All Forum Posts by: Jon Anderson

Excellent information! Thank you so much

So I took my landlord to small claims court and one in judgment. He then appealed the initial judgment and the appeals court ruled in my favor.

Now, the hard part. How do I collect on a judgment? Anybody have any creative ideas?

I can’t find that he owns any property himself. I think he owns a business but I’m sure it’s not in his name.

The property that I was renting from him he sold.

Bottom line, I don’t think I can put a lien on anything and I don’t know that he has any job income that I can garnish.

Looking for ideas. I’m in San Diego County.

Thanks!

@Roman Rida

I’m down in Carlsbad near San Diego. I’ve been thinking about a pool for the last year. I’ve gotten multiple bids. Cost is going to be about 60 grand for a small pool with no heat and may be a small water feature.

After a lot of consideration, I decided against it. I will probably end up installing a nice barbecue area and fire pit instead.

In order to get heat to my pool I would have to run a gas line from the other side of the house which will involve tearing up my driveway, etc.

Just my opinion.

Thanks for the input!

Thanks for the input!

I knew what the answer was but I just wanted to get some input from others with more experience than me.

I’m in contact with someone on here based on this post.  Seems very credible.

Thanks again

I’m currently looking for a private money lender to fund a new construction project here in California.

Anybody have any advice with regard to the vetting process of a lender? Currently, I have a gentleman that contacted me through a craigslist ad. Craigslist has a bad reputation for scammers so I’m trying to figure out how I can go about confirming what this guy is telling me. I’m asking for about $220,000 to be distributed on a draw schedule. He sent me some preliminary loan documents which appeared to be a complete joke to me. He seems to be obsessed with his $2700 origination fee requirement. That seems like a big red flag. I tell him that and he tells me that this is typical. He then proceeds to send me a copy of a wire transfer form where he’s transferred $850,000 to another one of his “clients“. I guess he’s thinking I should be impressed with that. Anyway, I told him I would agree to an escrow company holding our funds, my $2700 and his $60,000 first draw.

Any thoughts from anybody? My problem with more conventional Hardmoney is my experience with new construction is limited.

Thanks in advance

Hello!

I’m looking for advice regarding how to structure a partnership. I have done two other deals with this individual without incident. However, this is a bigger project. We are looking to purchase land and build a new single-family home here in Southern California.

This will be a 50-50 partnership. He will serve as the “boots on the ground“ and handle all the day today issues withThe process of buying land, getting all permits, plan designs, he will serve as a general contractor role.

I will be providing the necessary capital to get the project off the ground until we can obtain a construction loan. I will be purchasing the property out right. Once we have a firm figure on the cost of the project as far as construction, I’ll be in charge of obtaining a construction loan and providing any Gap funds.

Our previous projects were simply me loaning him money at a fixed return. Those projects were rehab flips.

I'm guessing we need to set up a separate LLC for this particular project. I will be much more involved with the decision making with regard to this project and I was with the other projects. Do people set up a separate bank accounts under this new LLC to deal with all the transactions related to the project?

I'm just trying to get an idea of the best way to handle the logistics regarding funding. Do people set up a separate account? Are they set up in both of our names and under the LLC?Is setting it up simply under the LLC adequate if the LLC describes our partnership in detail?

I guess I wanna know what it is I’m not thinking of that I should be. Any help/criticism/whatever is appreciated.

Thank you!

Thanks for the input folks. I’m in San Diego county. Based on my limited experience, there always seem to be someone between the buyer(me) and the god deal. Whether is Auction.com bidding against you if a wholesaler with questionable numbers or probate sales asking market value for a major rehab house. I’m still learning this process. Just seems that the deck is stacked against getting a decent deal.  Was wondering if I was just missing something 

Looking for my first flip. We’re all looking for a deal. I’m trying to determine where I can find the best deal. It seems that auction sites are just in it for themselves and are not really above board. auction.com has a bad reputation.Do people still buy For closures on the courthouse steps these days? Seems wholesalers are also kind of sketchy. Where can I find some good information? I’m in Southern California so I don’t know how much that has to do with the issues I’m having on finding legitimate properties. Any insight would be helpful.

Thank you for your response. I will check out that thread. I do have a deed of trust to go along with the promissory note. The guy says he’s getting a hard money loan for a purchase of the property so I guess I will be second position.

A gentleman would like to borrow $20,000 and return $30000 on a short term, three month fix and flip. Does anybody have any templates for a promissory note for this type of transaction? I live in California.