All Forum Posts by: Elliot Lamson

Since i'm still waiting on my LLC to get set up, how do i go about wholesaling the properties that my offers get accepted on? I'm working with realtors in different cites as if i was the one to be flipping them. If accepted do i just have my 10day due diligence to try and wholesale it if not back out? Also does anyone have a copy of a Wholesaling contract that they use? Hope the questions all make sense. Thanks!

Do most of you wholesalers that do it full-time lock down most of there properties remotely?  in other states or cities? or just staying local where you can walk the property?

Trying to put together some numbers. 

Lets say i bought a condo under an LLC for short-term rental purposes.

and on avg it was making 1k profit pre month after all the expenses (mortgage,taxes/insurance internet utilities). 

what % would i be looking to set aside for taxes? 

thanks!!

Could i actually buy a place with a FHA loan and just rent it on AirBnB? how do they know you live there or not? I have heard in some of the podcast that you must stay for at least a year.....

Yes they would be investing in me, I would be finding the properties and making the deals. How would i structure it? LLC?

disregard the last post, i didn't know it took time to get verified. 

**Not sure if im posting this in the right place. because all i see is my title. 

Hello BP.

This is my first post.

Question about buying LTR with friends.
I along with all my friends play poker for a living. Most of us have the majority of are net worths sitting in safety deposit boxes.

I'm looking into some Long Term Rentals all around the country.

Since we are all self-employed its a little more difficult to get approved by a bank so we are looking at owner financing since coming up with a down payment would be no issue.

Questions:
1). How do i go about structuring a "fund" or LLC using multi peoples money? (Is this referred to as syndication??)
2). When using owner financing is there penalties for paying the property off early? (lets say a 100k property in 3-4 years?)
3). I have seen on CL some owners will just carry for 2-3 years then you switch to a standard bank loan. How does this process work? Does the bank need proof of income or is showing that we have made every payment to the owner for the last 2-3 years good enough?

Thank you all kind people!! 

Hello BP. 

This is my first post. 

Question about buying LTR with friends. 
I along with all my friends play poker for a living. Most of us have the majority of are net worths sitting in safety deposit boxes. 

I'm looking into some Long Term Rentals all around the country. 

Since we are all self-employed its a little more difficult to get approved by a bank so we are looking at owner financing since coming up with a down payment would be no issue.  

Questions:
1). How do i go about structuring a "fund" or LLC using multi peoples money? (Is this referred to as syndication??)
2). When using owner financing is there penalties for paying the property off early? (lets say a 100k property in 3-4 years?) 
3). I have seen on CL some owners will just carry for 2-3 years then you switch to a standard bank loan. How does this process work? Does the bank need proof of income or is showing that we have made every payment to the owner for the last 2-3 years good enough? 

Thank you all kind people!!