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DaveV

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DaveV
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  • I would also look into whether they are full-time rentals or more seasonal stuff. It's pretty come a lot of the condos in the florida area are more seasonal/vacation rentals. Missing a few months of rent for seasonal stuff would be a killer with tho…
  • James, i do some hard money lending but more in the Greenville, SC area. What are you looking for? How much money, length of loan, what type of investment, etc...
  • It will also get complicated with two people holding different amounts of the mortgage if one person wants out of the deal.
  • I agree with Mark. Not sure what Person A is getting out of the deal by involving Person B. It is tough to define what "equal" management means and how that will be determined and enforced with the two parties. Person A is taking a lot more risk and…
  • After 8 months of being on the market, the sellers still won't budge so I haven't done anything with this deal. I keep looking at it to see if the price drops, but until then I have just moved on to looking at other deals. Currently I am helping fun…
  • I think that all depends on the lender you work with. For my bank, the holding period is one year and you can refinance - LTV is 80/20 and rates don't go up (same as buying the rental initially).
  • I am a big fan of simplicity. With that being said, I structure all my deals based on final costs of the flip, which include purchase price, commissions (buying and selling), holding costs (if you use a loan), and costs of the renovation. At the end…
  • I would first start by talking to a few banks and seeing if you can qualify with them, at least take that guesswork out. In terms of pulling out equity for the repairs, will it help increase the value or rent of the properties? I would caution about…
  • Offer wasn't accepted and they countered with $60,000. Way to pricey for me and they aren't willing to budge anymore so time to move on to the next one!
  • 12k profit was for the entire deal...we were hoping to get at least 15k profit but some unexpected plumbing issues set us back a little bit. No benefit from appreciation, just profit from fixing up the home. My plan now is to continuing working with…
  • Yea, Mark really hit the nail on the head (its like he has some experience or something)! For this partnership all I really did was check out a few houses and then fund the deal. Regarding time spent, I'd say about 4 hours a week in the beginning lo…
  • its been awhile since i've posted, but here's an update. Purchased the house with a partner near the end of August and began renovations right away. Work was completed within 5 weeks, and put up for sale. Had an offer the first night listed for 5k o…
  • Thanks, Shawn. At this time we decided not to move out there since we have a baby due in March and it would just be too crazy. I will definitely reach out in the future if we move forward with anything in that area, its always great to have a local …
    in Arvada, CO Comment by DaveV January 2016
  • I recently funded a fix and flip where my partner found the deal, managed all of the renovations, and handled the selling/closing of the property. The split was 60/40 where I got 40% of the profit, but I didn't have to do anything except provide the…
  • Thanks for the help. The deal I am working with is a 60/40. 60% to my partner who found the deal, runs the flip/managers the contractor, and sells the home. 40% profit is split between who funds the deal, of which we are each funding 50%. I am actua…
  • Thanks Mark. I am talking to the company on and off and would definitely visit the area before I made any decision. If I ever head up there, I will give you a heads up. I would love to check out your office and the lambo!
    in Arvada, CO Comment by DaveV August 2015
  • Working in the field of construction, that definitely sounds like a structural issue being that piers are typically recommended to help stabilize or support a foundation that is sinking. 
  • Now that the year is already half way over (crazy how fast time flies) how is everyone doing on their goals? My goals at the beginning of the year were to pay off some debts of smaller loans I had (car and student loans) as well as purchase 3 rental…
  • I am an investor in the Greenville, SC area looking for any type of fix-and-flip deals or potential rental properties in the $50,000 to $70,000 range. I have a few other investors I work with as well in the area that are always looking for deals. Al…
  • Thanks Mark. I am learning along the way and actually got in contact with the bank this morning right after I posted. Like you had said, they indicated I needed to wait for it be listed with a local agent. I'm going to keep tabs on this one and keep…
  • Hope you had a great time Mark! We love Disneyworld and have been there several times in the past few years. I actually just visited Disneyland back in mid-june and also had a blast. Recently my wife and I just finished a cruise in Alaska and would …
    in Disneyland Comment by DaveV July 2015
  • Thanks Mads. It is going to be structured on a deal to deal basis, but I have a good relationship with them and think it has potential to turn into a good long-term partnership. 
  • Thanks for the input everyone. While I haven't moved on anything at an auction yet, I am checking them out just to learn and get experience. There were three house I somewhat mock followed and checked out before the auction and came up with a price …
  • Thanks for the information. I would be interested in learning what you find out in pursuing additional information.
  • Thanks Mark, I will definitely keep you updated as things move along. I was happy to find a partner to help mentor me as I first get started in real estate investing. I really appreciate your site, your responsiveness, and all the hard work you put …
  • Agreed. It is better to figure out your situation sooner than later instead of just guessing. This gives you a clear path to follow for the near future.
  • I would still try to get a loan, there is no harm in trying and being denied. I would think if you described the situation to the bank, they may give you a loan for the value of the duplex as long as you have insurance on it. Zoning laws can change,…
  • Thanks Mark. After talking with my possible partner, I think we will be able to structure a 50/50 deal. While he may be finding the houses to flip, the thought is that we will both contribute the same amount of money and I will help oversee the flip…
  • I agree with Mark, if you want to acquire properties faster, the two options are either find a way to get cash faster or finance the property with 20 or 25 percent down. I really don't see a reason that you wouldn't want to finance them, especially …
  • thompmd, Regarding the issue with the maintenance man going to several properties a day and only providing 1 invoice, maybe you can ask him to break down the invoice per property or you can divide his total invoice by the number of properties to get…