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Updated almost 10 years ago,

User Stats

86
Posts
13
Votes
Brent Fleeman
  • Investor
  • Ringgold, GA
13
Votes |
86
Posts

Looking for some answers.

Brent Fleeman
  • Investor
  • Ringgold, GA
Posted

 I would like personal and professional opions, also I would like to hear from some people from the Chattanooga Tn and Ringgold Ga area.  Problem #1 my current cash money lender is my mom and I know, but this is something we had disscussed this before and I understand this is a lot of money to them and if it goes wrong it could hurt them. My two biggest problems are the time length it takes to get her to accept that this is a good deal and my numbers are good. The other problem is we are limited on the amount they have to lend and both are killing my deals before they start. Problem #2 is when I figure the problems with the house I fix the problems instead of covering them up unlike I have seen past rehabers do. I really like to sleep at night and the home owners, buying this house come first and foremost before my profits. Problem #3 this is a 3 partner deal, I have a contractor that works for me as a partner he gets paid by the hour not a lot but recieves 30% of the profits as well do I. My mom takes 35% and pays the taxes and she wants to do this to keep it in a lower tax bracket. So at the end because me and my partner do roughly 85% of the work on the home we need probably a little more money on the profit side to justify us working on the house.

The main question is do I need to look in a different route all together. The whole thing is racking my brain and I really need some advice as which way to go, all advice is appreciated and thank you in advance.

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