OK, I'm new here and this my first ever post in this Forum. I was not going to post anything until I buy a house, but the circumstances have changed and I need help now. Anyhow, I got Dean's book Be a Real Estate Millionaire for Christmas from my wife. I finished reading it on January 9th. I have been trying to put things together. Now I'm excited. I will let you guys know about my background on another post later on (after I buy a house).
I will be buying houses and fix them up. I was going to go through my mortgage broker, but as most of you guys probably already know that it is harder to get an investment loans nowadays. I talked to several mortgage broker and they want 20% down.
So far, I have filed for DNB# last week for my corporation which I establish almost 5 years ago, but inactive. I have also found a bank to finance my rehab (yes, I am going directly to a bank and not the mortgage broker). I also found a Private lender/investor to help me buy some houses. Also found an HML just in case.
My issue is with the Private lender/investor. I'm not sure if anybody has use any of them from this Forum. I need help with the forms that I can take to my attorney that I can personalize it for my use. I have offered the Private lender 30-35% of the profit for the purchase of the house and 15-20% for the repair, which will total 50% of the profit if they buy the house and finance the repair.
Thank you so much for any reply.