All Forum Posts by: Robert Abasolo

Hmmmmm....I don't think I've ever said this haha. As much as I would really love to, my spanish isn't good enough sadly. YET.

I've been scouting Bar Harbor/Ellsworth/Trenton. Tough to get a read on just HOW seasonal it is. From my comping, it seems like STR hosts do extremely well in the area. My guess is that it's because there just isn't a lot of competition 

@Ryan Proffit Thank you, Good Sir. They came to me because I'm an expert in the short-term rental world. But I'm not playing with pretend money, it's their savings. So you better believe I want equal liability on this deal to show them that I'm willing to go down with them if the deal ever goes south (which won't happen).

@Emily Lange and @Dylan Barnard, I am unable to help them qualify. The agreement is that this is "our" house. They put up the cash, I teach them how to Airbnb and make money in that world (which they know very little about). In return, they'll enjoy anywhere from a 30-50% ROI on their initial investment. So while I'm not on the deed, the idea is to figure out a way to make me an owner through some sort of contract.

@Adam Kuatt Yeah, the due on sale clause is scary. I know it's a rarity, but it's very hard to get an investor that's new to the real estate game on board with this when you explain what it means to them haha. 

@Brian Boyd ok, got it and thanks. I'll get in touch with a real estate attorney. Just wanted to make sure that what I was looking to do was possible.

@Matt Groth I guess this scenario is possible? But that's why I want a contract that keeps me liable and equally tied to the deal. Though if I ever did walk away, they'd be making so much more money due to the nature of STR ROIs haha. But either way, I'd never give that up.

lol dudes, let's all take a breath.

I'm trying to be a good partner. I don't just want 50% of the profits, I want 50% ownership and stake in the houses we're buying. These are personal connections, I am not trying to take advantage of anyone here. 

I'm doing all the work until everyone is paid back (roughly a year's time) and obtaining 50% ownership of a house I would be unable to get otherwise. I legitimately don't understand why that would be so jarring.

Would this just be done through a contract drawn up by a real estate attorney? 

Hello BP Fam!

This is my post here and I hope you can help.

I currently have 3 deals in the works with different partners. 

The deal: The partner fronts the 10% downpayment, puts the loan in their name and fronts the cash for the furnishings. In return, I will set-up and run the house as a short-term rental(my specialty). All profits will be paid to the partner until their initial investment is fully repaid. Once they are repaid, all profits will be split 50/50.

My question: Is there a way for us to draw up a contract that makes me a 50% owner, and equally liable for the debt? I can't be on the loan due to a high DTI.