Posted by John Merchant on April 16, 2008 at 17:03:26:
I’d say it’d be penny-wise and dollar-dumb to try to do this agreement for yourself, without your lawyer.
No layman, doing this only very occasionally and for himself only, is going to think of all the legal issues involved and all the weak spots and traps to avoid…and how to best contract to protect your interests; whereas your lawyer, if he’s business and real estate knowledgable, is going to do you a much better job than you could do.
And if your deal can’t justify $500 5o $2500 for such, go find a better deal.
Bring in money partner for down payment - Posted by james(CA)
Posted by james(CA) on March 23, 2008 at 20:47:11:
Let’s say I am buying an apartment complex or mobile home park and need help with down payment. So I locate a investor who’s willing to put 20-35% for the down in return for say 20% of month cash flow, and 20% of equity when the prop is sold or refi. What sort of contract and clauses do I need…are they any sample contract I can download?
For the experts, what are pros and cons, and what can you recommend to do and avoid? I want to have a total control of the deal and like to pay off the investor as soon as possible.
Re: Bring in money partner for down payment - Posted by james(CA)
Posted by james(CA) on April 16, 2008 at 21:33:35:
Hi John,
I surely understand any sample contract or otherwise will need to be checked by a lawyer. I just want to see some the language used on contracts that folks had used successfully and then have it checked by the pro. Thanks