All Forum Posts by: Brian Garrett

@Kenneth Garrett Thanks for the insight Kenneth but I should have been more clear.  I'm talking about doing a partnership on flips.  Something along the lines of we split the costs and the profits.

I'm new to REI and still in the reading, researching and learning phase. Ultimately I will be focusing on flip and BRRRR deals but for right now I'm just gaining knowledge and educating myself as much as possible. I have been fortunate enough to save up a decent amount of cash from my previous business endeavors and have been thinking about the possibility of doing private money deals with some mentors and seasoned investors in the meantime. I figure it could be a great way to get my feet wet since I'll be gaining first hand experience and knowledge while they obviously benefit by avoiding interest, up front points from hard money, financial risk, etc. Do any successful and reputable investors do these type of partnership deals? If so, what are the typical terms?

I'm sure you can find a private lender assuming the deal makes sense for them.  It's all about the numbers hence the reason I asked the questions prior.

@Derek Okahashi That's awesome it's always amazing how much can come out of a simple meeting!

I'm a new investor here in South Florida and would love to network.  Feel free to PM me to connect. 

What are you meeting about?  Are you trying to partner with said investor?  Are you looking to pick their brain for knowledge?  Are you looking to shadow them?  The nature of the meeting would determine the type of questions you would ask in my opinion.

Can't you just use the 20% you have to put down and finance the rest?  Have you run the numbers to see what your overhead would look like and what you can rent the property for to determine cash flow?  Any particular reason you want to pay cash in full?

@Kuba F. Great advice thank you for that insight!

@Ritch Bonisa Thank you for the insight and for sharing your knowledge and expertise. There were some very valid and valuable points mentioned. One question you may be able to help me with is how do I determine if the turnaround time or completion date the GC quotes me is reasonable? I understand every property and each rehab is unique and requires a different amount of materials, type of materials depending on the ARV, amount of labor, etc. What I don't want to happen is to have a GC give me a 12 week turnaround time on something that should normally be completed in 6 weeks. How do I know the rehab time frame is realistic and accurate so I'm not holding longer than needed?

Hey everyone I'm a new REI from South Florida and I'm curious to hear thoughts on the market right now from those of you who have been successfully rehabbing and flipping or using BRRRR to generate cash flow. Is there a lot of opportunity and potential in South Florida still or is it saturated with investors? I understand it's all about finding the right deal so I'm just speaking in general. I currently live in Palm Beach so I'm planning to focus my searches around Palm Beach County however I would be open to other areas if there are certain cities, pockets or neighborhoods in demand that are turning around solid margins and profits. I have some friends who are doing well in Orlando so I've considered there as well.

Also where are you guys primarily sourcing your deals from? MLS? Wholesalers? Driving for dollars? Mailers? Realtors?

Any input and help is greatly appreciated. Thanks!