All Forum Posts by: Michael Nieves

I'm definitely curious about that, what kind of returns do they see? I have an associate who under writes or something of the sort

Great thought, the only issue is that properties get snatched up fast here in the Dallas area and I don't think I'll be working with my current partners after this sale

I'm located in Dallas, I've been looking at several different options..mutual funds, multi-family, apartments, or franchising. I have access to the VA Home Loan, but there's a lack of multi-family properties in my price range that I'd be willing to live in (approved for $685k months ago). I have no experience in apartments, and I've heard the loan process for those is a completely different animal. I'm not too fond of my job, so I've been looking into franchise resales. Mutual funds have worked well for me, but I'm exploring my options for better returns.

Any input would be greatly appreciated. 

I may do that, neither one of them want to take part in any formal paperwork.

My attorney suggested I have them do the title with him, the issue is that they want to do it with another company

Unfortunately, thats correct. Although, I did submit an affidavit which lists me as a lien holder..if i understood my attorney correctly

 No clue Mindy, I'm hoping their ethics are in the right order and what paperwork we do have is enough. Hopefully these two aren't willing to toss their realtor licenses out the window for this

Thank you for the replies. If I were to agree to use the title company of their choice, would I be able to demand that the title company place funds in escrow and distribute funds according to our agreement?

I have, the property is actually almost done. My lawyer did submit an affidavit on the property though, so a sale can't go through without my signature

To sum things up, I partnered with two Real Estate Agents I met through Redfin on a rehab. The deal was for me to put up the money for the home purchase and they fund the rehab costs. I'm inexperienced, the home is under one of the partner's LLC and at this point had no type of paperwork to protect me. One of the partners drafted a very basic agreement, but I was still not quite comfortable and we all agreed for a more formal document through a lawyer. I forwarded a copy of the new agreement to both partner's a month ago to have reviewed, which both neglected to get back to me. I brought the issue up again, as the property is almost finished. Both partner's had objections to the new document, which I then took back to the attorney. He felt that it would not be in my best interest to have the changes they opted for, and that if they would not sign the new document that I should have the titling down at his office so the funds will be in escrow.

I presented the titling idea to my partner's but they objected saying that a buyer may not agree to it, and they would much rather use another company to do so. I understand my lawyer is fighting for my absolute best interest, but at the same time I'm not sure if I'm being unreasonable as I am inexperienced.

Thanks for all the input guys, I contacted an attorney and he's writing up a promissory note along with an affidavit for the property. To my understanding this way I have lawyer written documents that I can use in court and they cannot sell the property without my knowledge