All Forum Posts by: Christian Lincoln

I'm still looking for a contract for my fiance and I...we are building a new house to sell - an investment project. In the past I wouldn't have used a contract (with a romantic partner) but trying to clarify all expectations and make sure we both feel the relationship is fair.  She is paying for the project and I am building it. How do we do this?

A home builder is partnering with an investor to build a spec home. Investor will be financing the construction; home builder will perform the work. They plan to split the profit after the sale. What is the best way to structure the deal to protect both parties? Should they put 50/50 down on land? If investor pays for everything, how is investor made whole before profits from sale, etc? What are the specific clauses to include in the contract for this type of arrangement?   Investor paying cash and/or borrowing, and keeping track of everything and Builder doing all the work.  Thinking there should be 10-15% GC salary for contractor. But how do we deal with paying subs for example and does investor get full investment plus interest back before they both split the profits at the end. Does the fact that they are a "couple" simplify things or complicate them? We don't want to ruin the relationship but also seem to work well together on projects. Thank you.

http://www.forsalebyowner.com/listing/266-268-rt-3...

@Pauline Charlton

2 Houses, 3 acres, College Town, non-stop renters.  65k gross a year.

Set back in woods, beautiful lot.

Two garage garage with power.

Two extra cabins with power,

Big 6 bedroom house with 3 bathrooms, fireplace, communal liv. room, 30 ft open basement, ( VAST basement could be another apt.) Every room has skylight and lofted ceilings - California Post and Beam style.

2.5 bedroom cottage with huge storage area room attached. (storage room Could be another apt.)

rent roll: 5,300 a month. Nets over 35k a year with high interest mortgage currently.  Would net more with lower interest rate.

Purchase immediately or alternately hold mortage/loan at high interest rate for short period for great investment.

I just got approached by multiple sketchy lender-types.  scammers I think.

I'm merely looking for a reference to someone (investor/PML/Bank) listed here in our community who can lend at a reasonable rate (under 9% without a ton of points) on the quicker side. If you have had direct experience with someone legitimate and would share that info with me, I'd be much obliged. I have a great property that just needs an investor to help me refinance (or simply buy it from me).

thank you 

Christian

Yup, In looking for an investor/lender, I just got a couple sketchy types wanting my account info and lending fees all without any formal paperwork.  Can we "flag" them for further scrutiny?

@Chad Olsen, How do I go about finding a credit partner? Other than word of mouth? I've gottten a few suspect emails on this site from "PML's" or investors. Just doesn't feel right, their websites look strange, they info they want up front and sometimes money is strange.  Starting to feel winded by this process but I think you are right. This is a great investment property, there's no reason I should have a few good people lined up to mutually benefit from this situation.  Lack of network, on my part, to some extent.

Hudson Valley Property. Selling or Looking for Temp. lender.

Two structure, one lot, 3 acres, grosses 63k, nets 35k (with high interest loan). Rent Roll: 5,250 a month. Either looking for a buyer asap (as my note with previous owner comes due at the end of this month) or to sell it - which I'm not so happy about, because of the cash flow, but I didn't make enough salary to go to bank (I don't think).  My credit is good.  Market Value @ 330,000   Remaining balance: 180,000. 

Re: A loan,  I'll offer up to 8 percent for 2 years to an investor. Collateralized against property. Can show copies of every mortgage payment made in two years I've owned it and good credit score.

Thanks You,

Christian

@Jeremy Tillotson, I just asked her, she says she likes the 8 percent but wants to move to Florida. Right of first refusal good idea.  I just asked a few investor (non-real estate) friends.  We'll see if anyone one wants 8 percent.  Otherwise I guess I have to sell. 

Have 7 unit college rental. 2 structures. property cash flows well. paid previous owner 100k (180k remaining note) and offered her 8% to hold note until I could refi a few years ago. Time to refi.  Credit score fine, didn't make enough money/salary last year to go to bank to do a refi. Any creative thoughts? Anybody been in a similar situation? If I wanted to safeguard some savings from the Stock Market,  I'd buy the note and get 8 percent interest from me (lol).   In fact, i may liquidate a couple other properties and just lend at 8 percent. But haven't had time to do this.  But want to keep this property, rather than sell.