All Forum Posts by: Charles Mitchell

I'm from USR. PM me with details I know some locals that are in the market currently.

 Agreed, I've called about 50 of them and they all require seasoning or residency. I guess the search continues!

Unfortunately no connections to the military but thanks for the input and for your/your families service 

I'm trying to scale and having to wait for seasoning is killing me. I live in NJ and invest in the midwest. EIther Cleveland CU wont lend to nonresidents or NJ CU won't lend out of state! Does anyone have any clue as to how I can find a bank that would keep the notes on their balance sheets? To be clear I'm adding value and cashing out. not delayed financing!

Hi All!

I'm an OOS investor with a few properties in the midwest. I'm currently evaluating the Memphis market and would love to start hearing from some people who are in town. I'm looking to identify different areas that may be a fit to my plans in Memphis. Currently looking at either doing BRRRR's and flips.

through researching the market its become clear that Memphis is a block by block city. I'd love to hear some of you opinions of specific areas that you invest in/see a rise in.

I'll be coming out to town for the month of March to view and hopefully purchase a few properties and I'm looking to start finding some boots on the ground! Feel free to respond here or shoot me a dm to have a more private chat! Looking forward to learning the area!

Maybe I missed it, but I dont see you accounting for PMI

Another post where I've turned to the wisdom of BP!

A family member an I are going to be doing some fix and flips. We have our terms worked out verbally but nothing on paper just yet. I have some questions regarding taxes as well as raising funds.

1) We will be splitting the cost of acquisition and rehab 20-80. I'll be contributing 20%. I have an LLC and am curious if my family member transfers the funds to the LLC, will it be subject to taxes? Should we write out some sort of open-ended loan agreement?

2) How will these flips be taxed? Were looking to do 25 in the next year. I've done some research and found that you can be classified as a "dealer", meaning it gets taxed as normal income. Is there a way to declare myself a dealer or does the IRS make that decision?

Thank you in advanced BP!

Hi BP!

So I'm flying out to my target market tomorrow and have done preliminary interviews with all my teams and have narrowed it down to a select few. While I'm out there I would really like to make sure that I'm asking my project manager (the one overseeing my rehabs as I will be out of state) all of the right questions. I have a list of about 20 or so questions to ask but I want to make sure I'm not missing anything. 

What are the most important questions that you like to ask a project manager?

Can't wait! 

@Michael Ealy You're a rockstar!

My immediate goal is purchasing distressed SFH (3/1's) in the MidWest, fixing them up, renting them out and selling them as day 1 cashflowing assets. I've built my team on property/project managers and contractors as much as I can over the phone. Next step is flying out to my target market mid July to interview the potiential people I have spoken with. Funding ready to rock and very excited about the process thus far. The goal is to build a business doing this, now how does this play into apartment buildings?

Well, firstly, captial is currently tied with the above venture. Secondly, I dont want to spread myself too thin, especially in the begining. However, the end game is to scale into a full time venure and then dump profits into smaller value add complexes (20-40 units). I've been networking (mainly reaching out on loop net) with commercial RE agents, but its proven difficult to get far in the conversation without POF, which I rightfully do not have at the moment.