All Forum Posts by: Zak Parks

@Rosston Smith I see. It was the $65/mo for electric that stuck out to me. My tiny condo costs more than that in electric lol. Would assume a mansion like that to be a few hundred. 

Rosston Smith does that mean those extremely low utility rates are just for a common area? All the meters are separated by unit?

@Meghan McCallum still fairly new to this so I don't have many different scenarios to speak on. This is just what we've done so far and I don't see us deviating much from that since we don't take much risk on our deals. If anything, we will lower our investor offerings to 8% APR as we gain more experience(and hopefully investors).

Frank Oppedisano would need more details on your goals, but yes, conventional financing will be difficult to obtain if you want the deed in an LLC name. If you're working alone, you may want to just look into an umbrella liability policy while your business is still small.

Meghan McCallum you can structure it any way you want. Here's an example of how we write our notes for private money investors: 10% annual interest, 1 year term, early payoff permitted, no monthly payments. 1 year is really just to be safe but we'll repay in 6 months or less(meaning we pay 5% in interest).

Gen Young RT everyone who said apartment complexes. That's what I'd be doing with that kind of capital.

@Eden Safdie we're certainly going to try. If the lender puts the brakes on us, oh well at least we already have an umbrella policy. If it works out, cool then we can cancel our umbrella policy. 

I'm going through something very similar with a partner and LLC right now. As we are having a hard time finding a residential lender who allows the deed to be in an LLC name, we've decided an umbrella policy will accomplish what we want for now. Yes, you could go commercial loan on a residential property, but the terms will be much worse than a residential loan. So we're still keeping our LLC for all accounting, banking and future commercial property holding purposes, but while these residential properties are in our individual names, we've decided it's safest to spend the extra dough on an umbrella liability policy.

Yepp. The ESIGN Act was passed in 2000, making electronic signatures legally binding. I use Adobe sign on PDFs and sites like Digisign(or whatever an agent uses for offers)all the time.

Scott Reed if you're a member of the LLC, why do any of that? You can just have the title transferred to your name.