All Forum Posts by: Andrew McLain

Tom,

My name is Drew McLain and I'm co-owner of Residential Revival.  I have a great painter reference for you.  We use him for all our painting.  He's a part time painter and works as a fire fighter so he has very low overhead as well as an open schedule.  Let me know if you're interested.

Rob, My business partner and I just completed our first deal in the Northland. We both live In the Northland and want to stay focused mainly up here. There doesn't seem to be many focused up here and even less opportunities to meet up with other Northland investors so we'd be happy to participate. Keep us in the loop. Drew

SOLD!  Success story coming soon.

Home is set up to become a 4 bed/ 3 bath. Huge kitchen and Living Room. This is an investors project or a homeowner renovation special. Price reflects work to be done. Excellent, sought after Claymont/Briarcliff neighborhood and schools. Only 6 miles to downtown. Convenient to highways. Very private backyard.

Floor plan allows for square footage expansion in basement to 2,750 SF. This would bring the property to 4 bedroom, 3 full baths.

Link to view the property:  http://www.zillow.com/homedetails/4330-NW-Claymont...

Sandi,

Thanks for the quick response.  I will definitely take your agents name.

Thanks Again,

Drew

Does anyone have a reference for insurance on a rehab property in Kansas City?  A few companies I have reached out to have said they won't insure this property due to the condition and that it's not a primary home that I'm living in.  Another company insured me for a month or so until they did a site visit and have now cancelled my insurance.

Any help would be appreciated.

Anyone have experience working with King Piers foundation repair? Thanks, Andrew McLain

BP,

Anyone have good references for a General Contractor in Kansas City who can handle a whole house remodel?  I will take possession of a home in the Northland at the end of February and need to find a qualified one stop contractor.

Thanks

Drew

Paul,

Thanks for the quick response.  Here are my additional questions/concerns.

1.  I assume it's best practice to sign a promissory note to him for the amount he brings to the deal and note that he gets X percent of the proceeds from the sale based on his percentage brought to the deal?  He will likely be bringing more to the deal than me, even though I will be the only one on the Title.  Right now it's looking like a 60/40 split in his favor.

2.  There is no need for him to charge interest in the deal as he is getting X percentage of the proceeds back after the sale.  Does lending money at 0% become an IRS issue?

3.  Also, since I'm the only one on Title, I assume it's in his best interest to have a Deed of Trust on the house?  Can the Title company I am using to buy the house draw this up?

This is our first deal together before we potentially set up an LLC, so I just want to make sure we are setting it up correctly on the front end.

Thanks again.

BP,

I am about to purchase a house for 100k cash with my name on title with the goal of flipping the property with my buddy/future business partner.  My buddy wants to contribute part of the funds to purchase the home and part of the remodeling costs.  What are the tax implications to him or myself if we buy and renovate under this scenario?

Thanks in advance for any help.

Andrew.