All Forum Posts by: Matthew Rembish

@Lynn Dee Murrow He actually has a lot of experience rehabbing properties and buying rentals but I completely see where you're coming from. I think after reading all of these replies, I'm definitely going to seek my own representation. Thanks!

@Elena Jobson I have actually already gone over all of his numbers and everything seems to look good on paper. But I never thought of that before and will definitely bring it up to my attorney. Thanks for the feedback! 

@Darren Eady The more I read up on this, the more I agree with you. I want to continue moving forward but I will seek my own representation. Thank you very much for the advice!

So I have been recently talking with my real estate broker and had mentioned that I would be willing to lend to other investors at a 10% interest rate while I was out of the game for a little while and studying for an engineering licensing exam; I wanted to keep my money working while I didn't have the time to do any flips or rentals myself. A few weeks went by and he approached me about lending money to himself for a rehab flip project (which he has flipped many houses in the past). The money would basically all be going towards the construction costs so I would not be financing the actual purchase. When I spoke with an attorney, he told me that he should get mortgage and title insurance, it should be recorded and a contract should be drawn up, and it was all very expensive compared to what he intended to pay me back in the long run (6 month term). He mentioned that he could get a lot of this done without my attorney and everything would still be handled and drawn up correctly and legally by his title agent. I trust him a lot as I have done a lot of work with him over the years and have even borrowed a little bit of money from him for a rehab project I worked on a few years back. Does this sound okay or would you still go the attorney route? Looking for any advice or insight.

Thanks!

@Larry Letizia Larry, thank you very much for the link. I'll definitely have to read up more on it. Thanks!

@Kevin W. Kevin, that was extremely helpful. I really appreciate the link and your thoughts; I'm going to have to give this some more consideration.

So I just wanted to ask if anyone could shed some light on what it's like being a New Jersey Home Inspector. I'm currently an engineer but like what I see as far as the flexibility and how much my experience might help. I'm also trying to find out what NJ requires to become licensed, be it testing, onsite training, etc. as it seems it varies from state to state. Any information is appreciated! Thanks!

@Jessica Zolotorofe That's a lot of great information, Jessica. Thank you for sharing!

@Ryan Murdock Good point, Ryan. I really didn't think about that initially but I'll take that into account. Thanks!

@Francesco G. Thank you very much, Francesco. I appreciate the information, I'll stick with 10% in analyzing this deal.