All Forum Posts by: Alex Fierro

Greetings, finding a business/real estate lawyer that will actually return calls or emails has been taxing so I decided to post here to get the advice from all the gurus. Spouse and I are small time real estate investors, we are looking to do some fix/flips in Texas. My spouse has a decent following and some are interesting in investing. Some of the investors are international. Being novices in the game we do not have the legal or business background to know where to begin on accepting funds. Does anyone have any resources or contacts where we might get some guidance? We are hoping to avoid doing any sort of partnership and maintain a single member LLC, but searching online hasn't been fruitful. We have gotten a slew of information but are still unclear what the first step to take would be. Also hoping to get someone to review the operating agreements to make sure our ducks are in a row. Thank you kindly!

Thank you for the words of reassurance. As my G'pa used to say "It's a b**** to know it all". I will be looking over the property with a contractor next week to get a preliminary "eyeball" and most likely full quote by what he's charging. Currently finishing the pre-approval for a 203k, shouldn't be an issue as I am blessed being a high earner with a good score in the current economy (although student loans kicking in might be a factor). If I go through with a deal I'll be getting more bids for sure. My agent stated the problem out here is the lack of unskilled labor for the work which really puts a bottleneck on what they can do. I have definitely been kicking the can down the road. A rehab appeals to me more than a turn key right now since the education is what I value more so right now. Sure being a landlord itself will have it's own set of skills to learn, but why not knock out two birds at once. Thanks for the input!

Greetings all,

New to the forum and excited to learn. I am looking at current multi-unit that needs a decent amount of rehab for a live in and rent situation. It's a small city in Western MA and I've been told by one agent that it will be difficult to find a contractor that will start work before spring due to the demand. I'm looking into an FHA rehab loan vs a purchase rehab since I don't have too much disposable cash right now and I'd trying to avoid the complexities of other types of lending at the moment so fresh into this venture.

 If I'm looking at 6 months before I can get anyone to fix up the property, should I just abandon this outright? All in all it seems like a good deal and a good fit numbers wise and living wise for me at the moment. Would hate to pass it up, especially if the wait times are going to be like this for a while I might as well start getting in line. I haven't gotten back to the lenders yet but I assume I'll be eating the costs in the meantime. Hoping to get some insight into the experience of others in this kind of situation.

Either way I will likely go see the property with a contractor to get an idea of what rehab costs will be, mainly for educational purposes and run the math with regards to financing. I could likely absorb the costs until the project is complete, but in my head it just seems like months of lost return. I do have to wait out my apartment lease anyways so there's that. I am trying to maintain a good distance from any emotional investment in this. (I am aware that I'm doing a bit of internal justification though haha).

Cheers!

-A