First time deal advice?

[Michael Landrum]

Hey bp! :) I've been learning as much as I can about real estate for the past year or so and finally have the opportunity to do my first legit deal. I will try not to make this a post about the details of the deal because I understand there is a separate forum category for that. In order to make this deal work best, i will probably need to ask for a private money loan from a mentor who has been very supportive in my real estate plans, but i have never brought up the topic of possibly borrowing money from him. I will likely be bringing the topic up with him as soon as I can this week and am just looking for some general pointers on how to approach the topic with him. Anything I need to think about, watch out for, or keep in mind as I chat with him? thanks in advance

[Eric H.]

Great morning @Michael Landrum,

I would be upfront and honest with him or her and get straight to the point. I'm going to assume you trust this individual so I would analyze the deal, present my numbers and ask would he or she like to partner on the deal. Some consideration on your part beforehand will be what kind of partnership are you looking to have with this person. Are you looking for a loan or are you looking for a bird dog fee w/opportunity to shadow during the process or are you looking for an equity partner. All of these scenarios have additional details that need to be worked out and hopefully your mentor can help you with that.

Happy investing!!

Peace!!