OfflineHello DG Team Members, I have a cash investor who is ready to work with me on a deal.He will be purchasing a property for me to rehab and prep for selling and split the amount of the final sale. I am just taking time to run this past other investors out there as to the best approach and words of wisdom from you. Is there a particular way to help get the investor feeling at ease about the whole process?
Thanks everyone Jdarby.
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Jill
Because you will be splitting the profits from the sale of the property I would suggest that you approach the property purchase as a partnership. An LLC would do well for you and for the lender. They get the control while their money is in the home and you still get to split the profits of the transaction.
The other way to look at it would be to have the lender actually be a lender. This would mean the lender is not buying a property for you rather they are lending you the money to buy a home. The lender then gets the security of a mortgage against the home. If you fail they get the home. The loan and mortgage can be set up with a real estate lawyer or title and closing company.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Hello to all, my name is Dave I just Got Deans book about 8 weeks ago read it and joined the success academy.
Any way regarding your question.
I contacted a real estate agent that hooked me up with a investor to flip a house. I found a house, the investor bought it, and I am remodeling it right now. I'm a getting paid $1,000.00 a week (to live on)and the investor pays all the bills. After the house sells I will get 50% of the profit less the $1,000.00 a week I am getting paid now. The investor wants to go right to the next flip house quickly as soon as this one sells, and is even looking into getting a line of credit on the current house to get the next deal going.
Dave
That is great! How did you approach the investor for him to do this deal with you? I wish I could find a cash investor to work with me! I am finding so many deals but no money to fund them:-( In the process of looking for a hard money lender willing to loan me the money based on the deal and not 20% down... which I am hearing alot
Set a goal to achieve something that is so big, so exhilarating that it excites you and scares you at the same time. It must be a goal that is so appealing, so much in line with your spiritual core that you can't get it out of your mind. If you do not get chills when you set a goal, you're not setting big enough goals." (BO Sundberg)
Vicky Diaz
Hi Dave, now that a little time has passed since I asked that question you responed
to, how are things going for you and your investor? My investor wants to do the flip himself and give me a finders fee instead.
I'd like to hear how things are working with your situation...Thanks
Jill
Well, I have been remodeling the house for a couple weeks now
and probably have another month to finish the remodeling.
How much will the finders fee be?
We stumbled upon a wholesale deal facilitated by an Order of the Court with a set sale price for a Cash Sale quickly. Our interest is to locate a Cash Buyer and put the two togeter a.s.a.p. The Zillow comps are $337,000 and the neighborhood is a solid middle class, blue collar pocket in an upscale suburb in northern Los Angeles County. The Court Ordered Sale Price is $200,000.00 for this steal and we are only looking to make a quick $20,000.00 and pass on a FANTASTIC deal to another Investor.
4bd 2 ba
1600 sq ft
2 car garage
Central A/C
7,000 sq ft lot
no HOA
Anyone who has interest or knows of someone having interest, please contact us and lets all make some money on this one.
Rick & Peggy
Eagles Crest Properties
Wishing you Happiness and Prosperity,
Rick & Peggy
Eagles Crest Properties