All Forum Posts by: Jennifer Long Brenner

What: 2018, 3/2 mobile home that belonged to my grandmother, from her trust.
Where: in a retirement community w very low HOAs, in central FL.
Strategy: LTR

Value: Conservatively appraised @ 169k

Cost: family is willing to sell it to me for 150k

The catch: I need to move fast!

Question: Im borrowing all $ w no down payment from a friend and biz partner. I want it to be a win win for everyone! Based on your experience and the current market, what are standard terms of a loan, for something like this? Anything specific would help…we're still beginners (we own 2 doors together under our LLC) but this would be in my name only. She obvi looking for passive income.

Thanks in advance!

1 Vote

Gainesville, Florida

Quote from @Anna Deatherage:

Oh I'm sorry I thought that I tagged my city and that it would just come up. I'm pretty new I'm still trying to get used to it all. But it would be in Cleveland

It did! …I saw it on my end 🤷🏼‍♀️

0 Votes

Quote from @Jay Hinrichs:

might help if you mentioned the area your talking about.

Cleveland

0 Votes

Quote from @Jesse Tomlin:

Quote from @Josh H.:

Good Morning BP Community,

Is Hard Money really for suckers?

My wife and I have done about 30 flips over the past few years, typically with a partner of ours that has a good amount of cash which he invests, then we split the profit. He has also invested like this with us on a couple of high-producing STR beach houses (that net each of us around 70K per house each year). We do all of the work and management, he invests the down payment and improvements (20%, plus improvements), we get the DSCR loan in our name (80%), we split the profits. Each house is set up in an LLC.

Before we started working with our partner, we did a couple of hard money loans for flips, which went fine. We really like our business partner and want to keep working with him, but we don't want to keep going to him for every deal that we have and use up all of his cash. He really likes us and has a hard time saying no to us, I am exploring alternative sources for financing some of our flips and STRs.

I saw an ad for PrivateMoney.com - the Headline says Hard Money is for suckers. Is it? Has anyone worked with PrivateMoney.com or a similar service? Is it better than Hard Money loans?

Hi Josh,

I'm interested in structuring a deal with an investor much like you mentioned in your post. Do you split the profits 50/50 or does it vary deal to deal? I've never entered into a real estate partnership and would like to make it a win win for everyone involved. Thanks in advance.

I'm interested in this as well! I’m planning on purchasing a small SFH from a private lender. No $ down. Im borrowing from a friend (and biz partner) and wanna be sure this is a win win. What are typical terms for this kind of private loan?

0 Votes

Fairfax, Virginia

All Forum Posts by: Jennifer Long Brenner

Jennifer Long Brenner has started 1 posts and replied 4 times.

Post: Private Money Loan Terms

Post: Lending help please!

Post: Lending help please!

Post: Private Money (Hard Money is for Suckers)