I need your urgent advice on what appears to be an opportunity, at least to me. :)These guys have secured a $14.5 million financing for a one year development project (gas station with a 4,500 sqfeet C store, drive through restaurant (likes of popeyes), 38 units apartment complex with each unit expected to rent for $800 in Texas). All they need is a $500,000 loan to close the deal next month. They are offering a 10% equity or 10% APR on it as loan to who ever helps out. They have contacted me to get this money for them at a fee/commission . This is not our typical assignment contract case. How do I make sure I get paid at the end? Do I need to prepare a contract which assigns me the right to seek out this investor and deposit with their closing Attorney or Tittle company? What are the key clauses to include on this contract? What document should I request from them which proves the existence of this development project and the secured $14.5 million financing?
I think you'd get better results putting this in the Marketplace.
For title companies, I would contact @Tom Gimer and for Realtor in Montgomery, I would contact @Russell Brazil
@Christus Wysenyuy hey Christus, I used to live in MD and work closely with a few Realtors in central MD who work with a lot of other investors. Id be happy to connect you with one of them if interested. Best, Kyle
I need your urgent advice on what appears to be an opportunity, at least to me. :)These guys have secured a $14.5 million financing for a one year development project (gas station with a 4,500 sqfeet C store, drive through restaurant (likes of popeyes), 38 units apartment complex with each unit expected to rent for $800 in Texas). All they need is a $500,000 loan to close the deal next month. They are offering a 10% equity or 10% APR on it as loan to who ever helps out. They have contacted me to get this money for them at a fee/commission . This is not our typical assignment contract case. How do I make sure I get paid at the end? Do I need to prepare a contract which assigns me the right to seek out this investor and deposit with their closing Attorney or Tittle company? What are the key clauses to include on this contract? What document should I request from them which proves the existence of this development project and the secured $14.5 million financing?
I need your urgent advice on what appears to be an opportunity, at least to me. :)These guys have secured a $14.5 million financing for a one year development project (gas station with a 4,500 sqfeet C store, drive through restaurant (likes of popeyes), 38 units apartment complex with each unit expected to rent for $800 in Texas). All they need is a $500,000 loan to close the deal next month. They are offering a 10% equity or 10% APR on it as loan to who ever helps out. They have contacted me to get this money for them at a fee/commission . This is not our typical assignment contract case. How do I make sure I get paid at the end? Do I need to prepare a contract which assigns me the right to seek out this investor and deposit with their closing Attorney or Tittle company? What are the key clauses to include on this contract? What document should I request from them which proves the existence of this development project and the secured $14.5 million financing?
I think you'd get better results putting this in the Marketplace.
For title companies, I would contact @Tom Gimer and for Realtor in Montgomery, I would contact @Russell Brazil
Hey Stephanie, u advised I put it in the market place. Any suggestions? Is it to find investors and/or get clear on how to secure the deal and get paid. I'm sorry, still trying to learn the system. :) thanks again
Hey Stephanie, u advised I put it in the market place. Any suggestions? Is it to find investors and/or get clear on how to secure the deal and get paid. I'm sorry, still trying to learn the system. :) thanks again
Biggerpockets has different pages for different things and different ways of doing things depending on what you want to accomplish. The Marketplace tab is at the top of your screen and it's a place where people can actually pitch ideas and get a response from a lender who can say "I can do that". On the Strategies page where you posted, if a lender or a title company or a Realtor says "I want in on that" the Biggerpockets moderator will flag them for soliciting outside the marketplace and they will get in trouble.
Also, if you want to have a direct conversation with someone and take it outside the thread, it's easier to message them. If you are okay keeping it in the thread, just put an @ symbol before their name and a box will appear with their name. Click on the box and the name become a link to the other person who will be notified that they were mentioned in a thread. You'll get faster responses that way.
You'll get it. It's truly a learning curve. Have a great day