All Forum Posts by: Matt Rodak

Hi @Matthew Rembish,

Thanks for your interest. I'd be happy to jump on a call with you to answer any questions you might have. I can also recommend that you speak with @Jonathan Makovsky. We funded one of his deals earlier this year. 

Appreciate the kind words @Charles Worthand @Sam Erickson

Hi @Tony Benacquista

We ask for a deposit from our borrowers prior to moving forward. There is a decent amount of work a HML will need to do to underwrite the loan and we like to make sure we are working with someone who is serious about taking out a loan from us. The deposit helps ensure this.

That said, the deposit is held in escrow and per our term sheet outlines what the deposit will be used for. (i.e. Appraisal, legal fees, etc.) Any amount we don't spend is credited at closing. Further, if the process stops for whatever reason, we refund any amount not spent. As Matthew mentions, you should get all of this is writing. You should get a Term Sheet from the lender that outlines all fees, points, rates, etc. before sending any money to them.

Hope this helps!

Matt

Thanks @Darren Sager and  @David Krulac

Looking forward to seeing/meeting everyone!

Matt

Thanks @Darren Sager!

@John Schick my contact is below in my signature. Feel free to reach out and we can discuss how we can help.

Thanks!

Matt

Hello BP,

Much has been said about Real Estate Crowdfunding and we hope to advance the dialogue with a Free educational newsletter series on the topic. 

If you're interested to learn how you can use Crowdfunding to passively invest in real estate, sign up here: Crowdfunding for Investors

If you're on the developer side of things, sign up for how you can use this new source of capital to fund deals here: Crowdfunding for RE Professionals

Thanks and let me know if you have topics of interest you'd like us to cover.

Matt

Outsourcing this, to me, seems like the best way to go. There are tech companies that specialize in this and are likely more professional than the 1-man shop you've experienced before. 

A few I've done some research on that you might check out are www.bench.com. I don't use them but they seem like they may have decent options for you. www.acuitycomplete.com may be another option worth checking out. 

Good luck!

Matt

@Darren Sager is the man! Thanks so much for pulling this all together. 

Thanks to everyone that came out! Look forward to learning more about what all of you are up to.

Really cool post! Thanks for sharing @Michael Noto . Best of luck getting things wrapped up!

Matt

Hi Thomas,

My 2 cents: I'd plan on drafting out the specifics of a partnership ahead of time. This should include who does what, how much capital each of you will contribute, what the profit split will be, will either of you earn fees for managing the project, etc.  

The biggest thing you want to agree upon is who has final say over major decisions. This helps avoid a project coming to a complete stop when you can't agree. You can split major decisions into buckets. For example, one of you may make all design decisions. While another of you will make financial or marketing decisions. Play to your strengths so this is more natural. 

You can then memorialize it all in the operating agreement once you have a deal to work on. 

Certainly agree to use a competent attorney to help you draft everything. 

You should also plan for what happens if/when you want to dissolve the partnership. Stuff happens (job changes, family members pass, etc.) that changes things and you want a clean way to break things off. 

LLC or S-Corp are best. Some states don't recognize one or the other...your attorney can advise on that.

Definitely want a separate bank account. Keep the funds separate from your personal funds. If you buy something with personal funds record a loan payable on the company records so you get paid back. This avoids the "well I paid for 3 extra cans of paint" and the "yea, but I paid for the fill-in-the-blank". Someone or both of you will feel like you've picked up more...just keep it all recorded so it balances out at the end. 

Hope this helps!

Matt

Considering everyone here is interested in staying up-to-date with emerging trends in real estate, I wanted to let you know of a Newsletter Series we recently launched.

The series will cover all aspects of Real Estate Crowdfunding as this new market continues to evolve. Articles will be written by thought-leaders in Real Estate, Crowdfunding, Legal, and Online Strategy.

We have 3 goals for the Newsletter:

1.Inform- As this market is still relatively new, we will help you get up to speed on where things are currently and keep you informed as things continue to develop.

2.Educate- We'll provide you the expert insights you need to be able to completely understand crowdfunding so you can feel confident using it in your business.

3.Execute- We'll share with you practical tips and share use-cases so you can apply crowdfunding strategies to your business.

You can sign up for FREE by going here: custom.fundthatflip.com/newsletter

Thanks!

Matt