All Forum Posts by: David Smith

We moved to Orlando and we love it here. We are not house hacking but it's just a great place to live. Just don't move to Kissimmee. Nothing there and the traffic is absolutely horrible.

@Will Barnard excellent advice. We currently have five people on board. My one local friend and I would take care of most of the work while another friend would probably be most qualified to work on the legal matters and accounting. 

@Evan Polaski It sounds like it would be best if we limit the decision making ability for the rest of the investors. This way we keep it simple. Now that both of you are recommending having less managing partners I'm realizing how much more effective it would be. For example, one of the friends may simply not be available when something unexpected occurs and we just need a yay or nay, which could kill the whole deal. 

Really appreciate your replies and I'll try to provide an update when it's due.

Hi All,

A few of my trusted friends and I are planning to create a fund to flip homes. All purchases and sales will be cash only. Would the best and simplest type of structure be a joint venture? Anyone here who has done this before?

Deja vu?

If that's the case, red pill or blue pill?

Have you read "Rich Dad Poor Dad" yet? I think your dilemma will be history after that.

This should solve the problem. I would suggest talking to their parents and seeing if they are interested in letting their kids work for you to make up the damages they have caused. You could say you're a real estate investor and if they do well you can teach them how they can become real estate investors, too. Depending on the parents you have an opportunity to change lives here. 

Quick word of advice: the cops won't do smack 80% of the time. Police reports end up in a database never to be touched again. They often show up quickly when you call them and can help you if a crime is still being perpetrated somewhere but if the crime already happened then nothing will help. 

Buy high def video cameras, hide them well and keep them running 24/7 until you got the perpetrators. Then return them to the store so you don't have to spend any money.

I love the idea of putting a Wanted sign up in the neighborhood. When I grew up as a teenager my friends and I were were also making our neighbors' lives hell, just because. The only thing that helps in this kind of situation is making the kids so scared they never want to come close to your property again. 

Another idea is to install a net in front of the windows like a mosquito net but stronger to intercept the rocks. But that doesn't solve the root problem of course.

I haven't even thought about it that way. Thanks!

Hi All,

I have a friend who lives in New York who just agreed to put up $115k into a deal I found through another friend who lives in Florida. It's going to be a flip that will turn into an estimated $30k profit for both of them. Other than connecting the two friends and being the middle man (because my friend in NY knows he can trust me) I haven't added any other value to this deal. Do you think I should be entitled to some sort of referral fee or similar? Both of my friends think so. I told them I'd ask in this forum what's common practice in the industry.

Thanks