All Forum Posts by: Kyle Neville

@Darius Ogloza

Thank you so much!!

My friend and I are starting a rental business to help us save up to start flipping houses. While we were at work a doctor overheard us talking and he said he would invest in us so we can start flipping houses now.

Questions:

- how do we go about collecting his money? Is there a legal way to go about it that protects us and him? I don’t want to just take a check. There has to be some way to go through a bank or something right?

- how much should we pay him? I have heard on the podcast to pay investors anywhere between %12-%20. Is that right? Do you pay them per flip? Or do we pay them that percentage at the end of the year?

- for our first flip should we find our own deal or go through a wholesaler?

- any tips on handling this situation professionally? This came un expected and now im trying to learn as much as I can. So any tips are helpful. I dont know what I dont know. So please, give any feedback

I am new and starting to look for a duplex. All the podcasts I have listened too on bigger pockets says to hire a lawyer to make a lease agreement to cover our butts. However, Im looking at getting a BiggerPockets membership and they have leas agreements on there for us to use.

Do BiggerPockets lease agreements cover me legally if anything happens? Is it worth it to use their lease agreements? Or should I hire a lawyer?