This **** doesn't go down like they show on TV.It's cheaper to borrow it than to split profit (if you buy right) and its nice to be in charge of all the decisions.

If so, that shouldn't be nearly as much and maybe you would be able to save and/or borrow a smaller amount from a friend/family member?

As with the credit card, he will be borrowing his own money and will pay it back on time every month, and it will show up as a regular loan on his credit as well.He is a smart young man.

If you are paying 5% to borrow money and you can make 10% on that money then you want to pay it off as slowly as possible.

The best thank you is to be a great borrower.

:) If you haven't already Sean Terry's downloadable book has some pretty good information in there as well I am planning on "borrowing" a few of his techniques to market for sellers :D

Should I have the LLC borrow the funds from the family member and secure it with a promissory note and deed?

So, yesterday we sent for a secured credit card[ you borrow your own money] As soon as his back pay arrives we are going to get him a passbook savings loan [meaning once again he will be borrowing his own money.He has siblings and some of my grandkids who lay floors,paint houses, and do electrical work who would help us refurbish the house.

You May have been to a Guru seminar if..........You believe brokers will continually submit deals to you although you have no capitalYou believe lenders look at the property ONLY when considering whether to lend you money, so that your multiple bankruptcies, credit score of 490, and $80,000 in credit card debt won't matterYou think that commercial real estate sellers will accept post dated checks for $100 as sufficent earnest money.You believe no seller is sharp enough to see through the numerous “weasel” clauses you put into your purchase contractsYou are persuaded that the only difference between a $1000 transaction and a $1,000,000 transaction are the amount of 0'sYou believe everyone who critsizes your plan is jealeous and wants to see you failYou believe that 20 years of hands on experience, a four year college degree in real estate and yearly mandatory education seminars can be trumped by the “intense training” 3 day seminar you just paid $7000 for.You believe that the $7000 you just borrowed on your newly increased credit line to pay for that seminar is an “investment”You can't believe people actually wasted $80,000 and four years of their life learning “useless” information in collegeYou believe assembling your real estate “team” is your key to success and a necessary first stepYou believe you can actually contract with the best “players” in the industry although you have no experience, capital, or track recordYou believe that once you find the deal that fits the formula money will come to youYou believe that your Guru has provided you with exclusive information on how to find “bargain” dealsYou believe one in a life time “steals” are an everyday occuranceYou believe you can be successful working “the system” on just weekends and holidaysYou believe the Guru got rich by actually doing real estate deals rather than by using a slick promotional sales and training systemYou believe the personnel provided to assist you are actually real estate investors who actually have experience and knowledge and aren't just some failed salesman reading from a scriptYou believe you're the first person to think of using BiggerPockets as your source of wholesale leads or to build a buyer listYou believe wholesaling is investingYou think the term is “whole selling” not wholesaling.

We are hoping to borrow around $160,000 so that we can make more improvements on the home, (such as adding an attic and screening in the patio.