All Forum Posts by: Scott Gabriel

Hi, we've, we've got twenty units in upstate New York and we're looking to triple our size this year. We're looking to build a relatiobship with a bookkeeper, ideally one who's familiar with REIHub. Any recommendations out there?

Since we got started fifteen months ago, we've closed on eleven units. We buy multi families in the northeast for long term holds, and so far our cash outlay has gotten a 15-18% annual return. So far we've used personal loans or bank loans for the down payments (and one BRRRR).

But now we have people who'd like to invest with us. We'd like to use their investments to cover the downpayment, and give them an equity position in return. The challenge is that local banks require any beneficiary with more than a 20% stake to be on the mortgage (even if it's held by an LLC). We'd like to protect our investors from that headache and liability. Has anyone taken partners but kept them off the mortgage? Thanks!

Hi all. We dove into the industry fifteen months ago, and since then we’ve closed on eleven units. We buy multi families in the northeast for long term holds, and so far our cash outlay has gotten a 15-18% annual return.

We've used personal loans or bank loans for the mortgage downpayments (and one BRRRR). So far almost nothing has come out of pocket.

But now we have people who'd like to invest with us and we're trying to find examples of clear terms to take on equity partners. They'd provide starting capital and we'd secure the deal, take the mortgage, and manage the property. We thought we'd do it as a JV where the money partner gets 50+% of the equity.

The challenge is that local banks require any beneficiary with more than a 20% stake to be on the mortgage (even if it's held by an LLC), and we'd like to protect our investors from that headache and liability. How do we take partners but keep them off the mortgage?

We’re looking for someone who’d be willing to chat with us who has experience doing deals of this kind, on either side. 

Thanks!