All Forum Posts by: Ezra Simon

Jay Hinrichs Michael Short Thank you both for your input. I wish I would have thought of not being able to get conventional financing before I quit my job. Then I could have flipped a couple myself before I quit to gain same cash. But now I'm in a hard place with little money to work with hard money and limited by cash on hand working with my partner. Maybe your right jay. Maybe I should change my focus to not so intensive, quicker flips to maximize our output with my partner and get plugged into the REO groups around to build relationships.

Jay Hinrichs The last I new the restaurant at the airport closed because they couldn't find anyone to buy it.

Jay Hinrichs your numbers are dead on. Also as Steve said I understand my partners conservative style. So you also understand my need to supplicate my income to provide for my wife and three kids. My long term goal is to invest in building and holding storage units in the mason county/thurston county wa area. But flipping is my first priority to gain some money to be able to partner with someone on storage unit facilities. What would be your thoughts if I was to offer to bring my deals to my partner before I purchased them as to stay in good standings with them. Knowing that we are limited by the cash on hand and limited projects through the company?? Just a thought. Also I was long into the hard money lenders on the market place of BP. Do you any experience with any of them or would recommend any?? I'm limited to only having 5k to put down from my 401k.

Steve Vaughan David Ebbeson Jay Hinrichs To clarify. You guys are right, I started a LLC partnership with a family friend to get started in investing. But they are wanting to keep things limited to the 500k cash that they invested and not leverage anything. Which I understand it's safer that way for them. But I am at a point were our partnership is not providing for my family because profits are split three ways. So I need to branch out and create other avenues for cash flow. Plus I am a bigger dreamer and wanting to start creating a portfolio for myself but am limited to hard money because I quite my job to do thing and can't get a loan. So my partners are the ones wanting me to sign a "no compete" but I see that as limiting myself.

I quit my full time job seven months ago to start a business with a financial partner flipping houses. It's been a slow start getting systems in place starting out but are currently about complete with our third project. As a LLC we need to sign a operating agreement so I can write things off on my taxes. He wants me to sign a do not compete in the agreement saying I won't flip outside the company with other investors. So here is my problem... my two partners are only wanting to use cash for everything we do which limits us to only three on the books at a time split three ways. I am wanting to start creating a rental portfolio for myself and flip several more a year with a hard money lender to help balance my budget. Is it normal for money lenders to use do not compete clauses in there paperwork??? Any thoughts or advice would be grateful.

Thanks Mary Shea For the onsite. I was thinking of using an attorney for my off market purchases. I agree with you a good listing agent earns every penny of there commission. I wish I had an agent like you... sounds like I need to work with my agent more to try and get them to run numbers for me. They are currently doing nothing for me for finding my next deals.

I have heard a rumor a couple times now. That I'm Washington state you can not buy and sell real estate using just a attorney. But that it had to go through a licensed real estate agent?? Anyone know if this is true in Washington?? I am looking at buying pre foreclosures and also have a couple people i know that want to sell to me. So if this is true it would change the way I market and approach things because I wouldn't be able to save the agent fees without getting my license.

Michael Short that's a good idea to run the numbers on a couple current listings and watch what they go for and how long it takes. Thanks for your input. I'm just trying to learn all I can because we priced our first flip too high and it has sat on the market now for 6 weeks. With a less then helpful realtor.

Julia Allred I have spent a lot of time learning and understanding my market area in the sense of location and neighborhoods. Because I just moved to a new town I had to learn a lot about the area. Neighborhoods to stay away from etc. but I have been limited to Redfin and Zillow for watching the Mls market. So I'm curious as well what other people do.

Michael Short thank you for the advise. You are right I need to invest more time into knowing my market area as a new flipper/investor. Are there any other resources other then Redfin and Zillow that you would recommend for getting to know the market??