All Forum Posts by: Henry Sims

Chase, if you have the money and are not planning on doing more than one property at a time, I firmly believe in using your own funds to do it. Things are easier and quicker. If you plan on doing multiple projects at one time, use your funds as a downpayment and finance the houses through a lender. 

Quote from @Jordan Moorhead:

Quote from @Henry Sims:

Hey, BP land, I have a quick question for you all. I have a friend who sold his mobile home park so he could retire. He wants to make a little more on his money than a CD will provide. I'm looking to scale my business and would like to borrow some of his money to do so. Not sure how I need to do so. We came up with a loan for 6-8 months while I remodel a house I have. He is good with receiving 10% on his money paid out when I sell the house. In this instance, I'll borrow $80,000 and pay back $88,000. What paperwork do we need to secure his loan against the house? Will a simple notarized agreement between my LLC and him work? How do I need to receive the money? Should we do a joint bank account with the funds? Any help will be greatly appreciated.

 You should have bought the mobile home park on seller financing from him!

 I didn't know he wanted to sell it, last I had heard he wanted to expand the park. He probably would have gone for it because he says he paid almost 6 figures in taxes on it. 

Quote from @Mike Grudzien:

And make sure that you have appropriate insurance on the property while under construction all the way to the point that it is sold.  If something were to happen, both you and your friend loses.

 Very good point. I will.

Hey, BP land, I have a quick question for you all. I have a friend who sold his mobile home park so he could retire. He wants to make a little more on his money than a CD will provide. I'm looking to scale my business and would like to borrow some of his money to do so. Not sure how I need to do so. We came up with a loan for 6-8 months while I remodel a house I have. He is good with receiving 10% on his money paid out when I sell the house. In this instance, I'll borrow $80,000 and pay back $88,000. What paperwork do we need to secure his loan against the house? Will a simple notarized agreement between my LLC and him work? How do I need to receive the money? Should we do a joint bank account with the funds? Any help will be greatly appreciated.

@Account Closed great work!  I really the style and color choices!

@Bola A., in NC you can access the MLS through the agent's website. I also used Zillow and Trulia to look at the house and comps in the area.

Here's a link to the listing. 

http://www.angelalloyd.remaxagent.com/Home/69-Will...

Trevon Peracca do you mind sharing the company you are talking about?

@Bola A., I did. I searched the MLS for 2 months and looked at about 8 properties and was out bid on the 1st one before I found and got this one under contract.

Ken McGrew I agree. I've had some of the same thoughts. On my 1st deal the broker asked me to sign an agreement and I did. The broker brought me one deal that I went 10k over list and was still outbid. After that I just searched the MLS day and night until I found one I liked. The broker didn't like my lowball offers I submitted but was a trooper and helped me find a lot of cheaper solutions than the subs I found on google. Because of this I'm listing this property with the same broker. J Scott I understand where you're coming from.