All Forum Posts by: Chris Zias

This is all good advice and things I never thought to consider.  I will get a real estate lawyer.  And go from there.  I thank everyone.  

I should add that she does pay her mortgage just not enough monthly.  The economy is tough on those who don't have the right skills for white collar work.  She's a part of the gig economy (proletariat).  Drives ubers or instacart.  She makes her own hours, but only so many hours in a day sadly. 

 Sure.  I do need a recommendation on real estate lawyer actually.  I would appreciate that. 

 I already have a portfolio.  And doing well.  I thought I could start to give back and have a purpose outside of myself.   I always plan and want to make money towards financial freedom.  But If I lost the money, my world wouldn't end.  

Wow.  Appreciate your candid response and experience.  All points well heeded.  I did want to have her fill out a balance sheet, see the in and outflows.  Like you said, figure out where she is wasting her money.   Some people are just clueless about money - lack of opportunity to gain financial intelligence and what not.   A min maybe I can help her with that.

Assuming this person as a more "typical" property investor or wants to get into the game, is there is a standard contract for Hard Money Loans? 

I could ask AI, but we all know how that may go.

Thanks again!

Sorry if this is wrong category.  And I'm sure this topic has been discussed before.

I have a friend who owes her lender (probably a bank) around $9k.   I told her in the past I'd like to help her not lose her house.  

She agreed and is asking for a loan from me to pay off her late mortgage and fees. With promise that will pay me back over a course of a year plus an additional $3k. Then we would also work together and repair her house (a separate contract perhaps) so she can airbnb/furnishedfinder it. Since it's not that far from downtown and not bad drive to Lake Erie. I would take about 25% of the net from STR for a year.

Are there any resources and things like contract templates for a hard money loan like this.  Steps I need to take to make sure it's legal and binding.    And I may need some custom clause in the case where she doesn't pay me back in full.    Do I request half ownership of the house or some other penalties?  As a landlord, I feel late fees are kind of dumb in a way, since if the person can't pay rent in time,  a fee just puts them further behind the 8 Ball and even further behind in some case.   

Anyways any thoughts and guidance are welcomed.   As I can see this being a new offering I can start doing in future.

Thanks!