All Forum Posts by: Charlie Van Norman

Hi knowledgable and helpful BiggerPockets folks, 

I'm interested in buying a lot in San Antonio, Texas and I wanted to know what specific things I should look for to ensure I'm able to build on the lot and that there are no liens / encumberances / easements / zoning that would prevent me from building. Would this be a title report or some other type of report? Is there any way to get this information without speaking directly to the planning department?

Thanks!!

Charlie

hi @Wilfredo Maldonado -- I'm also an investor traveling to Puerto Rico on Aug 15-31. I'm looking for a SFR in the hills with 1+ acre, and a multifamily home in San Juan. Would you be interested in meeting up and comparing notes? I've got a decent network going so far here - would love to connect and share. PS: Check out Puerto Rico Real Estate on Clubhouse!

Hey everyone I'm also moving to and investing in Puerto Rico. I'm especially interested in BRRRR's as I've found many 3bed properties <100k ...

@Bob that makes sense, I know it's whatever we agree. What I'm looking for is *examples* of how you've done or seen deals get done. For example you would rarely see a 50/50 or 99/1 split in this situation. But it would be helpful to me to know that usually 75/25 or 80/20 is common, vs 60/40 or 55/45, or all of the above.

For anyone who has participated in a deal with one silent investor putting in equal cash, do you mind sharing your split numbers?

Hi BP, 

Before I ask, I'm sure this question already exists but all I found were generalizations when I searched.. maybe I need to learn to search better! If you found something please let me know the terms you used.

OK here's the ask. Two partners plan to go in for a 300k fix-and-flip, 250k principle, 50k quoted by contractor, 12 month payments. One partner puts in 50% of the downpayment (let's call it 30k) and is 100% responsible for the deal, contractor etc.

Second partner puts in 50% of downpayment, another 30k, and is 100% silent / no responsibility.

Each partner pays 1/2 the mortgage every month and 1/2 whatever additional costs. 

Scenario 1: Property sells for 400k without complications. Profit is 100k - funding cost (call it 20k) or 80k. What's a reasonable / ideal split?

Scenario 2: We decide a refi + rent is the best option. Rent is 5,000/mo, mortgage and expesnes are 2,500/mo, so net income after taxes is 2,500/mo total. Working partner would manage the rental. What's a reasonable / ideal split? 

Scenario 3: Something I didn't think of?

Additional Q:

1. What google search terms should I use to pull up boilerplate paperwork for such a contract?

2. Should we get a lawyer involved?

Thanks in advance!

Charlie (Sacramento)

Hello! I'm also a new investor in Sacramento, and have sent you (DJ) a message as well.

POST DELETED. I never clicked "accept" on the popup that said "you're not asking for mentors", I closed the popup, then clicked submit again, and the post went through. Not sure if this post qualifies as asking for mentorship, so removing the post pre-emptively.

And since there is no "delete" button on the post, I'm just changing the post content.

Ug. I love BiggerPockets but this user flow sucks.