DADDY LEFT ME MONEY DONT LET ME GET RIPEED OFF PLEASE

[Mark Andrew Deidiker]

Hello I am from Arizona so I would appreciate someone from Arizona reach out to me so we can talk on the phone ideally. However I will explain my situation here in some detail. Not that I am entitled to anyone's advice, but it will be appreciated and will help me through my journey. When I was 19 I loved learning about this stuff so I had an account here and now that I am faced with this situation this was the first place I could think of to reach out for help.

Unfortunately my father passed away in June. I'll spare you most of the details, but I guess we're passing this off as 'cancer.' A few days after his death my grandma and uncle sat down with me and informed me that my father wanted me to have everything. His savings, house, and cars. I was truly shocked he was willing to trust me with this responsibility. His savings had around 35k most of which I didn't really end up seeing because I gave some away to my uncle and other expenses that came up and of course I had to buy a (humble) car and start my FBA business. Now the house is sold and I have a little over 150k to work with. Of course I am going to make sure I am spreading my eggs as much as I can so naturally real estate is going to come up. My uncle came to me with a proposal to do wholesaling deals. I was a bit confused because from what I understand you don't need any money or any business partners to do a wholesale deal. You make the deal then give the paper work to the title agency and flip it to the investor or apparently Zelle now? They claim to have someone who will lend up to 1mil as long as we have a 20% down payment, with me being the down payment. My uncle is a certified realtor as is the other guy who has the 'connections.' I am okay with doing a business partnership because it seems they would take a lot of work off of my shoulders and they already seem to have a long list of houses and are pretty much ready to get the ground rolling. They want to do a 1/3 cut. Do you think this is a fair cut? Should I be asking for more since I am risking my money? As you can probably tell I am in no way an expert in this field and before I go putting a down payment on anything I want to at least try to reach out and find more information. 

Thanks,
Mark

[Account Closed]

Originally posted by @Mark Andrew Deidiker:

Hello I am from Arizona so I would appreciate someone from Arizona reach out to me so we can talk on the phone ideally. However I will explain my situation here in some detail. Not that I am entitled to anyone's advice, but it will be appreciated and will help me through my journey. When I was 19 I loved learning about this stuff so I had an account here and now that I am faced with this situation this was the first place I could think of to reach out for help.

Unfortunately my father passed away in June. I'll spare you most of the details, but I guess we're passing this off as 'cancer.' A few days after his death my grandma and uncle sat down with me and informed me that my father wanted me to have everything. His savings, house, and cars. I was truly shocked he was willing to trust me with this responsibility. His savings had around 35k most of which I didn't really end up seeing because I gave some away to my uncle and other expenses that came up and of course I had to buy a (humble) car and start my FBA business. Now the house is sold and I have a little over 150k to work with. Of course I am going to make sure I am spreading my eggs as much as I can so naturally real estate is going to come up. My uncle came to me with a proposal to do wholesaling deals. I was a bit confused because from what I understand you don't need any money or any business partners to do a wholesale deal. You make the deal then give the paper work to the title agency and flip it to the investor or apparently Zelle now? They claim to have someone who will lend up to 1mil as long as we have a 20% down payment, with me being the down payment. My uncle is a certified realtor as is the other guy who has the 'connections.' I am okay with doing a business partnership because it seems they would take a lot of work off of my shoulders and they already seem to have a long list of houses and are pretty much ready to get the ground rolling. They want to do a 1/3 cut. Do you think this is a fair cut? Should I be asking for more since I am risking my money? As you can probably tell I am in no way an expert in this field and before I go putting a down payment on anything I want to at least try to reach out and find more information. 

Thanks,
Mark

If you don't want to get ripped off, don't post personal details online.

1. Put all of your money in a safe place for 6 months.

2. Take a month off to get used to your new reality.

3. If you decide to invest in real estate in AZ, join AZREIA.org ($20 per month, a good investment) and meet people who have successfully invested. 

4. Get everything in writing. You can use Keyt Law to properly set up paperwork. I've worked with them a lot and they are very, very good.

5. If you invest with family, you still have to treat it as a business. If things "go south" on a transaction, will you still be able to enjoy Thanksgiving dinner with them? Don't make assumptions, you can't see the future.

That will get you started.