All Forum Posts by: John Wayne

As Jeff stated above, talking with an attorney is your best bet. Additionally, he states that setting up a Partnership entity is a good option. This is true, however, it depends on the amount of control you want to hand over to your investors. With a partnership, your investors would have a significant amount of voting rights in the entity you form and plan to do business under. Another choice you should look into would be to set up a single-member LLC (if you do not have one already) and open up Promissory Notes through your LLC with your investors. For example (and these terms would be negotiated with your investors), if someone wants to invest $100k with your company, you would write them a Promissory Note and have it signed and they would send you the money. The terms would be somewhere in the ballpark of "You give me $100k and I give you X% of your investment over the next X# of months - at the conclusion of the term I will pay back the principle on the note". This option solidifies your investors "investment" with a promised % interest and allows you full control over the use of the funds they invest.

I hope this helps! 

Come on BP don't let me down!

I have found myself fascinated with Lease Options/Wholesaling Lease Options. I have spent hours of research into the legal aspect in making sure that I can provide coverage for myself, the seller, and the tenant/buyer. I am located in Tennessee and have reached out to a few connections in the legal world but none have been able to provide me with the answers I am looking for. I spent many hours drafting a Lease Option/Master Lease Agreement for use between myself and a home owner or seller. I believe that it is airtight and would like to get it verified in some way. I have also drafted a sublease agreement and Lease Option that would be provided to the Tenant/Buyer. 

I guess my question is that I am looking for anyone with actual experience with Lease Options and might be able to provide advice while going through the legal hoops and obstacles. I have not been able to find many people with real experience in this and would love to hear what you all have to say!

I believe that a lot of good deals can be found closer to downtown in Chattanooga rather than the already-exploited areas around Nash and Knox. I am not, however, saying that those are un-profitable cities. There is amazing potential for rental real estate in Chattanooga and it keeps getting better and better.

I agree with Jason. There are many benefits to venturing into the GA Area especially around Atlanta. I currently live in Chattanooga and I would caution you to research the specific submarkets carefully since they differ street by street. Highland Park and East Lake are definitely on the come-up!

I have been looking to House Hack a property through an FHA 203k Loan. I even went so far as to begin the process because it was such an amazing opportunity for around 3% down. When I called on an FHA Broker I found that they no longer offer this product!! I was extremely upset but I was able to find another avenue for financing my properties.