Updated almost 7 years ago on . Most recent reply
How would you set this contract up?
We have a friend that has moved from Iowa to Texas but has a home that needs about $50k worth of work on it.She has very limited funds if any. I have agreed, if we can get a contract for this, to take over her mortgage payments, use my funding to fix the house up, get it on the market, sell it, pay me back what I put into it, including the mortgage payments, and then split the profit on the sale of the home.What type of contract would be needed for this?How would you set one up?Who should get a larger percent of the profit? The one with the most risk?
If I can give any more info I will. I appreciate the communities feedback.
Most Popular Reply
JV agreement.
Most people in the shoes of the investor want to go on title (even just a small % to prevent a unilateral transfer)... or at least take a pocket deed in the event the record owner shows signs of intending to breach the agreement.
- Tom Gimer
