All Forum Posts by: Brian Hagan

We are currently researching hard money lenders to fund our deals. Has anyone ever worked with LendingOne, LLC? If so, good or bad experience? What are the key questions you would suggest we ask before working with hard money lender, such as LendingOne, LLC? Thank you for your feedback.

My business partners and myself are currently pursuing our first rental property. We are wondering if paying an attorney $200/hr is worth the money or if Legal Zoom is appropriate for our needs. We want professional legal advice on our operating agreement/bylaws/business formation. For our first property, we are trying to stay simple but protected. Can a provider like Legal Zoom meet these requirements or should we pay for the personal attention of an attorney? Thanks all.

Our real estate investment company focuses on buy and hold properties. We are in the process of finding a financial institution to work with to obtain the mortgage on our first property. Ideally, we would want to find a local bank, as we have heard these types of banks are most easiest to work with. We will be investing in southeast Michigan (tri-county area). Any recommendations? Thank you.

Hello,

Myself and fellow business partners are pursuing our first rental property. We plan on using the BRRRR strategy to grow our portfolio, which will consist of single family homes in southeast Michigan (tri-county area). Currently, we are talking to different lenders in the area. Looking for lenders in the area that have experience in working with real estate investors (using the BRRRR strategy). Any recommendations? Also, I have read a little bit about the concept of a "Delayed Finance Program". Does this simply mean including rehab costs in the initial loan? I didn't think banks did this. Thank you in advance.

Brian

Thanks for the input Brian. What you say makes sense.

Hey everybody, I have been a Biggerpockets member for quite some time but this is my first time posting. Recently, a good friend and myself decided to venture into the real estate world as partners. Long story short, my family and I are moving and we decided to keep our current home as our first rental property. We have great equity and research shows it will cash flow. The question I was hoping to gain some advice/input on is how to establish my business partner's equity in the property. Not sure on the best way to approach it. We want to be fair to one another. Would we pick a point in time (today) and say all equity prior belongs to me and all future equity is split 50/50? From here on out, we would be splitting all expenses/risk 50/50.  As an example, the property is worth $215,000. We currently owe $135,000, which is 37%. Then my partner and I split the remaining 63% equally, meaning he would have a 31.5% equity position and I would have a 68.5% equity position in the property? Using this approach, it does seem as though I am giving up 31.5% of the equity for nothing. However, does the fact we are sharing expenses/risk now nullify that lost equity? Should he have buy into this equity? Any advice or input is appreciated. Just looking for different options to explore. Thanks in advance.