All Forum Posts by: Jimmy Mozingo
Jimmy Mozingo has started 2 posts and replied 3 times.
A good friend of mine is in a failed marriage situation in California. After 12 years of being together, the husband decides he doesn’t want to be married anymore. The house they own has a mortgage in the husbands name. Both names are on the deed.
here’s the down and dirty on the house:
Mortgage— 434k
ARV—- approximately 650-675k
Mortgage is current
my friend needs to stay in the house for the sake of her 5 kids
She owns her owns her own nail salon/spa which is mostly a cash business
Her credit score is 600ish
Because she is not a w2 employee she will have a difficult if not impossible time getting a conventional loan.
she has asked her ex how he needs to walk away from this mess and he said he wants half the equity.
How can I help my friend keep her house and pay off her ex without conventional financing?
Thank you in advance for your suggestions and ideas.
Post: Multi family investment with a partner
- Posts 3
- Votes 1
To Tom, Alex and Blake,
Excellent advice from all. It appears that you all agree that a clearly defined set of duties, expectations, operating guidelines, etc. is an absolute. Having a lawyer check over the agreement was another sound piece of advice.
this advice makes absolute sense to me thank you gentlemen.
I hope I can return the favor someday.
Post: Multi family investment with a partner
- Posts 3
- Votes 1
I’m a new investor and have an opportunity to partner with a fellow novice investor to buy a multi family unit. I have a basic understanding of how partnering works, but am completely open to any and all advice, comments, concerns or criticisms when it comes to investing. I’m sure I will have a RE lawyer involved in the specifics of the partnership itself but beyond that, what potential pitfalls and or windfalls can I expect?