All Forum Posts by: Christopher Blanco

I agree with selling the first half of the loan. Seems to be the best of both worlds. 

I am from the Great Lakes REIA, registered for the 22-24th class, looking forward to coming over for the 3 day class!

I would talk to him about 100% funding for your deals, then split 50/50 of profit. Think of the number of deals you could do with 3-4 million with no money out of pocket! 

Good luck!

You should have a clause in your Purchase Agreement that will dictate when and how EM is distributed. 

Be careful with offering a fee/stipend if they bring you a deal. I don't know about California, but in Ohio that is illegal . 

I put vinyl plank in almost all of my rehabs in the basement. I don;t know about rentals though, I would worry that dragging furniture etc across it would damage it. 

@Tommie Thomas keep your head up. We all make mistakes. On my first flip I will be close to breaking even, maybe a little in the black. We all make mistakes starting out, learn from them, move forward and do better on the next one. Like @Nicole Heasley Beitenman said, its a free or cheap education. 

Second the attorney. My attorney charged me $500 to get the agreement, and now charges $50-$100 per use. Money WELL spent, which includes alterations and proof reading

@Jonathan Jewell I would also re-estimate your repairs to be higher than $15K. For a four plex that would be low even if you were doing ALL the work yourself. Remember with MFR Quads you have 4 kitchens, 4 bathrooms (at least) to think about. I would put your repair budget at AT LEAST $40K. That's only 10K per unit. I would also recommend including the cost of an updated HVAC system and roof if they are more than 7-10 years old. Try and maintenance proof the property going in and you won't need a gigantic CapEx budget to start.

@Sam Twarek Can you break your expenses down a little more? What are you putting aside for vacancy, capex, PM and maintenance?