All Forum Posts by: Donnie Wilson

Since my parents have retired and the uncertainty of the stock market (where all their investments are at) I'm trying to help them by putting their liquidity to use. How do I go about borrowing money from them to put towards cash on a down payment for real estate? I would pay my parents 2% each month on that sum (30K) for 6 months, then pay back in full. We need cash towards the rehab.

-Promissory note has been drafted between my dad and I.

-Do I involve a lawyer? I don't want to if I don't have to.

-Do I issue a 1099 at the end of the year? Or can this loan be done with out that and my dad an I? We still have a joint account set up since I was in college.

Again, I'm helping my parents put the money to use outside of the stock market, any guidance on making this a smooth contract between my parents and I would be helpful.

Thanks!!

Hi Everyone,

I wanted to introduce myself. My name is Donnie and I am a new to REI and focusing on multi family and potentially SFH. I am based out of Los Angeles, California (Huntington Beach to be exact). I decided, after seeing a few of my friends change there life in REI (cash flow is king!), to educate myself and soak up as much information as possible. I stumbled upon BP's podcast (then the forum) when searching for a way to learn on-the-go in the lovely LA traffic each and everyday, I was hooked when I heard more stories of building wealth the right way.

I currently own my house in Huntington, however searching for ways to take my first step in REI, whether that is in CA, where cap rates are low and prices high, or OOS, but very wary of D class neighborhoods.

Background out side of REI: I have a masters degree in sports marketing/business and currently work at Fox Sports as an Account Executive selling our TV and digital assets (commercials, in-game logos & reads, activations).

Short term goal: networking on BP including any meet-ups in SoCal and retaining as much information on the forum and podcast that I can, to put into action!

-Donnie

@Anthony White congrats on your path in real estate thus far, great story, being a former collegiate coach in baseball I admire your passion and self education, I'm sure you were a great coach to your players. I am new to real estate and trying to soak up as much information as possible (i.e. podcast, blogs, books). My wife and I recently bought our first home 3 years ago in Huntington Beach and now trying to see what our next move is (sell and use the equity for investing? Heloc?). We want to create wealth and understand it takes time in real estate, but sitting on the equity and trying to pay everything down to be debt free is not what we want to do, applaud you on your path to creating wealth! Keep grinding!