All Forum Posts by: Account Closed

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Thank you all!

@Jeff S.Thank you so much for this, Jeff. I appreciate you taking your time to clear things up. Hope we can do business together in the future!

@Juan Carlos Quiroz ZolezziThank you so much for this. It's making me think of all the options available, and broadening my thinking. 

@Matt MotilMatt, you are literally amazing. Your advice is so unbelievably helpful. If I can ever help you do something in Los Angeles, it would be my pleasure. Thanks again for all your help!

@Matt MotilThe problem is that in California, setting up LLC's run about $800. So doing one deal with Uncle Rick under an LLC might not be worth it. If we assumed that I did only one deal with him, is there a certain contract you would use? I am not familiar with contracts so I do not know how to structure one. Would it be acceptable to write on a piece of napkin (obviously I won't do this, but I want to just see what the minimum would be) that me and Rick are doing a deal together, with him putting up his money, and me putting up the work, and he's under the mortgage. And we split the profits? What can be included in a contract to make sure Rick doesn't screw me over, besides being my uncle. Thanks again for your time!

@Matt Motil sorry, forgot to tag!

Thank you so much for your help.

For the first one, what if its my Uncle Rick that is lending the money?

Hello, 

I have a question about fix and flipping houses. 

I know that out of the many relationships you can achieve with a lender, two are: equity partner and taking a loan from them. 

Assuming that your lender isn't institutional:

1) what contracts do you use for a lender that gives you a loan? How do you get his name on the mortgage? Also, in your personal experiences, what rates have you been able to receive from them?

2) On the other hand, when you have a equity partner, where you use all his money and you do all the work, and you split profits, what contracts do you use to secure your/their position? Do you put the house under both your names? How does the partner know you won't just screw him over? Also, what contracts say that you will split the profit, when he can technically screw you over. Do you have different contracts for the house itself and the repair expense?

Thank you in advance. 

@Chris Shepard10x rule by Grant Cardone!!!!!

I think that @Michael Quarles can chime in on your direct mail here! He is THE GUY on marketing

Congrats on all your success and wish you the best in your endeavors!