All Forum Posts by: CJ Witmer

@Eva Jensen Hi Eva, I can only speak for Chambersburg as we have two duplexes there and 1 is actually about 3 blocks from the hospital. The Borough has inspections that are scheduled alphabetically by street name so be aware of what they will ding you about. My wife and I wanted to try to do at least two units a year, but prices just seem too high...or maybe we’re too picky. :). Either way, best of luck and reach out if I can help out.

@Lewis Anderson - Any update on this?  I'm currently checking around for financing a DR property as well.  Would appreciate input.

@Tyrus Shivers - I know this thread is five years old, but did you ever end up purchasing a home in the DR?  If so, what are your thoughts?

I've been in contact with a realtor down there with good reviews. He has some VERY nice properties and has provided me with numbers that seem good (not awesome) but I'm just as much interested in appreciation and just the fact of having an oceanfront property I OWN! However, I've talked to my local lender who handles some of our duplexes now and she said she has no contacts that will finance outside of the US. I'd done some research and from what I've read, financing through DR takes about 6 months. One site recommended just doing a HELOC and using that money.

What are thoughts?  What financing options are you looking at?

I'm also looking at Las Terennas, Sosua, Cabarete areas.

@Brook Boatman, we've used Lawrence Rife with Hoskinson & Wenger to setup our LLC and used him to do all the legal documents for our first duplex. We've been very happy with him and his expertise. We have two duplexes in Chambersburg and one in Waynesboro. Shoot me a message on where yours is and I'll help with anything I can! Congratulations!!

@Abdel A. Welcome and keep us updated how it goes. I’m in IT as well and also work in the Harrisburg area. Wish you the best!

Well, even the plan is up for discussion, and we need to get more into the weeds on end goals as most have suggested.  We'd kicked around the potential to just do a quick fix and flip if the auction price was low enough, but the initial plan was to keep it as a rental.

Thanks everyone for the input and as a testament to the transparency I'm trying to keep here, I've given my cousin the link to this discussion, so he's free to chime in as he'd like.  Like I said, the goal is a fair, mutually beneficial deal where we both end up happy.  What that looks like may vary.

Appreciate the input @Steve Hall, but I feel slightly attacked here...but...maybe rightfully so, I don't know.  I never said this was going to be a 50/50 split.  We were talking about a small finders fee, a small percentage and then a management fee, so perhaps you thought I was taking 50/50 which is not the case here.  We'd also do some of the maintenance and turnover when the time comes.  Hence, why I'm asking what IS fair, I didn't ask what IS NOT fair, but I appreciate your comments.

Looking for input and suggestions on the fairest (?most fair?) way to split a deal with my partner/cousin on a property.

Some things that may be relevant:

- It's an auction about 1/10th of a mile from my own home.

- He's is putting in all the money, not to exceed $125k. $10k down, non refundable.

- I brought him the deal as he's about 60 miles away in a high $ market.

- I would manage.

- We (my wife and I) currently own 3 duplexes and have done renovations on several so we have experience.

- He has no properties as of yet.

- Final agreement would be written up via a Lawyer.

- His goal is to get into the rental game.

- Our goal is to increase income and decrease debt for 2019 on current properties.

We're looking for the most fair way to split this up and would like BP's input. We've discussed some ways to split it, but I don't want to influence anyone with what our thoughts are. I'm sure there are probably some important items I've left out, so let me know if there are relevant items I should include.  Main priority is that we both mutually benefit and secondly, no awkward family gatherings where we sit at opposite ends and can't even look at one another.  :)

Hi @Benjamin Seibert, how's the rehab going?