All Forum Posts by: Bob McIntosh

Here are some crazy ideas that i have seen working in some rural areas near where I grew up...

Offer something with the house... if you are on a river throw in a boat, or a 4 wheeler, or hell even a car...

It doesn't have to be something expensive (except for maybe the car) but it may entice people to at least come look at the place and that's a start...

Than ks

;)

So I just noticed today that when I post it puts my name with my post and it spells my last name with a space so its Mc Intosh instead of McIntosh... is there a reason this does this? I checked my profile and there is no space there...

I have a meeting with a lawyer later this week, I had wanted to see what others had in their contracts so that when I received whatever he draws up for me I have a baseline to compare it against. Maybe there is something he forgot or didn't know about, or maybe there is something in someone elses that I like and would want to include in mine....

Thanks for the contractor references I will definitely use that.

-Bob

Bump

Anyone have anything to share?

there is also www.hotpads.com they do a pretty decent job of mashing up google maps and a multitude of listing services

Well... the first thing that strikes me as odd with this is that if the average home price is $250k how are they offering similar homes for $80k? I understand efficiencies can be gained by a large company but not $170K worth.... I would first drive out to one of these neighborhoods where these type of homes have been built and check them out. The older the better, you want to see how these things have held up over time, especially if as you say, your goal is long term...

As for the owners responsibilities just call them and ask what it means. If they lead you around or dodge the question then that should make you think twice about what they are doing. Also you could ask one of the people living in these type of homes, just knock on doors and start asking away. Sometimes the best answers are from the people who have experience...

Hope that helps a little bit...

Who doesn't have a spare $20k laying around... comon!

;)

Thanks for the advice!!

It sounds to me like you wouldn't want to setup anything where these people have any say what so ever since you say they are just "nosiy" and are looking at the wrong things.

It would seem to me like you would just want to set up your LLC and they are "angel investors" if you will. This way they have no say over what is being done with the money. They will of course want a percentage back which you can structure with various options such as:

1. They get a percentage of each deal that is completed with their funds based on the total funds needed to complete the deal.

2. Next is a straight up return, much like a CD at a bank. You offer to pay them back X% per month for their funds. This of course will be a much lower number then what they would get if they were to hold out for payments. This would likely be around .5-1% higher then the average rate for a CD in your local area.

... those are two ways to accomplish what you are trying to do with as little hassle with regulations as possible and with as little interference from uneducated investors.

Could those of you more experienced post your contracts and other forms you used for rehabbing? I believe it would be a great help for those of us just starting to get an idea of whats out there so we have something to take to our attorneys :)

Thanks in advance!!!!