All Forum Posts by: Zachary Thompson

 If only you understood. My invester understands exactly what we're trying to do and that's all that matters! 

@Chris Seveney ^^^^ 

 Thank you everyone who replied! 

Chris, you're correct. The investor will be investing cash directly into my LLC's account with nothing in return. I then intend on withdrawing the amount invested for, as you said, "personal use"

Would the money become taxable once I withdraw it? That is the question.

I have a single member LLC (sole proprietor) and I'm wondering if I must pay taxes on an angel investment? I intend on withdrawing most if not all of the initial investment. Thanks!

@Jared Boundy @Jonathan Taylor  Thank you both for your input. It's much appreciated and duly noted! I'm meeting Thursday with 2 potential investors/partners to see what we can come up with. May not be the homerun deal I anticipated as Jonathan mentioned but I should be able to secure a decent wholesale fee.

 Thanks everyone for the quick replies. I am looking at it as a short term investment. Fix and flip. But to touch on what @Jared Boundy said, I have it under contract subject to the existing mortgage. So to actually purchase the property it is a very cheap price that I could manage easily. The issue I have if I go that route is I wouldn't be able to find funding for the rehab portion of the project as there is an existing lien holder in 1st position. Maybe if someone knew of a lender for a large rehab project that didn't require a large down payment or 1st lien holder position on the property I could make that work.

I've looked and looked and fought off scam after scam trying to find the ever elusive, "100% funding" company to partner with as a beginner. I already have a property under contract but do not have funds for a 10%-15% down payment on a loan that will still then leave me 10%-15% short on total cost plus whatever closing costs may be. So I ask you, BiggerPockets pros, does 100% funding actually exist and if so who can get me started with an application today? 

I should add that I am in Ohio

 I'm just tapped in enough to get myself in trouble 😅 this deal isn't in Columbus, however, I intend to start hunting around Columbus for that exact reason!

 Thank you Jonathan! I intended on wholesaling at first since it's my first deal but considering how much meat is on the bone with this one I decided to challenge myself and take it on with 100% other people's money. 

Thanks for the book suggestion! I have read a condensed version and listened to a full audio book of Rich Dad Poor Dad. It was a real eye opener and semi educational without a doubt!