All Forum Posts by: Blake Breunle

@Bryce Jamison

The only thing preventing him is his current credit. We will be looking at doing a DSCR or Washout Refi when the project is complete. Yea, we are going to structure a promissory note for the time being after consulted with an attorney. Was just seeing if anyone had come into this situation before. Thanks for all the help!

 No absolutely Bryce! Thank you for the candor. This business needs hard feedback. So this person is bringing the cash capital and I am managing the business. I just wont be able to get him on the mortgage.

Has anyone dealt with a situation in which one partner cannot secure credit funding or be approved for a loan? Just wondering how you guys thought to process this. My thinking is that we do a promissory note by the partner that cannot secure funding as an acceptance of debt and will still be liable to for the debt so we can include him on the title. 

We are all ears if someone has run into this... 

Buying distressed/ condemned properties in Ardmore, OK. Looking to BRRR. Trying to find a consultation team (agent, lawyer, cap, and or just someone who has done what we are doing) as well as a property manager. If anyone can provide some insight please let me know. I can get into more specifics. Cheers.