All Forum Posts by: Chris Drury

Hi BP team,

I am also looking for a simple contract to provide to distressed sellers.  Looking to avoid the typical 30-100 page GCAAR given we are going into this with zero contingencies. 

Charles/others be willing to share their "one pager" they use?

Thanks

FLIP UPDATE!

Purchased for $230k.  

Spent approx. $80k on renovations ($10k over est.)

House looks amazing!

Put on market for $399, had 10 offers immediately and sold in 1 day for $420k!!!

Looking for the next one!!!

Hi BP crowd,

I have a few rentals now (4) and trying my hand at flipping next.

Basics:

Rockville MD area with average 360k properties.  

Ran across a seller who is looking to unload a place for $225k (that is our max offer that is currently being considered).  She is selling for a relative and any profits will go straight to MD to cover her elderly relatives senior care costs. - hence they aren't too concerned with price

My rehab partner is estimating 50-75k for repairs to cover roof, kitchen, bathrooms, ect.

70% rule would argue no more than $180k sales price but that is virtually impossible in the DC metro area. 

Thoughts?

I would be interested in attending a local meetup.  Set a time and I will try to make it.  I live in Rockville but anywhere nearby is fine. - Chris 

Just realized I couldnt post numbers for the contractors I recommended. (forum rules). You can PM me if still interested. Both of these contractors are great...

i have 2 contacts for you

Kip Hansen -

Jason Dawson -

Both do great work! You can say Chris Drury sent you.

Thanks

The original intent was to protect my assets by putting the properties in an LLC. Since I had to close in my name with all of my personal info in the deed/ect. I am really not hiding anything.

At this point my main goal is allowing my partner to share ownership and create an ownership model where we can continue to purchase properties together. I looked at the portfolio loans and found the terms (25% down, 15-20yr max) unappealing.

My attorney said the banks "rarely" go after the transfer to LLC but knowing my luck...

I appreciate any feedback.

Thanks for the replies. The closing costs between the 2 props is close to $18k (out of pocket) so I was hoping to realize that back a little sooner than adding to property basis, but I understand.

Turbotax also asks if you have purchased a house in the last year, but I wasn't sure about the rules for REI. Trying to start tax planning a little early...

Thanks

Traditionally some closing costs are tax deductible for primary residence. Does this include REI properties?

Additional info:

RIght now the LLC is currently owned 100% by me. My attorney suggested closing on the 2nd property and moving both to the LLC (since they are still in my name). Then I can bring my partner in as co-owner of LLC.

I can see a problem transferring additional properties later though.

The land trust idea was something my partner came up with from a REI seminar. There seem to be no shortage of BP members with LLCs that own their RE portfolios. I am not trying to reinvent the wheel and sure someone has some directions. I have been using conventional financing...