All Forum Posts by: Taylor Campbell

@Ned Carey

Thanks for the information!! That helps a lot. 

@Michael Plante

That's good to know. Thank you.

@Ned Carey

I do not know what a recorded mortgage is. I am saying that for friends and family, the suggestion was that a loan agreement and putting them on the insurance was good enough. If they felt they wanted that added security, I could add them to the deed. 

Does that make sense? Thoughts?

@Ned Carey Thanks for your response!!

I spoke with an escrow officer this weekend, and I think that the best way to go about this would be to lay out the specifics in the loan doc, and not worry about doing a deed of trust between them and myself. I can put in the loan agreement that they will get paid before me. That combined with a commitment to my business model, which includes only moving forward on deals that align with my purchase formula, should be enough. Oh, and also putting them on the insurance.  

What do you think? 

Hi BP peeps! So I am about to start making my rounds to friends and family, to generate gap funding for my first deal. I had mentioned this in a meetup, and someone told me to provide them assurances, one of those being to put them on the title of the house. But, my question is, if I have multiple family members loaning the company money, how could I get it so they all hold second position on the house? Is there a fund entity I can create? Or would it be best to just list them 2-Nth with the larger investors getting preferential positions? Or do I just scrap this idea, and is putting them on the insurance and signing a loan agreement enough?

Thank you in advance!!