All Forum Posts by: Dwight Bradshaw

J Scott my thinking for my "money partner" is that they will have the 6 months of money in the bank in order to be approved by a hard money lender. They will also provide the additional cash required if the property I find can't be 100% financed. Then I would split the back end profit with them 50/50 after paying back whatever funds they have into the deal. My issue is that I'm not in a position to fund or qualify for any money on my own, but I am planning on doing all the work finding, rehabbing, and selling the properties. So, that's my part of the partnership. They just have to have money and take the risk with me and gain from the profit. So, their only involvement is writing a check. So, since they are an equity partner you're suggesting that I form an LLC with them? It seems that Bill doesn't think this is the way to go.

So, they're not going to have a first deed of trust - that will be the hard money lender, right? My money partner is just the qualifying and maybe some cash to get the deal guy. Would you suggest doing my partnerships different? I'm definitely wanting to make this work for me as well as my money partner. Win/win.

Bill Gulley Nothing personal taken...so no problem there. I'm asking because I want opinions! :) I'll definitely take your advice and write up a good operating agreement instead of just going by the default ones. I want my 19 year old son to be a part of this company as well, so I'll write that up in the operating agreement that we'll have two members and share in the profits...right? So, is this a multiple member LLC then? I'm guessing so.

I might be confusing a couple of things here. Maybe wholesaling is best to purchase each property in a different LLC, then you can sell the LLC to the end buyer and not have to double close, right? But with me needing to have a deal before I lock in a money partner and then split the profit with that money partner and then move onto another deal, I thought it would be the same with a unique LLC for each property. Please straighten out my thinking! :)

I'm brand new and am planning on forming a Fix and Flip LLC taxed as an S corp. From my reading this seems to be the way to go for this part of my REI.

My question is:
If my company is Bradshaw Properties, LLC then when I buy a house to fix and flip do I buy it under the name of a different LLC that I form for that property specifically so that I can sell that LLC to someone for a short term flip? Or do I buy it under the Bradshaw Properties, LLC name somehow?

I am going to be using money partners to get started, so I was thinking that I would need to form a LLC with a money partner once I find a house to buy. Put the offer in on the house with that brand new formed LLC or are there other steps that I'm missing?

It seems like I need to find the property before I partner with my money partner...so I need to wait until I find the property to form that LLC so it will have to be simultaneous with the offer that I submit.

But for tax purposes all of this income is reported under Bradshaw Properties, LLC...but how??

I hope this makes sense - I'm afraid I'm even confusing myself. LOL!

Let me know if I need to clarify...

I'm probably too late, but I was excited to see this and will put a note in just in case. :)

I'm brand new to real estate investing and have been learning everything I can for the last 7 months...and now it's time to act! I have a goal of doing one fix and flip this year, so I need to find a house! Then next year I hope to do one fix and flip each quarter.

I am 43 years old and am currently living in my parent's basement with my wife and youngest son (17 yrs. old). I work with my wife on our own interior design business that is really small and doesn't make us much money and I love working with her, but I also want to pursue REI as a business as our main financial foundation.

We are living check to check right now and I don't like it at all, but I also want to pursue something that I love instead of just getting a job just to pay the bills. That's why I'm pursuing RE. My goal is to do fix and flips as a business and pick up buy and holds as I can afford it for long term investments.

Since we are so tight financially right now, I don't have the money to market, so this would be a fantastic opportunity for a guy like me to get jump started. I do have the time and the passion! My wife is the brains behind the interior design company and I am wanting to do this...so I want to commit a full blown, full time effort to getting going on this!

Michael, I would love to have a coach like you and I feel like you could help me in such a critical way to get started in this new career that I know I'll love!

So, even though I'm late writing this post...just know I respect your willingness to help people out and hope to do the same in the future as I become successful and knowledgeable.

Thank you!

Looking forward to it!

Let's do another one!

Welcome to the forum!

Welcome to the forum, Brandon!

Welcome to the forum, Dan! I don't know the Vegas area, but someone will chime in who does. Hope you enjoy being with us on bigger pockets.

I'm wanting to start into fix and flips and fix and holds. I thought the same thing...that the title company should be local to my area. I'm interested to hear if that's not the case. My thinking was that in the case of wholesaling I wouldn't need a local title company "in my pocket" because I wouldn't be actually closing on any properties. But in rehabs I would need to have a local title company that I could show up at their office to buy or sell. Is there a way to do this without being in person with them?

Looking forward to meeting several of you tonight!