Hi BP Investors
I'm making a hard money loan on a deal in Chicago. The borrower and I both live in Texas, but the properties are in the Windy City. It's two properties next door to each other.
I need an attorney licensed in IL to draw up a hard money contract. Actually, 4 hard money contracts, but all really similar. The breakdown is this:
Condo #1 purchase - me and my cash
Condo #2 purchase - me and my cash
Condo #1 rehab budget - colleague #1 SDIRA
Condo #2 rehab budget - colleague #2 SDIRA
Basic hard money terms on all of these – 2 points in, 2 points out, 12%, 6 month term.
I guess I should look over the documents in the BP library, but I'm limited to a few downloads and would probably get the wrong ones before I got the right one. =-)
Also, the profit on this is actually quite thin. Purchase of both condos together is only about $50k. I'd hate to wipe out the profit on just the contracts.
The law firm of Bronson & Kahn provides high quality legal services to businesses and individuals. The firm's attorneys ...
I recently attended a local group, and an attorney presented on what are the key items to put in a partnership agreement for real estate. The attorney himself as an investor, he knew his stuff. Truly enlightening. The meeting was even free to attend and he didn't sell a thing. I would have happily paid for what I learned that night.
With that said his name was Gary Davidson. His firm I think is Castle Law. or Brumunds Jacobs, Davidson, etc.. I can't recall. Like they just renamed and I can't recall if they went from their names to Castle, or the other direction.
708-801-8000 is what I have on the business card.
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