All Forum Posts by: David Nemrow

Should be a good one.

I'm excited.  Hope to meet lots of RE hungry people there.

 Thank you! I always should check this. I appreciate the reminder.

Hey everyone,

I recently partnered with a mentor who wants to jump into a new market, and Memphis seems to be a place that would provide me with cash-flowing deals to flip and rent.

The big question I have is who is a Broker or PM I could speak with that would provide me a good sense of the general market (i.e. Where are the good neighborhoods? Up and coming? WHERE NOT TO BUY!).

I really appreciate any referrals.

Thanks,

David

Hi everyone,

I recently started my journey to invest in real estate by reading books, listening to podcasts, and going to meetups.  I was lucky enough to find a seasoned flipper/investor at my first meetup and since then have had great discussions on my goals in investing.  He is a very busy person (during one of our discussions, his phone was exploding as he was dealing with offers from investors on a wholesale deal he was assigning - great to eavesdrop on that conversation), and he would love to enter into a new market - just very little time to do it.  I suggested a location I was very interested in, and it happened that he was as well.  He made an offer that if I did the hustle, while he directs me to find the deals in the area, that he would help from an experience investor stand-point - financing, decision support, etc.

I'm very excited about all of this, but there is a bit of hesitancy on my part for a couple of reasons.  A lot of my concerns can be resolve through further discussions with him, but I wanted to run by the BP Forums to see what I should be wary of before I jump into a new partnership - make sure he isn't someone I do not want to be associated with.  Some of the ideas I have are the following:

• Ask for references of others he has partnered with.
• Be clear of expectations as this will be a side-hustle - I have a solid primary job
• Establish clear partnership agreement - equity/cash flow split, termination process, etc.

Any other red-flags you guys suggest looking out for?

Thanks for any of your ideas!

David

It appears that with no assets or experience, creating an LLC may not be the first step to take. Makes sense from a protection stand point, but doesn't seem to work in regards to building your first real estate business. From what I understand, we need to buy personally, then transfer over to the LLC.

Welcome and good luck on the goals!  I think the first part to your hunger is sorting out all your questions that are keeping you from moving forward and finding those answers through this awesome Forum, podcasts, books, meetups, and just talking with as many people as possible.  You will find your answers, then you just need to decide what to do from there!

 Awesome!  Please post the details when all is said and done.  This is a great education for us new guys!  Good luck!

Had your Realtor supported your original estimated ARV of $207k, would you have done the deal differently?

@Donald S. If you wouldn't mind, I would like to pick your brain for a moment.  I appreciate your thoughts on the following:

One: Would you mind walking through the your budget process.    

Two: Being this was your first, I can imagine all the numbers thrown your way had to be anxiety-producing. How did you feel comfortable enough with the numbers to pull the trigger?  I understand that your contingency wasn't enough, but you felt confident to move forward.