All Forum Posts by: Laureen Youngblood

Technically that is what you are paying for with a GC, is for them to manage your project.  However, if you are out of state, @Jim Fleck is very correct - someone should be doing regular site visits to verify progress.  Pictures and video are a great way to do that.

If you deal with high temps or direct sunlight, steer away from glue downs. Rigid core is best over all. See if you can find a supplier for Neptune brand. Great price point  

In Oregon, if the square foot addition is not permitted you cannot include it in the property info for sale. However, if it is "living space" you want to be real clear as to your local codes for basic living safety.  Example, an unfinished basement or attic space that has had carpet laid down and been "finished" is a little different than an entire addition that has not been permitted.  Check your local resources for what applies in your area.  It will absolutely affect your resell.

@Ryan Blake

Thank you for the great advice. I am willing to split profits. I am also a member of my local REIA. However, I have found that there seems to be an even split in my area of experienced investors that go to the REIA and those that just hang out on BP. I have emailed my local contacts from the REIA - who are all tied up in their current deals and was just hoping to see if I might find a few more local guys to meet. I agree that partnering with someone without vetting them first is risky. My plan would be able to do as much vetting as possible before signing any agreements.

I truly appreciate your input, which is another reason I posted here.  I love the ability to get the straight answer.

Thank you 

Laureen Youngblood

I have a property in Negotiation.  Eugene, Oregon!  Looking for one of two options for Private Money Partner.  I will email property details for review if you are interested.

I have a property in negotiations. They have countered and I am going to send my counter on Monday. I am checking to see if you are interested.

What I bring to the table:

Property

$11,000 in cash and credit to put towards closing & rehab

$35,000 in Interior finish costs that can be deferred till the property sells

Project Management – I will design & manage the rehab

I have 13 years’ experience doing exactly this for work

What I need:

Purchase & Remaining Rehab $234,000

I would want you to provide the following or fund as much as you want of the deal with an agreed interest return on your investment. (8-10%)

I have a hard money lender willing to lend the purchase price and then a line of credit for the rehab if I can bring a partner with balance sheet showing a cash reserve of $40k.  I don't have to actually put this cash into play, just show that it is available if necessary.

I am willing to work with the profit split in any creative way that works. I am willing to guarantee an interest percentage on any loaned moneys and a $20K profit in addition with my portion being whatever is left over. I am open to other such creative ideas that work for you.

I need to know by 8 am Monday morning at the latest to complete my counter offer.

Thank You,

Laureen Youngblood

VPOperations

TY Homes, LLC

(541) 543-8262

We usually hold final payment until we have received the W-9.  Ask your attorney for what to use as leverage.

@Rijm D. 

I would be hesitant to pay a lower interest rate for 12 months, just to get that low interest rate. I just pulled a HELOC on my property and don't have to pay a dime of interest on anything I haven't pulled out of it. I use some, pay interest on say, 5K, not the full 25K I have available. Pay it off, don't pay any interest until I pull more out. I can do that for the next 15 years at a competitive rate, as many times as I want for up to the full amount of my credit line.

I have the same experience. I just put a HELOC on my rental. Yes, they called it a HELOC, so use both labels when asking. It was thru my Credit Union. Banner bank is also a good place to check, they love local business people. I got an 80%LTV with my lender, so shop around.

I am interested in hearing more.  I have 13 years experience managing projects.  My company is not yet prolific enough to warrant the current project management software that is on the market.  How would yours differ?  

There are currently a number of software options that are being geared to contractors for remodels and new construction - which translates to rehabs.  Will yours be less expensive?  How would it be more directly specific to Real Estate Investing strategies?

@Lamont Marable - Also, go to your local REIA. Mine always has investor friendly/hungry contractors that show up regularly. Not the ones that show up once, pass out cards and never come back.