All Forum Posts by: Jim Workman

We are trying to create a promissory note for a fix and flip project where funds will be released based on completed milestones.  Does anyone have a good example of such a clause?

@Darren Eady My IRA is lending to an investor.

Do you usually put your state on the promissory note?

The borrower is in California.   The SDIRA (lender) is in Nevada.   The property is in Missouri.

Which state has jurisdiction for the loan and regarding lending laws - usury?

We need an engineer to help draw up a plan for street drainage near airport.

Does anyone have a recommendation?

Hi Bill,

Welcome to the group!

@Brandon Turner Note investing is a hot topic with few educational resources.  What would we need to set up a sticky FAQ of resources for this topic?  I'm assuming it should be a note investing expert who maintains the FAQ.

@Rebecca Meier Will title companies write up the promissory note, or do we need to draft it ourselves?

The offer is on a 4-plex in St Louis.

@Mark Nolan If it doesn't add too much to the total cost, I think we would like to make it a secured note for the experience of setting it up.  It will really just be a short term loan.

I'm getting feedback that we should work through a Missouri attorney or title company.  Any recommendations?

Thanks for the feedback.  The problem for me is that on high volume months my water bill can be over 20% of gross rents.  Last winter, utilities were 1/3 of rents in some months.  I'm trying to find a way to mitigate those bills.

I still don't think that I should accept water usage double that of the identical building and double other months in the same building.