Good Morning, We are considering investing with a contract in the Seattle area who has been flipping for 5 years or so. He mentioned the non disclosure contract for us to sign.
Can someone please tell me if we need to place a lien on the property to make sure we are paid? If we fund the rehab and another investor funds the purchase, we would not be in first position if the deal goes south.
Any advice on protecting your investment through this process would be much appreciated. Thank you!!
@Rosanne Avila yes you should record a note and deed of trust or mortgage depending on how your state works. The best thing to do is sit down with an attorney explain what you want to do have them draw up all the contracts and agreements between you and the other party. That way everybody is covered no matter how things go. Never sign anyone else’s agreement without an attorney looking at it for you. In this case a real estate attorney.