All Forum Posts by: Christopher Dunson

@Shawn Mcenteer I was thinking the same thing. Maybe That's all I should be concerned with. Just seemed too simple, but then again I could just be making it more complicated than needed. Thank you for your response.

Good morning Bigger pockets. 

My current goal is to grow my Residential Real Estate Sales team in Las Vegas to hit 100 million in sales by end of 2020. An option I have to help do that a little quicker is offering my mom, who will have a tough time retiring without it, a return on her money for investing into my business. I could probably get the money cheaper elsewhere, but I want to take care of her.

This would be my first time taking any funds to grow this part of my business. What are the proper steps I need to take and who do I need to contact?

My thoughts:

1. I am concerned about tax benefits for her and myself being optimized.

2. I want to make sure the accounts and any money drawn from those funds is done properly.

3. I do not know a lawyer that specializes in any of this type of business. What type of lawyer might be ideal to connect with?

4. What am I missing? Concerns? Things I should watch out for?

Thanks anybody in advance.

 Glad. Mine turned out great and I renovated the empty ones first and then was able to do living space and then bedrooms after. I didn't ask permission but let them know what I was doing and there were no objections. 

How many units do you have?

@Steve Bracero

Hi, thank you Steve. I have had about 8 meetings with brokers here in Las Vegas, and am primarily concerned with quality of training, and how with my primary focus being the investing side, how will I be working with the broker and them with me throughout the transactions. 

I don't mind by any means paying a higher commission split if I am receiving a high quality and in depth training experience. Of course by training, I mean marketing as well as reaching out to people and the best ways to do that. 

I understand I may just have to keep speaking to brokers and agents here in town, but I thought reaching out on BP may yield some excellent results from excellent like minded people. Thank you.

bump. I realize most people are not attorney's and cannot give legal advice, but real estate is vast and the options are usually endless. Any pointers would be appreciated.

Bump. Looks like I might be figuring out this one myself.

Bump

@Brett Goldsmith Great. In that case, I'm looking for the best way to make payments for the mortgage in a way that she will no longer be involved, and the bank holding the loan will not be notified nor have any suspicions that the property was quitclaim deeded into another name.

Maybe it's as easy as move the autopay to a new bank account owned by me, but I am worried that due to a business entity name or my personal name being on the account instead of hers, that it could alert the bank and possibly move them to look into it.

Another option may be to keep the mortgage payments coming from her account and my company or myself just deposits every month the agreed upon amount. Making sure to keep record of payments on my end as proof I'm making the payments in the event any unforeseen circumstances arise in the future.

Aside from that, I'm assuming I could get a standard note online and include the specific terms, payments, interest, and or balloon correct?

Alright, very exciting stuff.

I flipped a house last year, and during the sale put it up on AirBNB hoping for a bit of cashflow during the sale. The property did excellent, and a buyer fell through. My long time girlfriend at the time suggested her purchasing the property for below asking price, renting the property as a vacation rental, and splitting the profits. I did some numbers, followed through with that, I paid her closing costs, and I still profited on the flip. Seemed like a win win.

She also had invested money with me on another multifamily deal which has yet to be finished. 20k to be exact. 

The important part of the outline we had for the deal was:

1-We would Split all equity 50/50 after the following:

2-Her 20k returned with agreed return if not already paid by the other deal.

3-My 20k reduction in PP on property paid back upon sale.

Despite in my opinion, the Air BNB being a business, and that should remain separate, and all terms the same rather we are together or not, she just wants the property out of her name, and for me to have full responsibility, ownership, and to have as little as possible, or nothing to do with the property.

There are conventional ways to do things that are perfect, and there are non conventional ways to do things that if done properly have a very high rate of success.

The loan is an FHA loan that I do not qualify for on my own at the moment, but may qualify for in 6-12 months.

So far, title has offered me the option of a quitclaim deed into my name and I will take responsibility of the mortgage and the entire ownership of the property. If I default, the property goes back to her, and I lose all. I'm looking to create a note between her and I with specifics with payments to the current property mortgage. If possible, to make her feel more secure include something regarding paying back her 20k within a certain time period or the property goes back to her as well. Maybe a 20k balloon within a time period. Then, in one or two years go and sell or refi the property to pay off her mortgage and heave the property completely in my name.

Another interesting RE situation that I'm sure has a solution. 

Good afternoon, 

To preface, I would like to say that I have been investing in real estate for a year and a half. I sold my house, quit my job, and have done 6 flips, a couple of private loans, and I own two 4 plex's.

To further my entrepreneurial ventures, after a year and a half of convincing and unconvincing myself to get my real estate license, I have moved forward, passed the tests and am looking to associate with a broker.

My two main concerns are;

1: I believe that the best teachers make the best students, so I want to learn from the best, and grow into a great real estate agent. 

2: I am looking for a broker that will be friendly, support, and be an asset to my own investing as I would like to be an asset to them.

From my current outsider perspective, I am seeing my real estate license, and my investing really going hand in hand probably in more ways than I can imagine right now. 

Thank you all for any advice and or specific brokerages recommended.