Looking for a partner to do a flip here in Napa

[Ronnie Galindo]

Hello BP!

I have been doing a direct mail marketing campaign and got someone calling me. She owns two acres in St. Helena with two residences on the property. The only reason she is willing to sell is that it is far from her current living situation and she has a hard time maintaining it. She knows the property is old (built in the 1920s) and needs some love. It caught by eye due to not being landscaped like the other homes, old run down fence that needs replacing, along with exterior paint needing updating. I have not been inside nor around the property yet due to them being rented (one tenant is long term and the other is just over a year and both are month to month), just the initial contact.

With that said, I am NOT a wholesaler. I do not have an RE license to wholesale thus why I am looking for a partner. There are not many comps around the area with this much land but the ones that have sold around this property are mostly above 1 million and the home next door (on 1/3 acre) is worth around 2 million. I have not talked price with her nor do I know more specifics (like square footage) of the properties yet. I do not have enough capital to acquire this property alone nor do I have the experience with a flip so I would be looking for someone to lean on for this endeavor.

Anyone on BP willing to do this JV and make some money?

[Mike Bolen]

I have 3 renovation projects going on in Napa Valley currently. I've completed over 600 transactions in my career. So I approach this with a significant level of experience. I tell you this with the utmost respect for your hustle. Most of what you wrote above is irrelevant, the only thing that matters on virtually any deal is the acquisition price. Get the property under contract, find out the price then color in the details. Many neophyte investors focus on all these mundane details to avoid the difficult conversation of price discovery. When you hear these gurus say "do the work" this is one of those times. 

You need to do your homework and then come back IF you have a deal.

Mike Bolen