All Forum Posts by: Shawn McGarity

@Nick Vehr...i know you posted this a while ago...I just stumbled on it.  Though, I do not have any experience or knowledge on this, I too have thought that this type of partnership/creative deal seems like a great option for both parties. 

Did you ever end up doing this deal?  And how did you find this deal if you don't mind me asking?

Thank you for your response @Jessica Zolotorofe.  Very helpful!

Hello BP community...

Beginning to feel more and more comfortable and educated with REI. It came to my attention my girl friends sister in law has been a BP podcast fan for quite some time. We decided to meet and compare thoughts and we both want to do flips. So after a good discussion, we have decided to team up to help split the risk and time requirements. She did have a good question...we would go in together on the down payment for a conventional loan (50-50), should we get a joint LLC or use out own LLC's? Is there any advantage or disadvantage to either?

Also, we would obviously want to write up a partnership agreement of how we split profit and loss (hopefully not that though), who pays for what expenses, what duties each person is expected to take on, and so on.  How formal does this write up need to be?  Does it need to be done by lawyers?  Can a simple 1 page write up we both agree on and write up together that is notarized work?

Any help, advice, or past experiences would be more than appreciated.  

@Hannah Krebs I'm so sorry for your loss!!!  I have a feeling this is probably what happened with this family.  The elderly lady passed of cancer as well :(.  I will do some due diligence and see what turns up.  Always a sad time for the family members...would like to help them at least get something for the house if it makes sense for everyone involved.  Thank your for your input Hannah!

@Jay Hinrichs Great advice!!!!! I will definitely do that research and see what I can find.  And if it does go to the courthouse steps, I may try and partner to find the capital to buy at auction.  I can see why you were on an episode of the podcast!...I feel like I've gotten to talk with a celebrity haha.

@Jay Hinrichs ...So to get the loan at discount I would have to contact the bank?  They would pass the loan on at discount to basically bypass the whole foreclosure process?

@Aaron Poling Thank your for the advice and sharing your experience.  Yeah your probably right about how the loan/s are more than the house is worth.  She was sick and probably had medical bills so could of pulled loans for medical costs from the house.

@Jay Hinrichs Yeah they did mention they lived out of town and just it was too far to mess with.  I do believe the house is in pretty decent conditioning on the inside.  It needs some work on the landscaping but that can easily be done for low cost.  I may see if they let it go to foreclosure and possibly get it at auction for the 2/3rds appraisal price...

Hello Bigger Pockets Community.  This is my first post!  I am very new to real estate.  I have just been reading and listening to the podcasts as much as possible, trying to educate myself.  I have a question tho...

There is a single family home in my neighborhood where the elderly woman recently passed away :(.  She lived there alone.  My girlfriend and I were walking and ran into the son and daughter of the woman who passed away packing up the home.  We passed along our condolences.  The topic of what they were going to do with the house came up and the daughter said they probably will just let the house go to the bank.  Now I am assuming they are heirs to the property (this would obviously have to be confirmed and make sure there are no other liens on the home), but what would be the benefit of the son and daughter to just let the home go to the bank?  The son and daughter would get nothing for the house, correct?  If this is the case, this would most likely be a great opportunity to potentially get a good deal on the house if I made the daughter and son an offer rather than just let it go to the bank.  

Any help, advice, or enlightening on this topic would be more than appreciated!!!