Jack,
If they’re retired you might want to think about have them rollover some investments into an account with Mid Ohio Securities (self directed IRA’s) I haven’t used them yet myself but hear they are very helpful. This will help your investor make the most of their money and you will get access to the funds as well as have someone to help you with questions. Let me know how things go. If your friend has enough funds available I’m always looking for investors to fund my rehab deals. Good Luck!!!
I know of a lady friend who approached me long distance, she lives in Mo. and I live in NY. Her and her husband are both retired with very successful jobs. This woman and her husband would like to invest in real estate however they think it’s risky doing it themselfs.
She really didn’t say how much they have to invest, based on there jobs of 30 plus years and being retired I would think that they would have a substanial amount to invest. I was thinking along the lines for starters of doing a few “lonnie” deals here local here in NY.
What would be the best way to structure such deals being long distance? Also maybe a few “buy low, sell high” single family deals in where they would put up the cash for the local adds, earnest money deposit, closing cost, appraisal fees, and then split 50/50 close in 30 day deals, anyone have any othe suggestions, thanks…
Re: Woman Approached Me With Money To Invest! - Posted by PeteH(NYC)
Posted by PeteH(NYC) on April 14, 2000 at 20:33:51:
If you’re doing Lonnie deals, I’d suggest you just create your notes, stay in the middle of those deals (so as to avoid your investors getting frustrated should a note go south in 6 or 15 or 20 months), and hypothecate: that is, have your investors LEND you money secured by the note at, say, 14%, 18%, whatever percent will make them grin, so that you’re cashed out of the note and can go make another one.