All Forum Posts by: David Stone

@Adriel Liwag

I have done 2 flips on my own in the past. Both doing all the work on my own without a GC. No skin in the game other than sweat equity technically. 

I am about to begin a partnership with an investor on a flip here in Oregon. The property will be bought for about 400k and needs about 100k in Reno. After repairs it should sell for anywhere between 700k - 800k.

I am partnering with an investor my realtor has linked me up with. He works full time and doesn’t have the time to manage a flip. (But has done many in the past)  He is willing to put up the money to do the deal. In exchange I would be managing the deal from acquisition to the sale. Dealing with the contractor, architect, and other aspects  full time.

I was planning on offering a 50/50 split of profits. Due to working this full time I was wondering if there was a reasonable way to get paid a monthly stipend till the project is completed. Possibly taking it out of the money I would make at the sale? (Was thinking $4,000/month)

Curious if anyone else has had experience experience dealing with this. Also if my expectations are outside of the norm and what you would suggest.

Thanks!

David Stone

I am about to begin a partner with an investor on a flip in Oregon. Property will be bought for about 400k and needs about 100k in Reno. After repairs it should sell for anywhere between 700k - 800k. 

I partnering with an investor my realtor has linked me up with. He works full time and doesn’t have the time to manage a flip. But he is willing to put up the money to do the deal. In exchange I would be overseeing the deal from acquisition to the sale. Dealing with the contactor, architect full time.

I was planning on offering a 50/50 split of profits. Due to working this full time I was wondering if there was a reasonable way to get paid a monthly stipend till the project is completed. Possibly taking it out of the money I would make at the sale?

Thanks!

I have done home flipping in the past and now am venturing into the Multifamily apartment arena.  Am looking to complete my first few deals in San Francisco in the immediate future and seek an experienced professional to assist with issues and planning that result from real estate transactions and planning.   

I am scheduled to close on a flip on Monday. My realtor just informed me that everything is ready to close but they are need to close at the end of next week because of the "good fund law". From what I've read shouldn't the title company be able to do a wire transfer of the funds and close on Monday? That rule seems to only restrict the use of Cash or Cashier Checks in excess of $1000.

I own my primary residence which I bought FHA 3.5% down on 7/7/16. I purchased it for $47,000 and with the down payment the original principle balance was $46,148 and I currently owe $45,805.85. I am confident my house is now worth $85,000 with all the renovating I have done. (Auditor's value is $79,030) I have a credit score of like 705 and my gross yearly income is $23k

I have checked a few other banks but they were having an issue with not owning the house for over a year. I am looking to Get $27k in equity to eventually use for a down payment on a multifamily rental. But at this time I would just need the equity loan. I would like to have no fees or closing costs. (Not a cash out refinance) was wondering if anyone knew of some lenders that may be able to help?

@David Terbeek Thank you for the info!!

I am looking at buying a duplex in University Heights Ohio. Which is in East Cleveland. Not too familiar with the area but I know Cleveland has promising rents and the property it currently rented and cash flows well. Just feel like I need to do some more research on the area and was wondering if there is a tool or what method you use?

@Robert Ellis
I have looked some at columbus some. I am not very educated in the rents for the area though. So I tread lightly.

Originally posted by @Tim Debronsky:

@David Stone Any interest in the Cleveland market?

 I'm not super familiar with the Cleveland market.