All Forum Posts by: Collin Luckett

@Tim Swierczek thank you, very good info! And in regards to getting educated on the the laws, I assume the best route is to link of with an attorney who has experience with these types of transactions? Anyone you recommend in Minnesota? We are in the brainerd lakes area. 

And if you go under contract as an individual, can you then JV with another investor or is it too late? I have something I will buy regardless of others' buy-in, but the way I see it working is I get it under contract, present my plan to a couple others who are interested and more experienced, they agree to partner and we complete the purchase together. Does that sound right?

We finished our first one this fall, which went pretty well. I recognize I still have a lot to learn and that having a track record would help. 

I have individuals in mind that have either directly told me they would lend or indicated they might, so I don’t think finding the lenders is my issue. It’s more the actual “how-to” or structuring it into the process I’m in, as I mentioned. I don’t mind having skin in the game either, but I know using private money is key to scaling one day and would like to get some experience with it now, even if it doesn’t fund a majority of the deal. 

I have a couple houses I'd like to put under contract as fix and flips and would like to you private money lenders to help fund. I know when you make an offer you typically specify how you plan on funding the deal. I'm currently going through the process of getting a HELOC and feel confident we'd be able to fund a purchase using that but using PML has ultimately been a goal of mine and would like to incorporate it into one of these purchases if possible.

My question is, if I do want to make an offer funded with a HELOC, can I later bring in investors or even a hard money lender before the purchase? Is there that kind of flexibility in a purchase agreement? Also, I'm pretty new to this but I'm assuming you'd have to have an LLC in place to accept hard money or money from private lenders?

Sorry if this has been covered before, we are located in Minnesota if that matters.  

Looking at online real estate licensing courses, anything out there with continued education options that does a good job of covering creative financing?

Hello, we sold a house and during the final walkthrough the buyers noticed the well pump leaking. To close, we agreed to get it fixed within 10 days after closing.

The first plumber that came out took a look and didn’t see anything leaking. The sellers insisted it was so we had a second guy come out. We had him replace a gasket even though he didn’t notice anything. This was within 10 days.
2 weeks later and the buyers messaged and said it was still leaking. After looking at it, it’s not really leaking or dripping, more so just a little moisture around the seal. More like “seeping” than leaking at best.

Do I get someone out again to look at it? It seems so minor and if it were us I know we wouldn’t think twice about it. How do I address it with the buyers if it isn’t really a “leak”? Are they being silly or am I?

Hello, we have an investment property in northern Minnesota that we have been trying to sell, we have it under contract and are supposed to close in a few days. The problem is when we got a survey done for the buyers, it showed that a barn mostly on our property has a corner sitting on the neighbor's property. The property is one of 3 that was a part of a bigger property owned by the neighboring family that got split, we purchased this one from the neighbors' brother. It has a fence that we verbally agreed we would honor as the property line when we purchased it without a survey and the fence line gives us more space in some areas and the neighbor more space in areas when compared to the legal property lines. 

How can we go about getting a clean title, no problem selling with sellers having access to the barn that has the property line going through it? The title company mentioned a possible easement as a solution? Is there another way to go about it that just honors the fence lines? Would a letter from the neighbor suffice? 

Title company has been slow on this one, looking for help ASAP as we close in a few days. Thank you BP community!!