We put 25% down on the purchase price (55,000) and were able to incorporate almost 20,000 in the loan that we will take out in draws for the renovation.

We put 25% down on the purchase price (55,000) and were able to incorporate almost 20,000 in the loan that we will take out in draws for the renovation.

Miami will never lose its world famous sparkle and shine.I’m not drawing any conclusion to this post.

Anyone know of a great REI contract lawyer in the Tampa bay area that draws up good contracts for a great price?

Once the mortgage is paid down to a level at which I can draw a HELOC off the equity, I can continue to use the equity in the property to purchase more and more properties, refi them, wash, rinse, repeat. 

This Will leave you approximately $5k ish in cash after fees to cover project expenses between draws.

Joint venture takes less time but theoretically require investors to be non passive if you want it to be ironclad.My opinion, I would just draw up a simple contract in plain english since its people already lined up. 

You need to make sure you take into account your structural engineer, architect drawings, city fees, contractor costs, and material costs as well.

Funds are transferred between yourself and the LLC via either a "owner's draw" or a "contribution." 

How do you allow the lendee to make draws?