All Forum Posts by: Account Closed

I am a NYS licensed real estate agent but a newbie investor moving towards doing his 1st flip in the tri-state area. I'm interested in doing my 1st flip with another investor who would act as a money/funding partner and mentor along the way. I would do all the work from start to finish and the other person would simply provide the money and a little guidance if & when needed (so it would be great if he/she has some prior experience flipping). I would offer him/her 60% of the profit. How would this type of deal best be legally structured/documented legally in order to make it as nice & simple as possible for both of us? I would want to limit it to a one time arrangement but if it goes well, I would be open to doing more in the same manner.

Thank you for the information David. It's greatly appreciated. As a new investor in a rental property or fix & flip, would the 'Homestyle' mortgage be a good choice? Or would it be more beneficial for me to just get a less expensive property so I could make a lower down payment and be able to take money out of pocket to refurb?

New investor question: If I'm purchasing a 40K home as a rental property or flip that will require 10K worth of refurb, am I allowed to lump those two together and tell the bank that my total purchase will be 50K? And is there a special name to a bank loan that goes towards both a purchase and refurb?

New investor question: If I'm purchasing a 40K home that will require 10K worth of refurb, would I just lump those two together and tell the bank that my total purchase will be 50K? And is there a special name to a bank loan that goes towards both a purchase and refurb?

Hi there, my name is Darren. I work with Coldwell Banker AC Lawrence in NYC doing both sales and rentals. I am interested in making my 1st investment in 2014 so here I am; anxious and excited to learn as much as I can. I want to start small with a 10K down payment on something so I'll need a market place that's affordable; either within an hour of NYC or somewhere else in the country that I can can travel to for investment purposes. I'm open to meeting new people who can help mentor me as I progress towards doing my 1st deal. At this juncture, I'm open to both investing in a rental property or doing a flip. I'm also open to meeting a partner who can be be partner in investing.