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Updated over 12 years ago on . Most recent reply

User Stats

50
Posts
6
Votes
Gerald L.
  • Los Angeles, CA
6
Votes |
50
Posts

Creating an effective team?

Gerald L.
  • Los Angeles, CA
Posted

Background:

I live in San Francisco, California. Things are pretty expensive around here,
Initially i wanted to go solo on a couple projects so i went to the auctions and got over bid many times. So in order to increase my buying power. I decided to create a team, I've found three people so far, including me.
1. 26. I own a small business that makes bacon and sausages. i have about 100k. I am currently paying myself 3k a month and re-investing the rest in my business.
2. 23, my younger brother, civil engineer working for construction department for the city of san francisco. he only has 30k in the bank. and 3k a month.
3. 33, my friend also a restaurant owner. he has a house under his name. paid off. valued at 700k. i don't know how much he makes a month.
(4). 49, mentor, General contractor. he is the uncle of my childhood best friend. who passed away. He wont be able to help financially because he has mortgages out on 5 houses. But he will be doing our constructing, help finding leads and advising.

Our goal: To flip property outside of San Francisco, earn capital and re-invest into more property.

The question(s): How should i utilize my team best? I want to know what is the most expensive house we can buy? with some left over for taxes, insurance and repairs?

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