Hey guys,
I picked up the book about 2 years ago and became a member of the boards. My thought process was transformed as I was a slow-laner and believed the mantra of go to school, get good grades, find a safe secure job, invest in 401k, cut up your credit cards, clip coupons, wait 60 years and you will have 1million dollars. Funny thing is, when your following this plan you actually think you are on the right path and begin to fall into a state of contemptment. I did nothing after buying the book for 2 years. You play it safe and " don't take risks". Recently got back to reading the book, becoming an active reader on the forum and I plan to join you all in the fast lane soon enough. Recently I became a part of a real estate investment and wanted the input of those knowledgable in this field. I am open to any open criticism and will answer any questions you all may have.
I invested as a silent and passive partner on a single family rehab. This is actually my first time doing this but I did my due diligence ahead of time. The investor I am working with is experienced in the field, he showed me past transactions and was open about the records of the current project.
Home was purchased for $146,000.00 investor paid for the home with his own money, a title check was performed and he owns the property free and clear under his name. Home was appraised by a reputable appraisal company and has a future value after repairs of around $260,000.00- $275,000.00. Cost to rehab the home is around $40,000.00. I will be investing $20,000.00- $25,000.00 into this project of my own money. I am leveraging $10,000.00 on a line of credit through home depot @ 0% for 12 months. The rest will also be leveraged via another credit card on a cash advance @ 0% as well. (OPM).... This is frightening to some as I am using debt to invest but I have the money saved should this project go bad and can pay the monthly installments without any hesitation in the mean time.
For my money I will be paid a return of 25% off the $20k-$25k invested. This will mean that in a 6 month projected turn around I will see about $4k-$5k for borrowing money and lending it out.
We have signed and notarized contracts with clear details of all the work, I was also given a grant deed to be recorded with the co records for invested amount. I am confident that this project will be success but am unsure if I am being compensated appropriately or if I should have negotiated the terms more favorably. Please advise. Thank you all, your insight is appreciated.
Enrich the Mind, nourish the body, uplift the soul.
Happy Fast Laning.
I picked up the book about 2 years ago and became a member of the boards. My thought process was transformed as I was a slow-laner and believed the mantra of go to school, get good grades, find a safe secure job, invest in 401k, cut up your credit cards, clip coupons, wait 60 years and you will have 1million dollars. Funny thing is, when your following this plan you actually think you are on the right path and begin to fall into a state of contemptment. I did nothing after buying the book for 2 years. You play it safe and " don't take risks". Recently got back to reading the book, becoming an active reader on the forum and I plan to join you all in the fast lane soon enough. Recently I became a part of a real estate investment and wanted the input of those knowledgable in this field. I am open to any open criticism and will answer any questions you all may have.
I invested as a silent and passive partner on a single family rehab. This is actually my first time doing this but I did my due diligence ahead of time. The investor I am working with is experienced in the field, he showed me past transactions and was open about the records of the current project.
Home was purchased for $146,000.00 investor paid for the home with his own money, a title check was performed and he owns the property free and clear under his name. Home was appraised by a reputable appraisal company and has a future value after repairs of around $260,000.00- $275,000.00. Cost to rehab the home is around $40,000.00. I will be investing $20,000.00- $25,000.00 into this project of my own money. I am leveraging $10,000.00 on a line of credit through home depot @ 0% for 12 months. The rest will also be leveraged via another credit card on a cash advance @ 0% as well. (OPM).... This is frightening to some as I am using debt to invest but I have the money saved should this project go bad and can pay the monthly installments without any hesitation in the mean time.
For my money I will be paid a return of 25% off the $20k-$25k invested. This will mean that in a 6 month projected turn around I will see about $4k-$5k for borrowing money and lending it out.
We have signed and notarized contracts with clear details of all the work, I was also given a grant deed to be recorded with the co records for invested amount. I am confident that this project will be success but am unsure if I am being compensated appropriately or if I should have negotiated the terms more favorably. Please advise. Thank you all, your insight is appreciated.
Enrich the Mind, nourish the body, uplift the soul.
Happy Fast Laning.
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