All Forum Posts by: Bill Fleener

Thanks for your thoughts Glenn....much appreciated. I happen to agree with you and will try to find a money partner first. Probably good advice. 

Thanks Michael,Pete and Tom!     I was a commercial RE broker for about 10 years (got out of the business 6 years ago) so I understand the business and have lots of RE experience and knowledge. I just need to find the money partner/s and of course the rest of the team (Attorney, contractor, loan officer, etc).   Kind of overwhelming and it gets in the way of moving forward. I wish I had a checklist of what I need to do from start to finish so I wouldn't be so distracted. Just not sure what the next steps are........   Any thoughts or direction is appreciated!     

Hey JD,

Thanks for getting back to me so quickly.....     In regards to the first question, I was also told to get the deal under control (get it under contract) and I would have a contingency for financing, so that would give me time to get a money partner......  If I couldn't find the money, then the deal would simple die. Is that a bad way to do business? Seems kind of backwards to me....... Thoughts? Thanks again in advance for your thoughts and your time. 

I am a newbie that has made the commitment to start purchasing multi-family properties beginning in the new year (2017). I am stuck and have some general questions to ask to help me get on track. First, I don't personally have the money to buy/ finance a property, so I'm going to need someone for the down payment and rehab money to make the deal work. Using the BRRRR strategy, my plan is to buy the property right, rehab, rent it, refinance it after a year or so and repeat. I have been told by some investors not to worry about the money....... go and find the deal and the money will be easy to get. Is that the best strategy for me to get going, or, should I find someone that I could partner with upfront and get the financing worked out before I find a target property? Chicken vs the egg dilemma I guess.

I also wonder what is a typical partnership split when this kind of arrangement is put together? How much interest should the investor expect to get back from his initial investment, and, what kind of equity would I need to give them to make this kind of deal work? I have heard 10-12% simple interest per year and 50% of the equity. Is this reasonable? I look forward to your thoughts? Thanks.

Thanks Adam!  If I can stop by I will. 

Bill

I might be able too.... going to try anyway. Let's stay in touch.  Thanks!

Bill

I have committed to the world (friends/family) to start multi-family investing in the west burbs of Chicagoland, preferably in the Downers Grove area. I have 10 years exp. as a commercial RE broker ( its been 6 years since I was last in the RE business) , so I understand the business. What I am looking for is someone that might want to put up the money for the first acquisition of the multi-family property in exchange for 10% interest on your money. I expect to use the BRRRR method and would refinance after 1 year to pay back the initial down payment and any monies needed for rehab. The details could all be worked out.

Additionally, I am looking for referrals for really good "multi-family" brokers in the Downers Grove/ west suburban area that understand the business and how to spot a really good opportunity. Mainly looking for B properties and I can add value to to increase the property value! 

Currently, I work full time as a Director of Business Development for FTD, so this will be a part time gig for me until I can get enough properties into my portfolio. 

Please contact me if you have interest or any information that might help. Thanks for your time and consideration.  

Bill Fleener