All Forum Posts by: Caleb Mclamb

i swear im going to save this post and read it everyday, there is so much wisdom in so many ways, thank you all!

@Mike Johnson  @Jim M. , That is my attitude and I am becoming active in my local investment club crossing my fingers looking for a reliable flipper who is short on cash or time. Ive got plenty of late night hours to help in any way I can with the deal. 

@Will Barnard  

Alright, you've convinced me, I'll partner with you! haha

I understand I have team building and planning to do, I never expected this post to go so far, I was just looking for insight on a general direction in which to head. As I get further into my research and planning I want to narrow down the topics to one area and try to master it. 

One last question is this: I am just getting started, so the steps I am taking and the order of them are important. 

Should I build a plan with goals that I feel are solid and then solicit all the team members I will need and then start actually implementing the plan and going after properties? 

@Karen Margrave  sry it refuses to rotate, but this is the new construction for florida and my area, as you can see theres almost none since 2005 in comparison to the 80's, but this resonates nationally for the most part so im not sure what to take from it, however im almost certain i wouldn't be prepared for a new construction on my fist deal

@Karen Margrave 

@Account Closed  I understand what you mean now, its complicated, he has money because hes always saved every penny, we always lived a lower middle class life and he works a low paying job, im not putting him down at all, its just i never knew we had any money until about 2 years ago when he showed me his stock portfolio and retirement funds, the man is SET for retirement if he plans to live his current lifestyle, he owns his house and cars free and clear and the money in his stock portfolio is truly play money he told me so himself.

I should probably give him more credit financially haha 

I did not mean he would need the money in 10 years, i only meant i believe that would be a good timeframe for him to still see it back in his lifetime and still use it. 

@Karen Margrave if someone from pensacola wants to jump in and correct me please do! But in the zip codes im interested in, all multi-families are B-C neighborhoods, prices are slightly bloated and the market is on a upswing, as to SFR i have no idea because i was t interested in i half as much as cashflowing MFR's. Im just staring to consider SFR flippin because it seems like a viable "active" investment that can produce "quick" cash to help build my passive portfolio.

I haven't started any flipping research as I've just begun to consider it as an option. I will start soon for sure.

As to the split, what do you think would be fair in this situation:

Me and my dad: he supplies the cash and nothing else, no work and no involvement, should i pay him interest on his money or bring him in as a partner?

Me and the flipper: i am providing the cash and a willingness to work and learn, he provides the deal. How should we structure the split?

And btw i went to your we site, love the concept drawings, my wife is from socal and she says she'd die for one of them haha

@Rusty Thompson  one last thing, I plan to buy a quad And owner occupy but currently not finding any in my market that i would feel comfortable having me and my wife live in, there arnt many of them in B neighborhoods and very few in C neighborhoods none priced well for cash flow

@Rusty Thompson my partner is my father who knows nothing of REI he just wants a good return on his money. I would do all the work and jus use his money, what do you think a good split on it would be? I want him to have good returns on his money and be using i for approx the next 10 years, thats a good estimate of him mid retirement and probably wanting that money. I would love to just buy 2-4unit properties with the money as down payments but i don't want to lock up his cash for the next 30 years which would require a cash out REFI and thats betting that enough renovations have been done to provide the money, i estimate on a 150k property it would take me about 10 years to pay him back his. 20% down payment at 10% interest (this being done using my cash flow ) this situation doesn't seem ideal to me...

@Bill Gulley  I dont know WHAT you are talking about with my father being an accountant, sorry if implied that at all. He is just a hard working blue collar guy who saved his money and owns some timber land.  But i agree that i want to do multiple deals with an experienced person.

"Don't mean this in a personal way, but you can read books for a year and you still won't have a clue." - i agree compleately, thats why i want to get involved in actual jobs!