All Forum Posts by: Chandra Mcculloch

We completed our first flip last year with a partner. We have decided not to move forward on future flips with them, so we paid their initial investment back from the LLC, plus the profit from the flip. We also wrote ourselves a check for the other half of the profit so we could close the bank account we were both on. So my question is does the LLC send a 1099 to our partners and ourselves for the amount we paid ourselves on the flip?

We are planning on making an offer on our first flip property tomorrow. I want to offer 2 prices to the seller. 1 of them being if they would seller finance for 6 months. What would be the best way to structure something short term like this? Our hard money lender is 5.5% and 1 point, so we want better terms than that. We have the cash to cover the rehab and closing costs. The house is free and clear and they are not hurting for cash. 

ARV is 265k

Offer will be 150-165 range.

@Ray Lai

I would also love the templates if they are still available. Thank you so much!

@Lori Mailloux

I get this all the time. Sometimes instead of returning my call they call him instead.

@Salvatore Lentini

Have no idea the best way to find distressed properties to flip besides wholesalers. I know how to drive for dollars, pull lists, etc but then what? Direct mail? We don’t have that much money for marketing, plus I feel like everyone and their brother is sending mailers. Texting? Cold calling?? The lists are sitting on my desk and I’m not sure what I’m waiting on. Fear of failing I guess.

@Andrew Postell

Thank you so much!

@Michael Heisterkamp

Tarrant And Johnson counties. Single family properties we can flip.

@Don Phelps

We don’t have just a ton of money to throw at SEO but I do have some ideas to get people bringing us deals. I’ll have to start thinking and acting on this option more.

@Tom Shallcross

Do you think direct mail still works?

Do y’all think direct mail is even worth it if you can’t mail on a massive scale? I can probably get out 250-300 letters a week. Some from lists that are a little harder to pull. Some from driving and some from the same lists everyone else is pulling in my area.

Just not 100% confident in where I should be spending my time. Getting out even that many letters eats up much of my day.

I’m the end buyer, not a wholesaler. I’m looking for flip houses.

*I contacted probably 20 wholesalers this week to be put on their buyers list.

*I’ll start contacting as many real estate agents as possible tomorrow.

*I plan on putting a referral program in place by next week for anyone that brings us a home that we close on.

So any opinions on the direct mail piece or another strategy that would work better I’m open to. I just would hate to spend majority of my time focusing on letters if it’s a strategy of the past!