All Forum Posts by: Account Closed

How are you securing private money with friends, family or coworkers? In this case it is an old client of mine who has become a friend and has some money sitting around doing nothing. We have a solid trusting relationship and want to make it easy but still give him security. The capital will be used for rehab cost + landscaping on a 6U apartment that already has a primary loan. There is 125K of equity in the property and we discussed him lending up to 100K. I have heard to reach out to an attorney but we don't want to add the cost with the good relationship we have. Another friend gave me a very basic note that he used and had notarized when working with his father in law.

Any suggestions would be greatly appreciated. 

Andrew

Cam, you are an absolute monster and extremely humble at the same time. Your attention to detail and professionalism is top notch. I've enjoyed seeing your rise over the last 10 months (wow not even a year for me). I feel extremely blessed to be a small part of it and feel like I am learning from the best. Looking forward to doing our next deal! 

Does anyone have advice or tried to get a earnest money deposit on a new build? I went under contract for a 2nd town home in my primary residential development thinking it would be a good way to dip my toe into the world of rentals and property management. I've since partnered with a more experienced investor and am under contract on a property that will bring in significantly higher returns. I now would like to get the $5K back and put it towards a 2nd property with much higher returns and not waste one of my personal loans. I am hearing that it is very hard to re coup on a new build.