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All Forum Posts by: Chase Hildebrand

Chase Hildebrand has started 2 posts and replied 3 times.

Post: The Groundwork

Chase HildebrandPosted
  • Lender
  • Durant, OK
  • Posts 3
  • Votes 1

I am new to the forum, but have been doing a lot of research.  First off I will describe my situation as best as possible

My fiancé and I are looking to get in to real estate.  Future plans are passive income with rental properties and starting a property management company for our properties and others. 

For the short term we are looking to flip a house(s). Her dad would be able to lend us the money and split the profits after the sale of the home. All he would provide is the money and we will be doing all the work and hiring done the things that aren't feasible for us, if any. I am looking at starting an LLC in order to get my contractors license to be able to apply for permits if necessary.

So my question is what is the best way to approach our situation.  I am planning on talking with a CPA to discuss the details, but want to get a better understanding from the people that have done this before. 

Should her father purchase the house and materials, we do the work for free, and then split the profits(losses.... I am realistic so I understand the risk)?  Or would it be best to have him loan us the money in some way and we do everything and pay him after the sale?  Any other ideas on this?

How do you structure a private money lender?  Is there something easy that could be done being that it is family and not an institution?

I do not know how much we will make or how often we will be able to acquire and rehab houses, so I am not sure if we should just take the profits as regular income or set up the LLC as an S-Corp.

I am sure I have forgot something or made things unclear.  If you need more details or other info please let me know.

Any help is appreciated.

Thanks,


Chase

Post: New Guy from Columbia, Missouri

Chase HildebrandPosted
  • Lender
  • Durant, OK
  • Posts 3
  • Votes 1

It is very much a growing place.  The housing market is high and there is a ton of new housing going up to support the growth.  I just hope that people continue to come to Columbia at the rate they are building apartment complexes.

Post: New Guy from Columbia, Missouri

Chase HildebrandPosted
  • Lender
  • Durant, OK
  • Posts 3
  • Votes 1

Hello,  I have been reading through the forum off and on for awhile now, but finally decided to join.

I am originally from the Quincy, IL area and currently have one rental there.  I have a background in construction, and am currently working at a bank and searching for my first flip.  I have access to a private lender(future father in law) that is willing to lend money and split profits. Between my fiancé and I, there is not a lot of the work that will be hired out as I plan to do a majority of it myself. 

I have some details that I am still working out, as far as what business entity, and how to structure everything.  I am not too concerned on the first one as it'll be a major learning tool in itself.

Thank you all for all the resources available on here and for the answers to the future questions I am sure I will have.

Chase