All Forum Posts by: Jacob Yates

I have a private lender or investor, I am not sure what to call him, who has agreed to put 10% down for a 20% ROI paid out in 1yr intervals. I have two questions in regards to this:

1.) What type of lawyer should I get to draw out the contract and what is the estimated cost of hiring the said lawyer (I know it varies just a rough estimate would be nice.)

2.) How should this be classified is it a loan, an investment? Or even a partnership I highly doubt it would qualify as a partnership as all the lender is doing is lending the money. 

My issue with calling it a loan is it isn't calculating out interest, as it is a one time calculated 20% paid back on top of the original invested amount.

Thank you in advance for any input.

@Joe Barnett thank you, best of luck to you as well.

@Ramon Huerta

Thanks for the advice and the welcome.

Shoot I was hoping to attend. I just joined last week. I've been working on numbers on a deal. I am hoping to close within 3weeks, if I miss out on this one I will be spending 3months flushing out a MVP for my team, and searching for properties that meet my criteria.

I am new to real estate investing, I will share the path I am taking. Of course this is the path for me and is no way the best for everyone. I have decided to use the biggerpockets YouTube videos/podcasts for initial learning. In a matter of fact I am listening to a podcast at the moment. My plan is once I finally get caught up I will focus on reading books that have been recommended starting with Rich Dad Poor Dad, and then the 4hour work week. Then narrow down the books to focus on my niche. As I soak up the knowledge I have a great mentor my significant other's father has been house hacking for along time and is willing to guide me through my numbers although my niche is different he can still help me with overall real estate investing. Using the knowledge I am constantly receiving for FREE through people on BP and people I know personally I am investing the goal is to close a 100% CoCR as I am using creative financing for the down payment. I may have vested money into my real estate to cover unexpected expenses once I have the money fully covered off of return from investment I will pay myself the money that I originally invested back. I added that to show that all the free info after 2weeks of specific real estate investing research I have put together a plan. I do have a much more flushed out business plan it isn't complete yet, I am going to finish it today I am super excited about that. I love business and pcs so business plans and numbers are things I love working with. I do not plan on using any gurus, I did once pay to see Dave Ramsey because I am a big fan of his. Outside of Dave Ramsey I haven't and don't plan on seeing another guru for cash. I am also going to school, and so is my significant other the idea is to use the income to cash flow my significant other's schooling. I am going to keep my 9-5 because it covers both the degrees I want because I do enjoy the formality of an institution and feel that both degrees I am seeking will add to my REI and potential for a day job as I want to enter the tech industry, but only part-time. So I value my education and my capital between the two starting off the capital is the most important for me. I don't believe in debt for depreciation which is why I am not going into debt for school, period. As more time passes the more outdated your education especially in IT. That is a long explanation so much for keeping it short.

@Dave Visaya

Thank you for the welcome. I look forward to learning.

@Samir Shahani 

Thank you. I have a few major goals, but the big one is to have enough PASSIVE income from real estate rentals to afford to quit my job. If you want to see a full list of my goals check out my profile, and send me a colleague request if you feel that we can help each other out.

Thank you both for the warm welcome and recommendations.

Hello BP community, I have been watching videos on YouTube for the past month or so now. I finally decided to jump over to the website.

A little about me I live in West Michigan currently with my roommate. I am studying computers and business administration in school, which is free for me.

I enjoy reading, and really doing anything related to personal finance, including investing. I have recently decided REI is something I want to do.

I also enjoy a good game of tennis. I look forward to hearing from all of you soon. Oh and I work 3rds so goodnight everyone and good morning.