All Forum Posts by: Mark Eichlin

Excellent replies, Gentlemen!

Thank you for taking time to respond.

The information is both useful and appreciated.

Mark

We are seeking to use Private Money Lenders to fund our individual fix and flips (Project Funding). We don't know the Lender personally, and desire to check to see if they are legitimate before we move forward.

What "due diligence" should we perform to confirm the integrity of the Lender?

What other measures should we take to protect ourselves, our company, and our project property?

Thank you...

Mark

Bill,

Thank you for your detailed repsonse. While I have 30 years worth of experience with construction contracts as a project manager, Real Estate contracts have a level of complexity that I am not that familiar so I "put it out there" in a forum where the group could provide insight, advice and direction".

I have reviewed their Contract in detail and found it to be satisfactory for the most part to my understanding. There is a section in the body of the Contract where I added my Additional Terms for consideration and review by the Seller. These are standard clauses which our industry commonly uses as I am told.

I appreciate your involvement and opinion and do not disagree, rather, I am enlightened by your information and recommendation. I did not mean to imply that I was writing my own contract, or editing areas where I have little legal knowledge. Yes, you gave very good advice!

Respectfully

Tthank you for your appropriate responses and advice!

Thanks Wayne!

That makes sense to me. Continuing with my review and modifications as needed.

I am a new RE investor and my Realtor is telling me that I have to use the ASR (Standard Agreement for the Sale of Real Estate) from the Pennsylvania Assoc. of Realtors.

Is this a requirement in PA, or simply a form this Realtor / Realtor's Office wants them to use? Can I use my own Contract?

I am in the process of having the Contract reviewed to see if it is suitable for my investment purposes, assigning of contract, wholesaling, flipping... and anticipate adding an Addendum for my company's needs.

Is there a Contract that is commonly used and accepted for Real Estate Investors in PA that could be shared?

Your comments and input are appreciated!

Mark