All Forum Posts by: Alex F chang

@Andrew McGuire thank you for your input! I will definitely reach out to them

What's up BP fam! What are some tools that you use to comp for rentals other than the MLS? Especially when considering for states that are non-disclosure like Texas!

TIA,

Alex

@Jake Wiley

Thanks for the input! I think that's definitely a good idea to consult several different people to get an idea and find the common ground, but I guess my concern regards this approach is that some of them just flat out charge you to get a consultation? How do you bypass and interview them to see if there's a fit/ match for your needs?

TIA!

@Jared Hottle 

Thanks for your input! For your operating accounts, I assume they are just a different account within each bank? I am in a similar situation where I try to have a separate account for each rental/ partnership that I have. These helps keeps everything in track and organized as well having the liquidity since we don't hold the cash for too long.

I do know there are CD's out there that don't have a penalty, what do you think of those?

What's up BP community!

Curious to know if any of you open an individual account to keep cash flow and reserves for each rental that you own. If you do, which ones do you think are best and are there anything that you look for in these accounts? If not, why not?

What's up BP fam!

I am curious to those who have built a successful team that includes a CPA and/ or attorney in their team - what is your thought process or screening questions/ criteria before hiring them? 

I've recently met someone who was telling me about his fix and flip business and how he does one flip per quarter (4 per year) and based on the numbers that he's shared with me, he should gross around 50-60k per deal and tells me he's able to keep most of it because he's got a really good CPA.

So, my question is, how do you screen and know when someone is able to provide you with that value-add service when you're not sure how or what that value-add service could be? 

Hope this makes sense. TIA!

What about leveraging his money with hard money lenders and then do a 50/50 split? This way, the amount of capital used by him is less and return would be higher, thus, a higher CoCROI. You would also be able to do more deals this way

Hello BP community!

I am a realtor/ investor in Phoenix, AZ area and I am looking to work with reliable contractors to do some flips this year (3-6 deals)

Please don't hesitate to reach out.

TIA,

Alex

I am in a similar position where the other family member and I go 50/50 in all costs and profits. We co-sign on the loans but it's his profile that gets qualified. 

I find, acquire, and manage the deal (I also live in it until the next house hack). So basically he's the passive investor and I am the active one.

Curious to see what are other's thought on this split and in your opinions, what would be a fair structure moving forward?

Investment Info:

Single-family residence other investment in Casa Grande.

Purchase price: $120,000
Cash invested: $30,000
Sale price: $260,000

Selling price was $180k at time and could only attract cash offers (maybe conventional but definitely not FHA borrowers due to condition). Comparable told us we could sell for $240k after remodel. I figured out the cost & scope of work needed ($~30k) and got a bid for $20k
This would net us an additional $40k in gross profit and beyond tangible results, this also changes our position favorably since we are now open to more buyers and have a stronger hand. Listed price of $240k and got $260k FHA

What made you interested in investing in this type of deal?

Bought this house at a $10k bargain at the time and intentions were to buy & hold

How did you find this deal and how did you negotiate it?

MLS and reached out to agent

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Remodel

What was the outcome?

Increase resale value by 33% (from $180k to $240k). In addition, reduced remodel cost by 33% through bargaining ($30k to $20k), and increased another 8% on top of comparable sales price through strategic sales implementation (Asking price of $240k and got us an offer for $260k - FHA buyer)

Lessons learned? Challenges?

Very happy with this deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the real estate agent and active partner in this deal