Hey everyone, I'm working on a promissory note for a private lender and the deal is that he will lend us the funds needed to purchase and do a light rehab on a property that we have under contract at a good discount t...

Good Evening BP Family! I am going to start an LLC (I think) ASAP. I say I think because I’m not sure if the LLC is the right entity term I’m looking for. For reference: I’ve flipped a handful of SF homes in the last ...

I made the first mistake by talking about the project before it was official and jinxing it.

I went with a brokerage that actually officially assigns a certified mentor who only wins if you win. 

It is called a "participation loan" and you need to make sure there's language in the note describing the participation as well as drafting a mortgage with default terms and the lenders rights.

This obviously could play vital in strategy but I'm a little bit confused by the direct language and it's application in this case.

Nothing is officially on it yet since this deal wont happen for another 5 months.What I am wondering is should I get my agent involved?

Only me and one other have English as a first language.

If you want to officially do this you'll need to make sure the mortgage is assumable.

However, we have officially started our LLC, so we're moving in the right direction.