Flipper · fremont, CA · Member since 2017 · 36 posts · 6 votes
Hi,
We want to put rehab money to fixup property which is owned by owner ( not us). We will put our rehab money and fixup property. So what documents do we need so that we get our money back when property gets sold?
Rehab money is not fixed e.g. it could range from 100K to 120K
We have base price of property and then profit would be split 50 % to owner and 50% to us after taking out all expenses.
Do I need o hire attorney to draft these documents ?
Real Estate Investor · Burlington, VT · Member since 2010 · 2k+ posts · 1k+ votes
7y
@Sanjay Gupta Yes, definitely talk to an attorney for that, especially for that amount of money being lent. You would have a lien against the property so you get paid off when it's sold. ideally a 1st position lien.