All Forum Posts by: Brian Rhodes

@John W. Thanks for the reply. The partnership agreement is 50/50 for 1 year and then reevaluate. I agree about the 6 credit hours. You won't be getting anywhere near the value from 6 credit hours at a community college. Appreciate the feedback!

I am a licensed CA HVAC contractor and it is my understanding that the law applies to contractors, not owner/builders. As an owner/builder you can act as the contractor if it is your primary residence. Without a current license I am not allowed to contract above $500 but I think this is a CA law that is designed to protect homeowners from sub-par or non-performing contractors. It is also a way for the state to bring in revenue. Here is a link to the CSLB website about owner builders. 

http://www.cslb.ca.gov/Consumers/Know_Risks_Of_Own...

This is a grey area for the owner/builder. You do risk not having recourse with CSLB with an unlicensed guy but it might save you money. I think it is a risk that may be worth it if you are saving a considerable amount. For the type of work you are describing it isn't a huge risk. If you were doing structural or mechanical work, I would say you should use a licensed professional and pull permits. For what you need done, using a handyman should be fine (no license no permit). Just get a guy with good references, licensed or unlicensed. Good luck!

I have been presented an opportunity to JV for 1 year with an experienced real estate investor with verifiable references and a proven track record. I have conducted my due diligence and found everything about this potential partner to be on the up and up. He was even willing to show me the HUD 1 from his most recent deal and his LLC bank statement for the month of October. I hesitate because this opportunity requires a $3,000.00 fee upfront to prevent tire kickers/time wasters. The fee is refundable after 60 days if we are not able to complete any deals. The JV partnership includes education, training, deal funding and 50/50 equity split on any deal I bring to the partnership. I see this as a leg up into purchase options and rentals as a less experienced investor. For the mentor it is an opportunity to scale his business in a geographic region that he doesn't currently live in. Any advice or feedback about this type of partnership from someone with this type of experience? Has anyone paid upfront for mentoring/training/equity partnership? Your comments are appreciated. Thanks!

Hi! My name is Brian Rhodes and I am seeking a Los Angeles area rehabber/flipper to partner with on a few initial projects in order to build my "flipper resume." My long term goal is to acquire 50-100 buy-and-hold SFR and/or MFR doors in the next 10 years. Like many others, I need to generate extra income in order to purchase start purchasing cash flow rentals out of state.

I have been in the general construction field for the last 11 years and started as a general laborer with a small GC. I am currently employed as a construction superintendent and mechanical RME for a national construction firm and (of course as an RME) hold a C-20 HVAC contractor's license. My last project was a fire restoration on an 1800 sf. 3 BR. 2 Ba. SFR. We replaced 19 roof trusses, installed a new roof, removed the drywall down to the studs, and replaced everything except the showers/tubs. I replaced the 3 ton rooftop package unit and all the ducting myself. The project was in a remote area of central CA 40 miles north of Fresno. The project took 10 weeks from start to finish using subcontractors with whom I had no prior relationship. I am very confident about the construction related details of completing a rehab project (cost estimating, scheduling of trades and work flow, etc.) and I would like to find a partner who is very familiar with the the other non-construction aspects (acquisition, financing, marketing to sell, etc.) in order to mitigate some of the risk of doing a flip on my own. I would love to meet and discuss the future possibilities! PM me if you would be interested in a mentoring type partnership or would just be willing to have a discussion about your experiences as a rehabber.

Hi @Joshua Chapin if you Google images modified shipping containers and just browse through the images you can get some great ideas as well as find some companies that sell the containers as well as do the mods for you, many of which give you the option to have electrical and hvac installed.  Many companies also offer a lease program. The SBA might be another way to go if you are looking for financing for the containers. You are correct, in most municipalities a storage facility will usually have to be on land zoned as industrial/commercial. I have recently been looking into land under high tension power lines that can be leased from the power company. Many of these lots are undeveloped or have nurseries or tree farms, etc. I have also seen some hotels and office buildings converted to mini-storage. Good luck!

@Shanai Inns Sorry I'm a bit late to this posting. You can also approach hard money lenders (find them on BP or Goggle in your area) once you have a potential deal and ask them if it is a deal that they would lend their money on. If they say "yes" you can tell them you don't actually need a loan but would they be interested in sending the deal out to their buyers list. They are in the business of loaning money out to rehabbers who would be the exact people to buy your deals. Some might say no, but it never hurts to ask. It's a win-win-win for you, the lender and the rehabber that relies on wholesalers for their deals. It's also a good way to find out if you have a good deal or not. Good luck!