. But I own lose end properties where I can absorb the cost. I also self manage and I'm very hands on. I wouldn't recommend this unless u fit that criteria 

what is an overlay?

I use local banks. What about the bank that financed it?

I hope to get some good advice from some of you guys. I'm a pro athlete and make a good salary playing my sport. However it requires me to travel away from home for 9 months at a time. I havent had good experience with a management company bc i know that nobody will care like I will.  I have about 70 units total and will probably net more or close to it than I would from my job.

I know that making that salary plus my rental income will help me but its a catch 22 bc the operation of the property is more hectic when I'm not home and not hiring a management company. Also have another income stream always helps, but I'm at a point where I dont think I can take my business to the next level by being away and not networking, meeting lenders, driving to look at properties, etc....

My question is does anyone have some advice and also how do you remain bankable when your only income, or most of your income comes from your business of real estate investing?

Thanks

Yes the seller wants to do it. The hard money lender wants to do it. He wants to get rid of the property bc it needs work and is poorly managed.

How do you word this deal? Purchase price: 500k Hard money loan of 250k Seller finance 250k Forget interest rates and terms. Do I just say 250k down and seller carry 2nd or do I have to specify that the 250k is coming from a lender. I know in syndication the syndicator doesn't express where the DP is coming from but in debt situations where is it specified. I talked with seller and they said they don't care where it comes from as long as they get 250 at closing but I ranged to make sure I did everything right. I know on financed properties you refer to all cash offer to indicate that the buyer will receive all cash at closing and a financing contingency usually indicates financing but not sure on the legal wording.

I would get the seller and the first lien to do 1-3 years with the idea of 3-6 months

so I should go to the private financial source and refinance with the bank?