All Forum Posts by: Jimmy Hong

That's a very professional and well structured system you have there Bryan Hancock. Thanks for sharing that.

Sure Shahriar Kiamanesh, I wrote a topic about it when I did it. All the details are there, check it out and let me know if you have any questions.

http://www.biggerpockets.com/forums/67/topics/88952-my-first-rehab-in-orange-county

Welcome Michael Patterson, you are going to be really glad your agent referred you to here, this place is awesome.

Hi Shahriar Kiamanesh, welcome to BP, its nice to meet you. I'm assuming you're in Vancouver. There are many that feel condos and townhouses are not great for fix and flips for variety of reasons: higher holding costs (hoa), limitations in improvements due to restrictions from hoa, could make you submit insurance, license, etc. You would have to really know what your local market is like for flipping condos or townhouses.

That being said, I just flipped a condo for nice profit in Orange County, so it can be done.

Good luck Seth Hursh, keep us updated on your progress. And I agree with Jeremy VanBussum, improve your credit and reduce your debt. You don't need too much capital if you have those two in place, that's the power of leverage.

Hi Will Bradford, I don't know about your area but conventional 30 year and 5% down applies to primary homes, not investment properties. That's pretty much everywhere I've seen.

Is conventional 30 year and 20% down an option for you?

Yea Karen Margrave, I am leaning towards that way. I am curious how others have done it.

Thanks Paul Timmins, they say they will agree to whatever I think is fair, which doesn't help at all.

Thanks for starting this forum Karen Margrave, I'm looking forward to learning what other's have experienced.

My sister and my brother in law wants to partner with me (and my wife) and I don't know how I should structure this partnership. They would be 50% of the money (silent partner) and we cover the other 50%. We would also do the all the work (including using our GC, agents, etc).

Brian Burke gave a great suggestion:

"I suggest you start out with a 50/50 work/capital structure. 50% goes to whoever does everything, and 50% goes to whoever puts up the money. If you put up half of the money, you also get half of that half, so in this case it would be 75/25. That's a good starting point, tweak from there."

Just be straight forward, say you live on the same street, you like how they are renovating, you have interest in real estate also, etc.

Most of the time, they are proud of their work and are exciting about sharing their project.