All Forum Posts by: Bianca Navalta

@David M. Thank you so much for the insight I appreciate your time!

Hi all, 

We have a close family friend who wants to invest in our first flip with us, and we are trying to figure out which type of contract to present him with - a JV contract or a promissory note with a deed of trust. We would flip just one house and then go from there.

He would loan us the cash for the purchase and rehab, and we would find the house, manage the flip, sell the house, and then split the profit 50/50. So now we have to decide which contract would best fit the situation.

I spoke with a couple of attorneys who recommend a JV partnership to help protect him and split the profits 50/50, and they encouraged him to start an LLC, but I don't want to make him do extra work if he doesn't have to. I am confused because I have heard many podcasts where the investor writes up a promissory note with a deed of trust and they split the profits 50/50 with their investor... has anyone in Texas done this and have any advice to give?

The gray area for me with doing a PN and DOT is when it comes to dispursing the money at or after closing and when it is time to file taxes because I spoke with a title company and they said at closing they wouldn't be able to give 50% of the profits to him and 50% to us as it could be seen as usery if we did a PN. So at closing, would we just get a check for the full profit then split it 50/50 with him on our own time? And when it comes to taxes would we only claim the 50% we profited, or do we pay taxes on the full profit amount?

If we go the JV route, it would be our LLC and him as an individual so who would pay taxes in that scenario?

Sorry for so many questions I want to make sure I fully understand the process before discussing the contract with him.

Thank you!

@Nick Pacheco Thank you very much! That would be wonderful.

@Faraad Mohamed We are truly excited! We would love to be added to your mailing list. 

@Eva Mackowski Hi there - thank you for reaching out! At this time we are looking to stay in the Houston area, but in the future we absolutely would be open to the idea of investing in the FW area.

@Jeff Erlewine That is awesome! When did you decide to do real estate full-time?

@David Bateman Thank you! Yes, we have noticed that as well and are being pretty selective with the ones we choose to see. Thanks again!

Hi there @Ayo O.! Thank you for reaching out. That is wonderful to hear and we absolutely look forward to networking with you as well!  

Hi there BP community!

My name is Bianca Navalta, and my husband, Michael and I are from Houston, TX. Currently, we both work in the Oil and Gas Industry, and are about to start our real estate journey and ultimately become full-time real estate investors. I have been a member of Bigger Pockets for the past 3 years and have read the forums, books, real estate stories and listened to the BP podcast etc. to further my knowledge while my husband finished up his degree. Now that he has completed that chapter we are ready and eager to jump in as a team!

Our goal is to start flipping residential houses in our area (2-3 this year), and obtain buy and holds for long term passive income when the deal makes sense. Our long-term goal is to obtain financial freedom from real estate by owning rental properties, apartment complexes and storage facilities. Currently, my husband is working to obtain his real estate license to allow us to represent ourselves, and learn the market on a different level by leveraging the MLS and I am searching for our first flip. We have a great passion for this industry and the fire and drive to make it happen.

At the end of the day, what we really want is to give our future family a wonderful life and our undivided attention and time, and we know that now is the time to put our building blocks into place.

Although we’ve been educating ourselves greatly we still have plenty to learn and we look forward to the process. We would love to connect with other investors and wholesalers on BP and especially those in the Houston area! 

Thank you for your time, we look forward to connecting with you!

Bianca Navalta

Limestone Investment Group, LLC

Thank you, George!

Thank you, Greg! I appreciate it. We will reach out asap. Bianca Vega

Hi there, I am searching for a reputable general contractor in the Houston area (i10 & Barker Cypress) to do mainly cosmetic work to my cousin's house before he sells it. My husband and I will be getting into real estate investing (flipping) in the next year or so, therefore, if all goes well with this project, we will highly consider them ourselves. If you or someone you know has a referral it would be greatly appreciated. Thank you so much, and we can't wait to utilize Bigger Pockets more in the near future! Bianca Vega