All Forum Posts by: Morgan Kling

Congratulations on hitting your goal over a year early! 😀 I'm about 1.5 hours from you. Would love to connect and share ideas. Let me know if you are interested

Great to see I'm not the only 19 y/o on here! welcome to the forum!

Thank you @Brandon Battle , that was the exact type of answer I was looking for. Now if some others could chime in. 

So the title may be a little misleading. I understand both people must get paid or there would be no incentive. But how do they get paid?

The question... How have you structured partnerships in the past for rental properties or flips? For a hypothetical, we will use the following example.

John doe mentions to Jane Doe (no relation) that there is a local property for $100,000 with a yearly net profit of 10,000. If John Doe puts up $15,000 for down payment and Jane puts $5,000 but intends to manage the property while john is a silent partner. How would you structure the deal? Assuming that every year indefinitely the same return can be expected.  

Also, what happens if one day Jane wants the own the property entirely?

Bronson Kane I am from Coldwater, a couple hours east of you. I'm also new and looking to network in the future!

So in my last post I shared my experience at the bank applying for a mortgage for a duplex. Well that lead me to seek private investments because a lack of credit score and a mis informed lender who I didn't feel comfortable with. My question is, will anyone I apply for a loan with run my credit? I would like to keep my hard inquires to a minimum. At least until I get one property under my belt and a credit score established. Any and all input on the most efficient route is welcome! Thanks -Morgan

@Sarah Ziehr

I completely agree with you. Not that I am more experienced than him. And I have no hard feelings against WF. He just seemed very disconnected and had biases against things he wasn't knowledgable in. For example "FHA can't finance a duplex. But if you get a SF, there is no requirement on how long you have to stay." Just mis informed I guess. I don't want to beat a dead horse. I just wanted to share my new experiences as I went along.

Thanks for your response! 

@David Dachtera

Thank you for your insight. It's nice to get some reinforcement of what my original thoughts where. If you wouldn't mind another quick question. What does an investor look for in a new potential borrower? Flippers usually look for bird dogs to find them deals. What do investors want in return for their consideration?  

So I am leaving the bank. I won't mention the name but it rhymes with ells argo. Where I was essentially treated as if my business was not important and my investment property was of no concern. First I will give a back story. I'm 19, and new to real estate. I've done the usual educating process with a ton more to learn. However I have a good foundation of knowledge for different types of investments and returns. I have no credit (Dave Ramsey freak) and am interested in buying a duplex for my first venture. It hasn't been inspected or appraised yet, so I can't attest to the financials exactly. However on paper it seems to have an excellent ROI. So I went in to start the process of establishing credit. I requested a short consultation with their mortgage lender to inquire about options. I explained the current property, and immediately was met with a reason of why it's a bad idea. According to him, "real estate is not the way to go". I make good money for my age, have held extremely high levels of integrity and transparency with past clients and explained that to him. Along with offering to bring in the past two years of financials of the building, proof of payment, and proof of income. It seemed as if he was making up rules as he went in order to make sure I didn't pursue this. "You must have credit, a co signer, it probably needs 20k in repairs, it's just not likely at your age, you have to have been a landlord for at least two years." And so on. Can anyone offer some advice? This deal is almost to good to pass up. But considering my age and credit score, it's as if no level of rapport will sway this guy. What are your thoughts? Thanks in advance!