All Forum Posts by: Daniel Townsend

I know how partnering on flips works, but I’m a confused on how having a parter on a rental works to everyone’s advantage. Is waiting longer to recoup funds in an investors best interest?Here’s an example:

Property cost: $100,000

Investors in for 20% or $20,000

Buyers Conv loan: $80,000

This is a hypothetical situation. There are a few MF in my area. I have some funds but would think about an investor if I knew how to structure a mutually beneficial repayment deal.

@Jayden Grissom in Ohio I had to pay around $1400 for the class then you have to pay for the test. Also be a member of the local and national RE association and pay for the electronic key opener rental. Im not sure what it’s like in other states but I had about 2k to start. Hope this helps!

@Jesse Robert Zamarripa III I agree with the others. Take a Dave Ramsey FPU course. It changed my finances. You won’t regret it.

@Remy Fortier this is great! They got a great return on their investment and you got a nice bump in commission. Congrats!

@Bijou Diaou if you take 1 to 2 months to read all the blogs here that you can and listen to a podcast or 2 a day then you’ll probably know just about everything you need to get started.

Set up a meeting with a RE attorney and a RE CPA. After that you’ll be golden.

@Nathan Hann my advice is if you’re going to use an agent, unless they like working with investors, prepare to do a lot of your own legwork. When I had my license many of my fellow agents didn’t like working with investors because of the amount of work verses the financial returns.

If you don’t use an agent to buy but go thru the listing agent, just be careful. That agent may not work hard for you especially when it comes to negotiating. They become more of an intermediary than an agent. They lawfully have to disclose or not disclose certain things, but they may not tell you the house’ biggest faults. It’s a gray area. Good luck!

@Alexander Hish if they don’t seem to be making money based on the numbers, then they’ll quit or move on. Just keep doing what you can. Maybe use cash if you can to undercut their potential financing.

@Jeff Silka depending on how much starting funds you need can you get a 15 month interest free credit card? If your rehabbing this could be like loaning yourself money. You could pull funds from it also but I think that comes with an interest rate. Wells Fargo currently has a 15 month no interest signup...I just did it. Otherwise can you pull equity from your home or use a personal loan? These are just ideas. Good luck! I’m sure you’ll find something. Post on your social media that you’re looking for an invest.

@Jeff Jansen I’m in Cincinnati and water in century old house basements is the normal. There are ways to contain it or structure the flow if it gets really bad. Last resort could be to dig out the sides and seal it on the outside that way but yeah, put a dehumidifier down there with someplace to drain the water it collects and call it a day.

@Xavier Seymour do you know what the renovation costs will be? Are you up against any other buyers? Depending if they want you to help with closing costs and fees you could offer a lower price to compensate for the fees you may pay. Sellers would also expect you to try to get a better price anyway, so I would think it wouldnt hurt to offer a couple thousand lower but nothing more than that.

Good luck!