All Forum Posts by: Mike Grudzien

Get a good real estate attorney.  Period.
You are contemplating hundreds of thousands in transactions: don't go cheap on good, solid legal advice and guidance.

Get a real estate attorney.  Period.

 First and foremost, find a partner that you have vetted and can trust.  Then, work with an attorney to put everything in writing, covering multiple "what if" scenarios and all possible contingencies.  Everyone is giddy, positive and excited when starting a project, but different people react differently when things (large or small) go sideways.  Finally, make sure you have insurance on the project / during the project.  Never be afraid to bring up and discuss any and all downsides so that you and your partner are both aware of each other's though process on one-offs.

Hope this helps!

 You took the words right out of my mouth!  (which is unsanitary... LOL)

James,

I've been seeing a number of articles recently about the downside of container structures.  DO YOUR research.  Having the right financing available might be the least of your hurdles.  Yes, containers can be "cute and unique" for Airbnb, but as a functional living structure, a lot of work needs to be done.

Mike

And make sure that you have appropriate insurance on the property while under construction all the way to the point that it is sold.  If something were to happen, both you and your friend loses.

Kevin,

That's a very vague and brief appeal.
What product is being refinanced?  Mortgage? Private money loan?
Indoor or outdoor pharm?
How many years in operation?
What assets: real estate/land, buildings, water rights, licenses?
What is 50% paid off?  The land?  The equipment and infrastructure?
If indoor: are you running LEDs or hot, expensive old school lights?
If outdoor: open field or hoop houses?  Are you running light dep for 3 crops/year?
What is your ask?  What amount do you need for a loan? $10k or $10mm?
Well, that's enough for starters.
Mike
p.s.I'm a kid from Chicago that goes back 50+ years in the cannabis industry.....

Chad,

I totally concur with Beth Johnson, co-author of Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending published by BiggerPockets.  Couldn't think of the title last night.  This should be your foundational guide.  I highly recommend this book!

Chad,
You're in a good place (BiggerPockets) for lots of good advice, but in the end, you should work with an attorney familiar with real estate, private money loans, promissory notes, property liens, etc.  You will want that attorney to prepare the appropriate documents, use a notary at signing, etc..
Hope this helps.