Financing for a property - Posted by John

Posted by Frank A on August 05, 2003 at 21:10:26:

Hi John,

Good for you for locating an investor who is willing to lend you the money to secure and rehab the property and then split the profits upon resale.

What I would suggest is to look int incorporating the property into a LLC and have the funds/agreement written in the company name. Another way to protect you but also good business sense so that way you get any writeoffs that will be part of this property.

Depending on what state you are in, you can either do the paperwork there or through Delaware or Nevada.

I hope this helps you some. By the way, what state are you in and how did you go about locating your investor?

Best of luck,

Frank A
Madison, WI

Financing for a property - Posted by John

Posted by John on August 05, 2003 at 20:10:08:

Here is the scenario: I have a property that is a lock to make a great profit. I have someone who is willing to lend me 30k in order to finance the property and have the money for the rehab and other associated costs. In return I want to return his 30k and split the profits with him. What is the best way to go about this? I would like to have the money in a business account for me to be able to use it for whatever comes up, instead of having to go to him for every little cost. How can I structure this??? Thanks