All Forum Posts by: Daniel Townsend

@Charlie JohnDo you just find an attorney and give them the information to fill out the mortgage and promissory note? I’ve been trying to find this answer to my question and I’m having a hard time.

@Michelle i would have reservations. Whether it is actually haunted or not, people are superstitious. If it has a reputation for being haunted that could turn renters or buyers away. Just a thought. I’ve talked with people who won’t buy houses that people have died in. Weird but true.

So cool! And what a great find!

@Scott Smith Thanks, this is great (non legal) advice! I'm going to start looking around for an attorney that is right for me. Appreciate the help.

@Odie Ayaga great things to be made aware of! Thanks for the advice. I’ve never borrowed a substantial amount of money from someone and I’ve been researching what contracts are needed. I definitely want my family covered in the event things don’t work out.

@Kris Wong thanks for the clarification. I heard it called something else but what you’re saying now makes sense.

@Kris Wong I have already set up an LLC. I'm not sure I know what you mean about a basic company agreement. Is that like a standard practice thing for each time I borrow from an investor? Thanks for the info on GFH. I'll look into them!

@Marjorie Patton that’s a good idea. I knew I needed “people” but haven’t made that move yet. Thanks!

I am new to REI and am scouting my first deal. I have a family member who could be a private investor. I've done some searching online and it looks like somehow I need to show the government this info so they can track it.

Has anyone filled out forms or know the steps to log it with the government? I have a business set up for REI but just looking for info. Thanks!

@Ashley Sliwa

You could always try to find a private investor? That way you could work a deal for getting them a percentage you you can start getting rental income?