Posted by tom on October 17, 2003 at 10:30:59:
joint venture is the most likely way. you need an Attorney to set it up however you are going to do it. the other solution is hard money. there are contacts here for that.
best,
tom
Investing partnerships - Posted by Wayne
Posted by Wayne on October 16, 2003 at 07:39:57:
I am looking at a property headed for forclosure. I’ve made contact with the mother inlaw who I know. She was made power of attorney for this property. Although a few things would have to go right if the property can be discounted a nice profit I believe can be made. But let me say I am a begginer and I’m looking at this as a rehab.
My question is, if I can find an investor to pay all cash for the purchase of the property and fix up or pay for financing to purchase the property and fix up,all closing cost and caring cost(mortgage) and I do the renovation and pay for out of pocket expenses such as utilities, how would you set this up? do we both go on the deed as tenants in common or something like this? do we have a seperate contract between us as to how the money is distributed and our obligations? ect. any information will be helpful.
Thak you,
Wayne