All Forum Posts by: Nick Bosco

Is this something I would typically add into the sales agreement? I haven’t though of that. 

Hello everyone,

I am well on my way to buying my first first triplex rental property and thought this may be a good place to soak in some experienced advice!

Once the property is actually sold to me, will I need to have the current tenants in the property resign a new lease with me, or will I need to obtain the current lease contracts from the buyer and rewrite them as I am now the landlord.

What do you guys think the best way is to collect rent money? I was going to set something up online and give the tenants an option to pay me that way. I think I also might set up a p.o. box to collect but I'm not 100% sure yet.

Any and all information is greatly appreciated!

Nick

Just realized I posted this in the wrong place, I will repost in the correct place, sorry!

Hello everyone,

I am well on my way to buying my first first triplex rental property and thought this may be a good place to soak in some experienced advice! 

Once the property is actually sold to me, will I need to have the current tenants in the property resign a new lease with me, or will I need to obtain the current lease contracts from the buyer and rewrite them as I am now the landlord.

What do you guys think the best way is to collect rent money? I was going to set something up online and give the tenants an option to pay me that way. I think I also might set up a p.o. box to collect but I'm not 100% sure yet.

Any and all information is greatly appreciated!

Nick

I only want him as a banker, which he had mentioned he would be cool with that. We are both looking for the next flip to buy, so I would give him something if we were to use his for a finders fee. I live in Pittsburgh Pennsylvania. Any more info on using someone as a private lender?

 Sounds reasonable, was just wondering if there was some sort of expectation here. 

Hello guys, I've been lurking around for a while and appreciate all the input and advice you guys give so I'm bringing this question in hopes to structure my next business venture. 

I started an llc a couple years ago to flip homes, and ive done two properties so far, one with hard money, and one with private. 

Thelatest deal with private money was structured in such a way that the investor giving half the money, would receive half of the profits. The deal was made under the understanding that he would carry half of the workload as well. Unfortunately this hasn't been the case, and we are trying to structure our next where he is just the banker, and would receive a certain percentage. 

This is where I'm needing some help, I want to just use him as a banker, and I want to manage the project with my guys and just have him loan out the money. Is there a certain way I should structure this deal?