All Forum Posts by: Joe Bourguignon

@Ernesto Hernandez, thanks for the writeup!  I enjoyed his Emerging Markets book, so I'll have to pick this one up too.  I'm excited to take the step up to MF from SFRs!  

@Account Closed, who is your recommendation?  Thanks!

@Charles Kao, did you find somebody that you like?  Thank you!

Just following up on this old thread, since I have the same question as Charles.   :)

@Jacques Cyr@Paul Leason @Sean Larson, do you have any updated recommendations for attorneys in GR?  David Hill apparently no longer works for that firm, and I can't find him.  Thanks!

@Mario Brown, thanks so much for this list!  :)

-j

Thanks, @Mark Gallagher and @Steve Hodgdon!  Would either of you have a sample contract that you've used with friends / family before?  I'd love to see how they're structured, and even though I dug through all of the 14 pages of contracts on BP's Fileplace, I didn't see anything other than a Promissory Note.  I'm assuming that these contracts can be structured a million different ways, depending on how the Lender is to be paid back;  what are some of the most common structures?  Thanks for answering some newbie questions! 

Originally posted by @Mark Gallagher:

@Account Closed

For both parties sake, it would make more sense to secure it against one of the existing pieces of real estate. Then you'd file a mortgage for the property with the courthouse, and then a note between parties specifying the terms.

 @Mark Gallagher, thanks so much for explaining it in clear, concise language.  I'm assuming a lawyer would also be needed for the contract, yes?  Cheers,

-joe

Thanks, @Ben Freiman and @Oleg P.!  An Operating Agreement definitely seems like a great idea.  

I suppose another way I could structure this would be to make my own LLC that he is an investor in, since he wants to basically be a silent partner (ie just Private Money). Then, I could just make him an offer of what he'll benefit from the deal. What do those agreements look like, generally? I'm sure they're all over the board, but any starting point right now is helpful! Thanks!

@Dan F.,  I'm also wondering where to find standard partner contracts.  @Andrew Syrios, have you found any standard ones that you prefer?

Also, I've heard that a lot of people start a separate LLC for each property; is that way more cumbersome than necessary, or is it a good idea? Does that make it necessary to have separate bank accounts for each LLC?

Thanks!

Thanks @Bob Okenwa and @Heidi Wilson!  I definitely value agents;  I'm friends with many from my days working for a RE Agency.  I love getting commissions for friends! 

I should have phrased my question better; I'm hoping to find a Wholesaler (or many) in my area to start BRRRRing. When purchasing from a wholesaler does one use an agent, or only when purchasing off the MLS?

Thanks @Jeff Copeland for the linked thread!  Are there any others that talk about the process of purchasing from a wholesaler and whether you need an agent?

Ok, forgive my ignorance but if you're trying to BRRRR, should you have an agent? How do you carve out a commission? I'm assuming most people who BRRRR don't use an agent, but instead just have a contractor walk the property? Thanks! -joe