All Forum Posts by: Christy Glenn

Originally posted by @Dell Schlabach:

@Christy Glenn .. see above

Hi, Dell,

Thanks for your reply. I was only concerned with my Private Investor in case something happened to me our my business partner until the offer was accepted and then closed. The Private Lender wired the money directly to our business account, therefore, if something happened to me our my business partner, the Private Lender will be hung out to dry. I just wanted to take better care of my lender but didn't realize what a potential mess this could be. However, if we win the bid or offer and get the home repaired and SOLD, it won't matter. We can fix the mess up but until then......yikes!!!

Thanks, again,

Christy

Thanks, Dell! Your response is right on. That helps shed some light and helped me realize what I may can do. I submitted an offer on the property today. Should I write a check to the escrow company and let them know where the funds came from and explain the situation? Only if offer is accepted? Thanks!

Hello all, I am in a similar situation. I put the cart before the horse. My private money lender wired money to our business account yesterday. I am planning on making an offer today. We also have to use our own money to cover the rest of the purchase price plus repairs. Our company and our lender will be on the hook. It's a Foreclosure we are buying. I have no idea what to do to cover both parties to the transaction. I sent a promissory note to the private lender yesterday. However, if something happens to me or my partner in our business, our lender is up the creek. Any suggestions?

Hello, Jorge, Welcome to BP!

Hello, all, I have been watching some properties going into pre-foreclosure in my areas of interest. Some have a auction date set and some have already passed the auction date. They are just sitting there. I'm just wondering how on the world I can purchase or acquire these properties at this process before others come running in or they get put on the market. My company is fairly new to real estate investing, therefore, we are not familiar with the process. I do realize that it does take some time after auction for the home to come up for sale. Any words of insight or suggestions? One thing that may help or hinder is I just passed my EXAM but have to find a investor friendly broker. Thanks!

Originally posted by @Account Closed:

Originally posted by @Christy Glenn:

Hello,
I agree with creating a DEED to protect the interests of your Private Lender. I just spoke with a couple of lawyers the other day about this and they suggested that is the best way. We are in a similar situation, we partnered with a Private Lender to be able to assume additional options and we where worried about their interest if something happened to us (partners in my company) before it sold. In reality, they are family, therefore major concern! No one would want to leave someone of trust holding an empty bag, especially family!

To be clear, we're not talking about a deed here. We're talking about a deed of trust, which is the standard mortgage instrument in CA.

Putting lenders on title gives them ownership rights. Not a good idea.

Hello, K. Marie,

I agree, I'm sorry. I should have been more clear. The discussion was centered around that, therefore, I didn't type it all out but I should have because I see where it could be confusing....sorry, BP.

Christy

Haha.....that was funny...being a wise acre! I agree having a picture of yourself is a little more professional online.

Hello, I agree with creating a DEED to protect the interests of your Private Lender. I just spoke with a couple of lawyers the other day about this and they suggested that is the best way. We are in a similar situation, we partnered with a Private Lender to be able to assume additional options and we where worried about their interest if something happened to us (partners in my company) before it sold. In reality, they are family, therefore major concern! No one would want to leave someone of trust holding an empty bag, especially family!

Hello, I suggest being open to any and all opportunities. In my personal option, for you being new and very little capital, I would suggest partnering up. I don't see how partnering would increase your risk over the other options? Also, do you attend your local REI Group meetings? You should find quality resources there! Hope the best for you!

Originally posted by @Al Turner:

Yea...

Lol, Thanks, Al!