All Forum Posts by: Chris Hines

Very interested!

@Nikki Robinson, just stumbled upon this. Any update on the last 2 years?

Curious if anyone on here is planning on going to this? I am new to this and am going to the auction just to see how the process works. Not going to be bidding on anything. If anyone is planning on going was just going to say hi and chat during the auction. Let me know please!

@Matt Burr, 

Appreciate the response. I understand your concerns and I analyze things from all sides before jumping into something. I am definitely planning on spending a lot of time on BP but currently am swamped at my FT job so this is a nice entry into things. I would not be able to do anything like this on my own given my schedule outside of FT job and family is pretty non existent.

@David Faulkner, equity partner. We will be splitting net profits 50/50. We will have a contract drawn up outlining everything you said. We are on a set rehab budget, wife has agreed to lower buy percentage from 3 to 0.5% but maintain the 3% on the sell side. Husband will NOT get additional GC fee, only the 50% profit share, etc.

Having said that, I have a feeling you are leaning to my lawyer's side in having my company maintain ownership of the deed?

Appreciate the advice

Hey @David Faulkner,

Thanks for the response. I should have been in more depth to start with.

The GC is someone who I met going into this with the agreement of a 50/50 split and starting a partnership. I am fairly green to the RE game and he has been flipping houses by himself for a couple years with hard money lenders. The reason he's wanting a partnership with someone like myself is so that eventually, when can have multiple houses going one at once vs only being able to obtain a loan 1 house at a time through HMLs. The advantage on my side is obvious...knowledge gained in the process.

His wife is a RE agent and she is the one who found the house. He has crews that work directly for him and whatnot. The contract is in her name at the moment. She has done all the negotiations on the price and everything. I will just simply be funding the "operation". Closing is next Wednesday so to get it under my business would be easy. I would just have to do a transfer of contract when we go to close. My lawyer recommended having the title in my LLC since we are providing all of the capital for the asset.

Just wanting to get other's opinions/past experiences one way or the other.

My buddy and I started our own LLC to finance cash purchases of houses to flip. We are working with a local GC under the agreement that the profit from the flip will be split 50/50 with the GC and our company.

My question lies with the purchase of the house. Our GC said it would be easiest for them to be the owner and us to be the lender and have a lien against the house and provide the capital. My thoughts are I would want my business to own the house and have the deed in our company name. Heaven forbid something happens, if they owned it I would have to wait a year (I think) before proceeding with foreclosure on the property vs if I owned it, I could do whatever I wanted with the house and any point I so chose.

Am I overlooking something here? Any thoughts and advice are greatly appreciated.

Thanks for the help and am looking forward to being a contributing member to this great BP site.

My buddy and I started our own LLC to finance cash purchases of houses to flip. We are working with a local GC under the agreement that the profit from the flip will be split 50/50 with the GC and our company.

My question lies with the purchase of the house. Our GC said it would be easiest for them to be the owner and us to be the lender and have a lien against the house and provide the capital. My thoughts are I would want my business to own the house and have the deed in our company name. Heaven forbid something happens, if they owned it I would have to wait a year (I think) before proceeding with foreclosure on the property vs if I owned it, I could do whatever I wanted with the house and any point I so chose.

Am I overlooking something here? Any thoughts and advice are greatly appreciated.

Thanks for the help and am looking forward to being a contributing member to this great BP site.

My buddy and I started our own LLC to finance cash purchases of houses to flip. We are working with a local GC under the agreement that the profit from the flip will be split 50/50 with the GC and our company.

My question lies with the purchase of the house. Our GC said it would be easiest for them to be the owner and us to be the lender and have a lien against the house and provide the capital. My thoughts are I would want my business to own the house and have the deed in our company name. Heaven forbid something happens, if they owned it I would have to wait a year (I think) before proceeding with foreclosure on the property vs if I owned it, I could do whatever I wanted with the house and any point I so chose.

Am I overlooking something here? Any thoughts and advice are greatly appreciated. 

Thanks for the help and am looking forward to being a contributing member to this great BP site.