All Forum Posts by: Daniel DeSurra

@Wendy Boone

Hi Wendy,

I’m in the Coos Bay Area. Great idea building multi-family in the area. I wish you success. It would be great to connect.

@Alex Hake

I am in Bandon and have also been eager to find a meeting. I may be willing to head up the coast from time to time but I can at least meet virtually.

I live, work and invest in Bandon and the surrounding areas. I can say that the long-term rental demand is very high. Short term rentals are definitely seasonal. Just be aware that Bandon restricts short term rentals within city limits. No Airbnb‘s and even if you buy an existing vacation rental they won’t grandfather in it’s use as a short term rental.  I’m happy to connect with anyone interested in investing in this area. 

Good point! Thanks.  I have plenty of equity, just hoping for better terms.

I'min the re-finance stage on my BRRRR deal. I'm noticing cash-out refi terms are more expensive than usual due to the current financial/pandemic situation. I'm wondering if any of you have considered doing a HELOC instead? I plan to use the capital on my next deal and pay off the property in 15 years. Thoughts?

Thanks!

@Brian Pulaski

Good point Brian. It seems like a 50/50 split would be fair. It really depends on how many deals I can find in this tough market. I can easily do one at a time on my own and fund the purchase and rehab. If I can expand my direct marketing campaign and get more deals under contract then partnering up will be a great opportunity. That being said, managing more than one deal at a time may be more stressful with my limited time. I do have the option of cutting back at work since I’m self-employed as a medical practitioner.

Thank you Anthony and Kenneth for the excellent advice. 

Thank you Will. Great advice! I just checked out the photo links to your flips. They look fantastic!  Congrats on your success and for taking the time to respond to my question. 

Thanks Mary, she is offering to fund the entire purchase and rehab. I’m responsible for deal finding, analysis, lining up contractors, managing rehab, and getting it ready for resale. She does not have any experience flipping homes or analyzing deals. She developed land years ago and has primarily been note investing. 

I found a great deal recently which attracted the attention of a private money lender whom I know and trust.

She wants to go into a house flipping business with me. She would provide all the money and I would do all the rest including deal finding, managing rehabs etc. She has enough money that we can do multiple deals at once which is attractive to me because I would only be able to do one at a time at this point. We haven’t agreed on a percentage. What do you think? Is it reasonable to ask for more than 50% of the profit? Finding deals in my area requires a lot of marketing and driving for dollars and my time is valuable since I’m currently working and raising a family. Seems like a fantastic opportunity but I would appreciate your advice. Thank you.