All Forum Posts by: Bill Fennelly

I can say as a broker I almost got burned by someone trying to assign a deal on a high end property and I would be weary and advise against the language in a P&S agreement, also as a broker with a property on MLS what makes an investor think he can sell the house more than I can given the MLS exposure and local market knowledge...as an appraiser I would be skeptical if bank financing was involved...as a consultant and investor I would say if you can make it happen for a worthwhile profit, then make it happen.

Ben

Thanks for the response, and I am not sure which way to go...I am confident in the ability to raise the $500,000 or more but my thought process was to spread it out to 10 investors at $50,000 each to lessen the risk and amount of investment for each investor...this would allow me to start on projects and rehab with cash, and/or take on multiple opportunities at the same time...but I am not sure what is the best approach, I figured the LLP was the way to go but wasn't certain...I was to maintain the decision making and direction of the investments, but need the capital to get of the ground.

Bill

I am contemplating starting a partnership with 10 investors at $50,000 each to raise $500,000 to be used to acquire, renovate and re-sell residential homes.  I am both a real estate appraiser and broker with 25 years full-time experience and see opportunities all over the place...the problems is that I don't have the cash to get going and would look to investors for the financial assistance, as well as hard money lenders for renovation costs if needed...I am in the northeast and acquisition costs are high, for example the median price in my town if about $650,000 but neighboring communities see deals to be had around $300,000 plus renovations...any advice on starting with an investor group to fund the start up ?