All Forum Posts by: Benjamin S.

@Scott Krone Hey Scott, great input!  Where do you go about connecting with wholesalers in the SS industry.  I have connected with many in the past in the residential area but not sure how to find them for SS.  Thanks!

Looks like a good deal!  How much was the remodel total and what was the scope?

Hi All, 

I am currently looking for someone to join my business. I am located in San Francisco, and do most of my projects in the East Bay, but prefer someone local to SF.  Is there anywhere on BP to post an ad like this?  If not, what would be the best way to go about doing this?  I have tried family/friends and also CL, but haven't gotten me anywhere so far. Any suggestions?

Thanks!

Great location and solid deal.  As someone looking to purchase a property for myself and not my business (finally!) in NOBE, I would have jumped all over this.  Solid value for the area.

Agreed, stick with the day job unless you have cash to go out and start acquiring deals now.  Also be ready to hustle, as it isn't as easy as the TV shows make it out to be.  I have a license and haven't used it to sell one property because I don't want to work with clients.  I want to focus on building a business.  It comes down to preference as well and your experience will tell you which path to follow.

I would agree with what @Dev Horn on this.  I actually compiled lists from two different sources, List Source and PropertyRadar, with the same area and criteria and came up with vastly different results.  I thought that to be strange.  Maybe they pull from different sources, or there are bugs affecting one service compared to another?  I think these services are a bit wonky in areas and the UI isn't always the best leading to "holes" in the data so to speak.  Best thing to do is try to compile a list after playing around with the criteria for a while to deduce what would be the best possible list.  Then suppress when you buy new lists to make sure you aren't paying twice for the same lead.  Good luck!

Nice deal structure @Brandon Hicks 

Hello fellow BP investors,

I need some guidance from you veteran investors on how to structure this deal. Scenario:

Potential Joint Venture Deal with a Partner. Partner owns the property, and has a first on it. Property is currently worth about 400k as is. Needs about 35k of work. ARV is 525k. He owes about 300k on the property. He wants to partner on the deal. He has the property and I will invest the money for the repairs, bring my crew, and rehab the house to the top of the market. After the sale of the property we will then split the proceeds with him (ARV-AS IS - Rehab - Selling costs).

1) How do we protect our investment on the property if they decide not to show up to the closing table if they are the ones on title? Or they decide to move back in? We have thought about this and think that getting them to move out prior to rehab could help as well as having them sign a 6 month listing agreement before work starts so that they are mentally committed to the deal. However, we know this means nothing if it comes down to the fact that they don't sell once the property is finished. Anyway way to protect our investment here?

2) What's the best structure for this type of joint venture? Put our investment for the rehab as a 2nd, vest the property into an LLC with all of us as members, etc.?

4) How do we keep them out of the rehab process, and give them no decision making power in the actual rehab, pricing, strategy of the sale of the property? Is this even possible?

I know its a bunch of questions, but this is a potential smaller deal for us, and would be a great one for our portfolio of rehabs.

Thanks!

Speakeasy!? One of my favorite venues in SF, off the beaten path and a true gem. Looking forward to it.

Thanks for the replies.

I understand that the contractor should carry workers comp. In this case, I have a bunch of subs (electrical, plumbing, carpenter, etc), that I want to hire myself and manage myself (so I am essentially acting as the GC). The key is that these guys dont have workers comp, and I am wondering if there is a way for me to get it to cover them. Or if there are any other round about ways to getting these kind of subs covered outside of workers comp. Thanks.