Posted by Ed Garcia on September 21, 2003 at 10:24:47:
I?m sorry, but for me it impossible to answer your questions with out spending a great deal of time and having the information on you personally.
This business is not a one size fits all, nor are the banks all in harmony to do process or function like robots.
What I teach requires, looking for and identifying a motivated bank, developing a relationship with a bank, understanding their requirements and compensations of those requirements. For example in your case you ask, if you didn?t have ownership could you still demonstrate to the bank that you have the experience or an experience level that would satisfy the bank.
The answer is of course; Yes, it would be a no brainer if the properties were in your name because then your experience would be unquestionable. However that doesn?t take away the fact that even though the properties were not vested in your name, you weren?t responsible for the acquisitions of the property. There are many ways you can set it up or demonstrated to the bank your involvement with the acquisitions.
You could have your investor set up an LLC with you as an officer of the company. You could build a file of the acquisitions as you purchasing them, showing the participating income you received from the acquisitions, to name a few.
Dave, I?m sorry I can?t spend more time with your questions and hope I have given you some food for thought.