All Forum Posts by: Chris Seveney

Is there a way to send a connection request or connect with someone on the bigger pockets APP ? Thanks

Jeff King - for setting up entities I would talk with Laughlin associates. They are based out west but set you up properly for your business.

Bart Modzelewski Devil is in the details and what your doing for upgrades. Also i assume it's a single family house. Your capex numbers are low as for $30k I doubt your redoing the roof and HVAC system etc. You also need to factor in vacancy and utility costs during vacancy (and if tenant is paying water etc). Also if this is in a winter area who will do snow plowing, lawn maintenance etc... There is a lot of little things that can add up to make sure you have yourself covered.

Zaheer Hamirani My recommendations is to stay away unless the cash flow is off the charts. In developer controlled condo's that are non-warrantable you reduce your pool of people who can or will want to buy them and appreciation typically does not exist.

Dominic Basile - it depends. You can act as the GC if you are the owner (personally not an LLC) (not sure if that is for primary residences only). You will have to then pull all required permits which puts you personally responsible after you sell and if issues arise with the home. If it is just paint and flooring etc then most people don't hire a GC but if the work involves plumbing, electrical and other trades requiring coordination my recommendation is to hire a GC. One last note to is when fix and flipping if the future buyer asks who did the renovation and asked if they were licensed you must be honest with them which can effect pricing and selling s flip

Jessica Thompson - for countertops I typically leave that out of a contract and go directly to a countertop supplier for furnish and install For cabinets I have contractor provide labor only and I will buy them. Have bought at peak auction as well as used IKEA or other knockdown cabinets

Timothy Metra - JV on a note deal, learn the process and buy some notes which can lead to getting and rehabbing properties. Great thing with notes is you have more control how long your money is tied up as selling a note is much easier than selling a property

Dejan Davidovic reach out to Brian Eastman He is a subject matter expert on this

Jacob Blizzard It depends on how risky the deal is, how much skin you have in the game and your experience. If your getting private money and they are not in 1st position you have trouble getting $ from a private investor unless the property has a ton of equity. The way your post reads is If you plan to acquire a 100k property and put no money down of your own and have an investor fund the down payment I would tell you don't waste your time as you will most likely not find an investor for that. Also to get money from a private investor you will need to have an LLC as the rates are typically 10+% and Dodd frank basically does not allow private money lenders to lend to individuals (because of the rates) or to owner occupied.

Petar Radakovic I do not think an investor will do option #2 especially if you are a taking a salary with their money. In regards to option #1 you will most likely be paying a double digit interest rate and it will vary based on the deal and how much skin you have in the game. A third option would be a waterfall where you pay a guaranteed return rate and then split profits - example would be to provide a preferred return of 8% and then a profit split - I would suggest googling if you need more info on them as they can get complex with the math.