All Forum Posts by: Brian Sorensen

Price- $75k

Tacoma lot zoned RCX with engineering and building plans for 5-plex (all units to be 2 BD/1.75BA). Tacoma City Council approved an 8-year tax abatement for the project. No property taxes on improvements for 8 full years after construction complete. City estimates over $7,000 per year of tax savings (x 8 years!), which nearly pays for the land itself and provides for extra strong cash flow once built. City knows project - all pre-approvals done. All utilities in the street. Great opportunity for builder or investor to submit permits and build.

According to IRR report on apartment market cycles Las Vegas is just coming into recovery, which should mean it's an excellent time to invest - plenty of deals available and lots of appreciation to come. Bring me along!

If you do a lot of rehabs annually it pays to become a GC. Otherwise you just have to negotiate.

What about the little guy who wants to borrow funds to flip a house?

I noticed there are lots of ads on CL Financial Svcs like this;

Motel in Idaho
looking for $250,000
secured by 1st deed of trust
Value of property $500k to $650k

add in 6-12 months interest reserve to the $250k, if you wish
motel is operating and doing well
approximate gross income of $100k for 2012

Prefer asset based, private money lender

Questions welcome
• Location: NW
•it's NOT ok to contact this poster with services or other commercial interests

My understanding is that this type of ad is in direct violation of SEC soliciting guidelines since they are directed at anyone who happens by.

Can we do this too?

I'm thinking about using this indirect pitch on FB and LinkedIn. I'd like your opinion on whether this crosses the line or not.

[i]I've got more real estate deals coming than I can deal with (no pun intended) so I'm holding discussions with potential new partners. These deals are heavily discounted and provide either a substantial rental cash flow or cash out from resale following rehab. Since I'm a general contractor I manage the rehabs
myself.

In addition to being profitable for myself and my partners, these projects also contribute to improving neighborhoods, creating local employment, and reducing, reusing, and recycling existing housing stock. There's also no better feeling than taking a run-down building and transforming it into something appealing and beautiful.

There's a lot of money out there sitting on the sidelines or in poorly performing assets. Likewise, there are few deals like the ones I'm creating. If you or someone you know would like to partner with me on these upcoming projects let me know!

One of the partners was a private money lender. He took money out of a HELOC for the project.

Were supposed to be closing here today.

Thanks Steve. In our case, we have JV agreement but we do not have an EIN nor an LLC. My partners don't want to assume one third of the sale on their 1099s. They want me to assume all of the sale on my 1099 minus the their shares.They are saying that since the house is in my name, I will have the paperwork to show the IRS where the money went when the taxes come due. I just want to make sure that I'm not going to regret this if I agree to it.

I'm selling a flip for $230,000. I have some partners but the house is in my name. Upon sale of the house, should we each put one third of the 230,000 on our 1099s or should my partners just put the amounts they are each receiving and put the rest (the majority) under my name? I don't have an accountant available that I can ask.

Thanks!