All Forum Posts by: Alvin Price

@Austin Pitts, I would also like to be added to your buyer's list; my email address is [email protected]. I would also like to know more about the Cedar Park property that you mentioned above. Thank you.

@Austin Pitts, do you have any other pictures of the property. I'd also like to know how much notice you'll need before scheduling a walk through. Thanks.

Congrats Joe! I have been a landlord for 13 years and trust me, with this environment and the 150+ people moving to the Austin metroplex every day, you won't have ANY problems finding renters by utilizing Craigslist. My only advice is to seriously vet your potential renters; check references, verify employment and income, pull their credit and fight the temptation to just approve someone because you don't want to make the mortgage payment. Congrats again and best of luck to you and your wife!

Thank you for your reply, gentlemen. Yeah, I feel that my relative is being generous; most private investors want a 50-50 split of the profits. I'm completely comfortable with those numbers. 

Happy Friday BP-ers!

I have a relative who has offered to partner with me on future projects by being my private lender in return for 30% of the profits after the property has sold. I want to ensure that both he and I are protected by signing a contract that outlines the terms and having it notarized. Does anyone have a template that I could use and modify? Thanks in advance!

Russ,

Thanks for the reply! I'm not sure that the HELOC is a viable option given the homeowner's recent derogatory credit activity associated with the near foreclosure. You're right, I'm probably going to have to find another partner willing to finance the project.

I'm hoping that this is the proper forum to ask for advice with my situation. I have a contract on a tremendous opportunity that I acquired via direct mail. The homeowner, facing foreclosure, has run into a perfect storm; his father was on his note, giving him a $3000 tax deduction, which was immediately removed when he passed away last December; his 13-year old mortgage is an ARM that has adjusted; consequently, he can no longer afford his mortgage. The main house, completely renovated 4 years ago, sits on just under 3 acres of lakefront and has a 1700 square foot guest house (which will require updating). The homeowner has $900K in equity as everything sits now; with the renovated guest house would bring that equity amount to $1.1M! I have agreed to reinstate his loan (he's signed the deed over to me) and I will carry the note during the renovation of the guest house and the listing process and we will split the profit upon the sale of the home.

Here is where I need help, my private financier has run into a problem and can only deliver $30K of the committed $100K, leaving me scrambling to find the $70K shortfall in the next 2 weeks! What do you recommend? Is this something that a bridge loan can address? I am unsure if hard money is an option because of the loan assumption. Your assistance/advice is GREATLY appreciated!!

Congratulations guys!!

Congratulations on your first deal @Scott Frowiss and welcome to BP! I look forward to hearing more about your success!

~Alvin

Thanks @Jacob; I appreciate the info!