All Forum Posts by: Brian Ortins

@Raheel Naviwala 

I would suggest changing the terms to an annual percentage return, instead of splitting the profits.  I offer my private investors 15% annual return with no prepayment penalty if paid off earlier.  Since the average rehab lasts me 6 months from purchase to sale, I am paying close to 8%.  Even if you offered 20% annual, it sounds like you would make out better.  Definitely renegotiate your terms on a deal by deal basis, or change your split to 50% and split the remaining 50%, since you have created a proven track record with these lenders. Interested in hearing what you decide to do.

@Don Harris 

Much appreciated!

My goal on BP is to post at least one quality response each day, that will receive at least one appreciative vote!

@Michael Lerch 

What are your goals for 2015? What were your goals for 2014, and what did you actually achieve?

Here are my personal goals for 2015: writing down will keep me accountable.

My goal as an investor friendly agent is to close 24 deals this year (already have closed 2, and 2 more in Feb, so am on track), flip at least 12 of my own properties (currently rehabbing a condo, purchase price of $54k with a $8k rehab budget and will resell to a buy and hold investor/client for $85k with $1100 monthly rent), rehab/manage at least 6 flips for my investor clients (currently rehabbing a 4bd 1bth SFR with a $62k purchase price, $50k rehab and $165k ARV). I will also add property management to my resume and the goal is to manage at least 20 units (already confirmed 6 units for March).

@Ryan Billingsley 

Here are my personal goals for 2015

My goal as an investor friendly agent is to close 24 deals this year (already have closed 2, and 2 more in Feb, so am on track), flip at least 12 of my own properties (currently rehabbing a condo, purchase price of $54k with a $8k rehab budget and will resell to a buy and hold investor/client for $85k with $1100 monthly rent), rehab/manage at least 6 flips for my investor clients (currently rehabbing a 4bd 1bth SFR with a $62k purchase price, $50k rehab and $165k ARV). I will also add property management to my resume and the goal is to manage at least 20 units (already confirmed 6 units for March).

Working until 12pm then the party starts!  GO PATS!!!!

Thanks @Roy N. that's great advice!

@Bill Womeldorf 

I have tenants, who prefer to pay cash (may not have a bank account), go to the local branch of a major bank such as Bank of America.  They deposit their rent into a deposit only account, which I can log on and sweep that money into my business account.  Here is a tip: If you have a 4 unit and all units pay the same rent, let's say $800 a month, have unit 1 pay $800.01, and unit 2 pay $800.02, and unit 3 pay $800.03, and unit 4 pay $800.04. That way you know which unit paid.  Let me know if you have any questions or want me to elaborate.

Congrats @Ned Carey 

Now on to 5,000 votes!

I hope the tenant doesn't fall behind more than one month.  You will have to pay extra late fees to the PM.  All joking aside, what is the motivation to collect fees and enforce the rules with your current agreement?  The PM gets paid more when they don't do their job.  I want that job.