All Forum Posts by: Scott Wolf

@Miguel Quintana as Dave mentions, your QI can be located anywhere, but make sure you find a reputable firm and one that can ensure the security of your funds, as well as make sure you and your counsel are aware of all upcoming landmark dates.

@Victoria Davis, a title company could handle the transaction but in NYS, we don't offer legal advice due to the insurance nature of our company.  Depending on where in the state you are, an attorney can act as both attorney and title agent(typically upstate), which I feel sets up a conflict of interest. Where is the property?

 That's some low debt.  I'm sure you could find better return in the market, but if you'll sleep better at night, then pay it off.

It's all personal, and you need to know what makes you comfortable.

I personally would use the debt as a private lender or invest in a note fund paying 10% interest, but that's just me, you need to choose the road you want to run.  I currently have a lot of debt(just bought a primary residence, as well as the debt on the investment property I own), but still choose to invest and grow the capital I have available, while using the proceeds from my job and investments to continue to pay down my debt at the low rates I have (2.65% and 4.25%).  And yes I know many will argue that the 4.25 isn't low, but that property is making me 13% cash on cash while I pay an additional $100 a month towards principal every month.

 Hi Grant, who else is involved in ownership?  There's no reason that would prevent them from doing owner financing, you just need to convince more parties.  My guess is you're probably right, as they may be looking for. a clean exit.  I'd love to learn more about the deal. if you want to send me details.

Congrats @Paul Steven Tejeda Perez!  If you ever need title services, my firm operates in Florida as well.  And I too just moved down to Boca Raton!

Thanks @Rick Stein, LTV is always off current value, not ARV.

@Rick Stein how do you get your 45% LTV? 165/355 is 46% and that's ARV. What's the LTV on the purchase price?

Without going into specific numbers, it's hard to understand how much money they have and how much you need. Also, how would they make a monthly 'salary' from an interest free loan.  I'm not sure I understand the structure.  Are they giving you a loan, and you're just paying them back?  So they make even less than the .01% a bank pays them?  Not sure what the thinking or structure would look like.  Also, you should mention someone if you want a reply.  Just use the handy @ symbol.

@Chad Schmidt, it sounds like they want to be partners in the deal. I'm not sure why you're hesitant to form a new LLC, or amend the current documents of purchase to add them to the LLC.

How does a no interest mortgage benefit them?  How will that help them 'put their money to work'?  If you want to solely own it then an interest bearing mortgage is the way to go.  If they want to own it with you, then a partnership is the way to go.  If they are your partners, you can inherit their share when they pass if you still hold the asset.

 You seem to have answered your own question.  Search for another CPA/accountant.