All Forum Posts by: Greg Betts

Don, nailed it!

Don't be surprised if your offer isn't accepted because of a walk through contingency. This market is a little crazy right now and people are hungry for deals. We had to remove any contingency on the last two properties to compete with other investors offers. It sounds risky but we did our part to visually inspect the properties prior to bidding. 

Best of luck to you @Matthew Netwon Marquess

Hey BP community I'm looking for my next property and need your help. I'd like to find a fixer-upper. If you have any leads on properties for sale or are looking for another investor to partner with, please send me a message. The last two flips have gone well enough that I'd like to start doing more deals and I need your help finding them. If your property doesn't meet these requirements that's ok. If the numbers work well for both of us I'd be interested in what you have. 

Flips

• Distressed property 
• No further than 200 miles from Boise
• Cash up to $150k, financing anything above
• 2bd/1ba or larger

BRRR

• Distressed property
• Duplex, 2bd1ba or larger
• No further than 200 miles from Boise
• Cash up to $150k, financing anything above

Any contractors looking for more business I'll be subbing out some of the rehab projects. Please send me a message if you can help.

• Carpeting/tile/flooring
• Painter
• Electrical
• Plumber

Thanks a million!

Great info! I was hoping to avoid paying capital gains and I'm probably not the first to think that way.

The property has space to store a camp trailer or heavy equipment. Could I rent that out in the meantime, count that as rental income and qualify for a1031 exchange? 

Hey BP friends. It's been a long time coming but my business partner and I just closed on our first property. We're aiming to do several buy and holds but this property will be a fix and flip. My question for everyone, hopefully there's an accountant that can help answer the 1031 question, can I make this fix/flip qualify for a 1031 exchange?

From everything I've read and listened to (thank you BP) I am not able to do a 1031 exchange unless (a) the property generates income or (b) the property has been held for a year + 1 day.

Thanks,

Greg B.

Matt, maybe you and I could meet soon to talk about your plans. If you have any questions let me know, I've lived in Boise for 14 years and Idaho all my life. I'm looking for SFH, Multifamily and flipping would be awesome.

I have an accepted offer on a property that cash flows $400 a month.  The accepted offer is 40k under market value but the property is going to need some work. I'd like to hear your advice on this.

I look forward to hearing from you.

Tony, sorry for the delay. I didn't see a notification regarding your response. My base for the first 6 months is 20k. Is that competitive?

A big THANK YOU to everyone on here, great information. 

Here are some of the goals and expectations we've discussed for the first year.

Base pay for 6 months

2 months of training while obtaining my license

Fund 4+ million

1.3% on all loans

Does that sound reasonable?

I'm considering a move into the mortgage industry to better align myself with my real estate investing goals. What advice can you give about the industry and what I should be looking for in a company?

I would be transitioning from a sales position 100% commission, no base, health benefits included and a fairly flexible schedule. What should I expect as a new Loan Officer?

Thanks,

Greg

Thank you

Hello BP community, I need your help. I'm new to all of this, even more so new to zoning and planning rules. Please share advice or expertise. 

I've come across several SFH's zoned SF Residential but the property is being used as a multi-unit dwelling, an example being the basement and upstairs rented out separately. Zoning/planning says the units would be grandfathered if the dwelling was being used as a multi-unit starting in the early 1970's. They won't file a case unless a neighbor complains or requests an investigation so...

Are these situations worth pursuing, should I walk away, does anyone have experience or some guidance?

Thanks!!