How Can I Structure This Deal?
Can anyone help me or guide on how to find such answers. I would like to buy a few properties from I assume a wholeseller. Most of his properties require fix up. I would like to propose to him an agreed upon price I then rehab the property and sell. Then pay him agreed upon price and I take my profit if any. I want to know how would i actually put this is writing to protect both our intrest? Also will he or should he transfer deed to me? Finally is there a name for such an agreement? Thanks for all your help. p.s. If this is not the forum this question should be in please let me know.
You could structure this any of several ways.
1) You could buy from him on land contract
2) You could sign an option agreement which gives you rights of possession and to renovate during the option period.
3)you could sign a joint venture agreement.
4) You could have him transfer title subject to a purchase money mortgage (or trust deed depending on your state)
5) you could form a Corporation or Land trust r LLC with both of you as shareholders in same and transfer the properties into that entity with a buy-out agreement that says how you pay him off.
I could probably think of a couple of more depending on specific circumstances.
Thank you very much for your response. I will look into the first two you mention. I know I have seen post here regarding those so I will do some more research. When I pitch the idea I want to be clear about what I am saying.
Thanks