All Forum Posts by: Jimmy Mozingo

A good friend of mine is in a failed marriage situation in California. After 12 years of being together, the husband decides he doesn’t want to be married anymore. The house they own has a mortgage in the husbands name. Both names are on the deed. 
here’s the down and dirty on the house:

Mortgage— 434k

ARV—- approximately 650-675k

Mortgage is current 

my friend needs to stay in the house for the sake of her 5 kids

She owns her owns her own nail salon/spa which is mostly a cash business 

Her credit score is 600ish

Because she is not a w2 employee she will have a difficult if not impossible time getting a conventional loan. 
she has asked her ex how he needs to walk away from this mess and he said he wants half the equity. 

How can I help my friend keep her house and pay off her ex without conventional financing? 

Thank you in advance for your suggestions and ideas. 

To Tom, Alex and Blake, 

Excellent advice from all. It appears that you all agree that a clearly defined set of duties, expectations, operating guidelines, etc. is an absolute. Having a lawyer check over the agreement was another sound piece of advice. 
this advice makes absolute sense to me thank you gentlemen.  
I hope I can return the favor someday.  

I’m a new investor and have an opportunity to partner with a fellow novice investor to buy a multi family unit. I have a basic understanding of how partnering works, but am completely open to any and all advice, comments, concerns or criticisms when it comes to investing. I’m sure I will have a RE lawyer involved in the specifics of the partnership itself but beyond that, what potential pitfalls and or windfalls can I expect?