All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1798 times.
Post: software for hard money lending
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
Originally posted by @Paolo Ruggieri:
Found solution - I am now part of a bigger group
thank you!
Paolo, what did you end up going with?
Post: How to Structure Short Term Rental Partnerships?
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Hans Alverson, @John Underwood hits the nail on the head. If you can keep your partners on the debt side of the equation, you will end up with greater profits. Good luck!
Post: Private Funding Agreement Contract
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Danny Quintana, a title company may be able to help, or you should engage an attorney to draft the documents for you. It pays to cover yourself in these situations, and not look for the cheapest option. Additionally, if you pay a professional to handle it, you can use the template for future deals.
Post: Solar panel or farm incentives?
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Alicia Marks, not sure about commercial programs, but the incentives for residential solar in Florida are terrible. The only credit available is the Federal credit of 24%. I won't go into the full details, but the quote for my house was ridiculous.
Additionally, if the tenants pay for electricity in the commercial and residential properties, there's no true incentive to go solar, unless it's an owner/user situation.
Post: Who is the beneficiary and/or owner of an escrow account?
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
Some title companies will also hold escrow on a deal they are not running title on. I just did it for a client who didn't trust the buyers' attorney (and his title co.)
Post: What's going to happen to NY City?
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
Originally posted by @Genny Li:
Originally posted by @Eric James:
The population of NYC has been declining since 2016. This isn't likely to reverse. That doesn't mean that NYC will stop being a business hub, but with fewer people you get decreased demand for housing.
More children are aborted in NYC than born every year. It is a massive population sink. NYC has been entirely dependent on immigrants who don't know how much better American life can be and on young and dumb starry-eyed Americans who leave after a few years for its labor force to get most things done. As long as they stay, then the international elites will still have someone to make their coffees and fix their sinks and drive their Ubers and wait their tables. And they'll keep buying up real estate that stays empty 10 months of the year, putting the squeeze on places that people actually live in.
I'm sorry Genny, more children are aborted in NYC than born every year? That seems absurd. Where did you even come up with that?
Based on my 2 minute Google search, there a more births in NYC than abortions in the entire state. (2017 data)
Post: Rental Advice - Lending / Financing Side
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Chris Tedeschi, what @Dave Spooner said is correct about the loan. As far as raising the additional 70% of the down payment, you'll need to find additional equity investors, or mezzanine debt.
Post: How to manage BRRRR financing the right way
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Noah McPherson, I'd try to get a 24 month loan from the current lender you're speaking with, or find one that will do a longer loan term. Most HML's I know of have no pre-payment penalty past 4-6 months.
Post: Financing property in Cleveland
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Avinash Dongarwar, based on what I'm seeing, 4.75% is a pretty good rate for an investment loan.
Post: How to structure an LLC with a capital partner
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Logan Eckstein, each property would get a new LLC. You could be listed personally in each LLC or with your own LLC that you use to invest in deals. If your partners are OK with that structure, and you're taking no additional fees you should be fine. If you do take a property mgmt fee, you should just create an LLC for a PM company and contract the PM company as an outside vendor for each property.