Posted by charles on January 20, 2000 at 09:42:51:
paul,
thanks.
How quickly can one be set up? I know i should probably look this information up and read up on it extensively but could you give me some quick insight?
How much approx. would it cost?
Since foreclosure looms on the land, time is of the essence
Thanks
Charles
Tucson, Az
How To Structure MH deal/please help - Posted by CHARLES
Posted by CHARLES on January 19, 2000 at 22:09:51:
Here?s the deal/ found some Land in foreclosure. Comps are $34,000 and they’ll walk for payoff of $19,500 approx.
Land payoff is $19,500
MH new loan (in my name) $40,000
Total ?IN? $69,500
Resale value as per comps is $80,500 say
Profit is $20,000
My friend is lending me $3000 for the downpayment for the MH/Land LOAN ?
We are agreeing on a 65%/35% split of the profits
Question- HOW DO WE STRUCTURE SOME KIND OF ?PARTNERSHIP? TO SPLIT PROFITS, AND HOW SHOULD I/WE HOLD TITLE???
whoever has had experience in such joint venture deals, please help so I can close this before the land is foreclosed on.
Please help-
Charles
Tucson, AZ
Re: How To Structure MH deal/please help - Posted by Paul_NY
Posted by Paul_NY on January 20, 2000 at 24:18:21:
Charles,
Personally, I would hold the property in a land trust. On the beneficiary page is where the 65/35 goes, with both partners named as beneficiaries.
I would recommend a written agreement.