All Forum Posts by: Theodor Kim

Thanks for the responses! Those were excellent and I'm most likely going to do one of those.

Hey all, so kind of a strange question, but:

What’s the best contract template to use to have a family member “trust loan” me money with an unknown return and returning their principle (and profits) in a set amount of years?

Context: I’ve been teaching my siblings how to do their finances and one of them was able to save a decent lump sum of cash. She knows near nothing about real estate and wants me to put it to work. She trusts me to throw it in a deal and eventually wants her principle back (I intend on giving her all the cashflow/profit to show her the power of real estate). She also trusts me without a contract but I also want her to sign one to teach her safe practice (and to have something that is written).

It isn't a significant enough of an amount of funds and not a long enough time to start a JV Partnership with a bank account opened so I rather do something with less cost and strings more like a Note or Advisor/Manager which I'll run in my businesses account. I know it's kinda legal stuff but if anyone has insight, I'd love to hear it!

Thanks for the responses. I eventually want to start a trust once i acquire a bit more net worth. For now I'm doing the WY LLC holding company and FL LLC child company setup. It doesn't have to be purely anonymous, just difficult to lookup for the typical tenant.

I suppose just making an LLC owned by my name is the way to go. I just don't want to put it owned by my WY holding company and make that paper trail of my name to it.

Hey all! I own a house hack/roommate/pad split home in Central Florida that is under my name but I structured the home like I would a multifamily and am able to get actual cashflow after expenses. I have been meaning to put it under an LLC but I also value anonymity so I've been holding off until I figure a way. Since I made the mistake of not buying it under my LLC (I'm not sure if my mortgage company even allowed it since it was a primary home loan), my name is already public record. I figure if I transfer it to my current LLC, then a disgruntled tenant could have a paper trail from my name to my main LLC.
Is there a way I can put the cashflow in my LLC and separate personal/business funds to prevent co-mingling? Maybe lease to my LLC or something like that? Or perhaps the only way is to suck it up and create a new lone LLC just for this home for asset protection and isn't connected to my other LLCs?

Thanks!

@John Hesford It's a ranking. So like A is a new building/renovated, high demand, and safe neighborhood. B is attractive professional class areas with decent demand and well kept neighborhoods. C is working class, have better home deals, a little older buildings that may need touchups but still good. D is rundown, low class, and homes need lots of work.

Hey just popping in here reading all the responses because I have a very similar roadmap to Jesse.
Love all the responses so far... I do have a question to add: When networking, who am I networking with and what am I looking for? Just any individual who wants to buy/sell? What is the value that I should be offering them?

@Odie Ayaga Awesome. Thanks alot! I'll keep hanging around and keep posting updates as I run into new things to learn.

@Joey Chavez thank you so much! I've been lurking around during my research phase, but so glad to be posting and talking to real people who have skin in the game!

@Shawn G.
I'll check it out! Thanks!

@Christopher Sarmiento @Ryan Allison @Shawn K Hicks

Chris, Ryan, and Shawn: thanks so much for the info, especially about the 203k loan! That's a big eye opener as it may allow me to broaden my search for Multis. I will definitely look it up and do some more research to make sure the fine print works with my strategy. Lots of good stuff! Makes me feel much better about the FHA route.