All Forum Posts by: Joe Hollis

Hi BP,

I stumpled on this property that owner said he had rented to hoarders and wanted to sale.. today is friday and i have until tuesday to make an offer before going on market.  homes in That neigbrhood is priced from about  $460-mid 500's.. This could be my first real investment.. My thought would be to wholesale if the price is right.. I doing a walk thru with my contractor tomorrow..The thing is that the property has extensive damage.. missing sime electrical wiring along with plumming. it looks to be no less than 100k to make sellable.  Its listed as a 5/2  2450 sq. ft. However, Im still not too comfortable with the numbers. I would feel a lot better with someone with more experience deermining the true cost. Im here in the woodbridge area. should I just let this go or if the numbers are a  no brainer take my shot?   any advise or comment is appreciated 

Hi Marybeth,
Im in va, and looking to do Rehabs in PG County. Welcome.
tons of Great info. on this site.

LOL.. its'nt that the truth..I'm hoping to get thru a deal or two with bro before moving on..Gotta get in where i fit in..but with fam? wish me luck!! I,m gonna need it!

Thanks so much for the reply guys. 20% of my profit sounds great. thats something we talked about. And yes people do get kindda funny when it comes to money..it took me awhile to convince my brother to invest with me... lol.. I really appreciate your sugestions and comments. I will post after our meeting to let you know how it all went, also I be sure to post when i get a property under contract. i posted on craigslist, talked with some realtors, and wholesellers in my area for deeply discounted properties.

Hi Bp Members,
I recently have found a cash investor to fund properties and rehabs for me,
Who happens to be my brother. I called a friend who has been doing flips for a number of years( met him thru an investment club in 08) to help me with contractors, permits, etc. as I am fairley "new" to the game. as sort of a mentor thru the process. I feel I would benefit greatly with his experience. My role would be to find the property, oversee the rehab process, and start Maketing for other properties. My brother feels We won't need him to mentor (maybe a money investor) as my brother states he is familar with all the nuts and bolts of doing a flip. (although he has extensive background in Mortgage, he has never flipped a property).
We meet on weds. 03/27/13 in his lawyers office to form an agreement.
What are your thoughts as to using My friend as a mentor at least thru one or two deals? if so, what would be a fair share of any profit or pay for him?
Comments on setting up a jv with my brother?
Thanks for any and all of your comments

Hi Bp..GREAT POST.I too have been reluctant to post and gathered much info from this site. I'm just starting out also but have been a member of this site for some time. I recently connected with a 20yr.veteran in R.E.investing, from my R.E.I,club, who said he would J.V. with me on rehab.properties. needless to say My confidence went way up!! I just want to say THANKS FOR YOUR POST!! Your post has helped me gain the understanding and knowledge to take steps toward becoming an investor. I will keep you informed of my progress and in turn maybe I can help someone else as you have me. after all isn't that what this site is for ? :lol: