All Forum Posts by: William Burr

Hello,

I have recently secured two private lenders who are very interested in working with me, however I need to understand how to structure deals with them. Here are the two scenarios.

The first private lender wants to start with investing $20k in a deal.Upon securing a deal,  I know that I can put her in the position of a 2nd mortgage, if I had another private lender. My question is how would I structure the deal if I have to use hard money?  Could I use her funds for a portion of the deal, and use hard money for the remaining balance, or should I just use her funds for rehab costs?

My second private lender has the ability to qualify for a conventional mortgage.  Essentially she has the credit, and I have the ability to locate and even manage the property.  She would like to partner on a deal with me asap for a multi-family property, but I am not sure how to structure a deal with her.  I would greatly appreciate some advice on both of these scenarios.

Thanks,

Will

Hello Andy!  Welcome to the BP community.  Like you I am relatively new to real estate investing.  From what I have seen so far, there is a tremendous amount of information, advice and really great people here in the BP community.   

Glad to have you here.

Best Wishes,

Will

@Dmitriy Fomichenko   Thanks for the warm welcome and the advice about connecting with members in my area.  Will definitely do so.  Wishing you continued success!

@Michael Lemieux    Thanks for the welcome!

@Raymond B.   Thanks for the advice Raymond!!  I was wondering why it wasn't working.   Got it now!

@Lydia Ford...thanks for the welcome!  I agree the podcasts are a great resource.  See you around the BP!

@Karen TPEANVAERA   Thanks Karen and welcome aboard as well.  My wife and I would definitely like to connect and we look forward to learning together!

@Mehran K. Thank you so much for the warm welcome. I agree it is very important that spouses are on board. My wife definitely has been bitten by the REI bug. She's just as excited as I am, and we have learned a lot from the BP podcasts so far.

Hi, my name is William and I am "somewhat" new to real estate. I say somewhat because I have always had a passion for real estate even from the time I was a child. At one point in my adult career I was turning over properties for other investors.  Although I enjoyed doing so, it still wasn't as fulfilling as I would like for it to have been so I stepped away from the industry for several years. It wasn't until a couple of months ago that my wife and I began talking about real estate investing from an email subscription that she had been receiving for years, but for some reason she read the email this time and told me about it.  After doing some research, my passion for real estate ignited again. I feel like I finally found my calling when I decided that this time I would take the lead and be the investor purchasing properties.

My interests include wholesaling, fixing and flipping and then eventually buying and holding a few properties.  I am excited to be a part of a community of like-minded individuals who not only encourage each other, but answer other members questions and network.

I look forward to growing with Bigger Pockets community.