All Forum Posts by: Dwight Bradshaw
Dwight Bradshaw has started 2 posts and replied 39 times.
Post: Student from Fort Collins, CO
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
Hi Will! Welcome to BP. I'm at a completely different stage in life (44 years old) but I'm also new to REI. If you ever want to get together to share ideas and thoughts and have coffee, let me know. Welcome!
Post: Newbie from Fort Collins, CO
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
Hi Bryan! Welcome to BP!
I'm new to REI as well so I'm not the mentor you're looking for...however we could maybe grab coffee sometime and share stories. I live in SE Fort Collins.
Post: DENVER BP Meetup 10/22
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
I couldn't make this one...but look forward to the next one!
Post: First mailout ever!
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
Good luck! Looking forward to hearing how it goes!
Post: BiggerPockets Meetup 8/28/12 6pm DENVER CO
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
Facebook is like a "brother" to me! Haha!
Post: BiggerPockets Meetup 8/28/12 6pm DENVER CO
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
I agree! Great time last night Anson Young! Thanks for instigating the meetup.
Joshua Dorkin, the social media conversations and different opinions are quite fun!
See you all again at the next one.
Post: BiggerPockets Meetup 8/28/12 6pm DENVER CO
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
I'm coming...I'll be a little bit late, but I'll be there. Looking forward to it!
Post: Which LLC company for flipping?
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
Originally posted by J Scott:
Originally posted by Dwight Bradshaw:
J Scott - Yes, that's what I'm needing to do. So, really the hard money lender would have the first deed of trust, and my money partner doesn't have a deed of trust, they are just equity partners and might have to put some cash into the deal, right?
That's definitely one way to do it. They could be partial owners of the entity, or you could buy with the entity and just have a JV agreement with the equity partner. Whichever was easier for you.
I don't generally have equity partners. When I get a loan, I get a loan directly from a private lender and they get first deed of trust (1st mortgage) on the property. I buy everything through my business, so they loan to the business, but have no interest in the business, just the property they are lending against.
That said, I sometimes do partnerships with other investors where we each contribute time, effort and money, and we generally do this with one of us buying the property in their business entity and then having a JV agreement between their entity and mine.
J Scott do you happen to have a JV agreement that you could send me so I can see an example of how to write one up?
Post: Which LLC company for flipping?
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
J Scott and Bill Gulley
Thanks for the time to respond back and forth a little. I think that I understand.
I like the idea of having one LLC (Bradshaw Properties, LLC) and buying all of the homes in that entity. Possibly with JV agreements I could get funding from a hard money lender and keep it within the one company all the time. I'll look into that with my hard money lenders.
I know this isn't under the right category but it ties in and I brought it up earlier: As far as wholesaling properties...each property purchased under a different LLC and then selling the LLC to the end buyer (who receives the property as part of the LLC's assets) avoids having to double close. Does that sound right and like a good plan to you guys?
Post: Which LLC company for flipping?
- Real Estate Investor
- Fort Collins, CO
- Posts 41
- Votes 1
Originally posted by J Scott:
Originally posted by Bill Gulley:
Bill Gulley -
I think the point you're missing is that it sounds like he plans to have a separate equity partner for each property. To avoid comingling ownership of several properties across several equity partners, I don't know a better way to do it without separate business entities.
J Scott - Yes, that's what I'm needing to do. So, really the hard money lender would have the first deed of trust, and my money partner doesn't have a deed of trust, they are just equity partners and might have to put some cash into the deal, right?
So the way you structure your business is that your LLC (Lish Properties, LLC) qualifies for all of the hard money or private money loans, is that right? So you don't have equity partners? If you do, how would you structure it differently?