All Forum Posts by: Haider Abdullah

Hello BP community!

I run a real estate matchmaking fund: we find deals, get people to invest, manage the end to end process - while buying in cash only (we don’t take any leverage/debt)

We are flipping about 2-3 deals/month and for each deal, we set up a new llc.

Currently, all deals are in Dallas, and based on our current legal advice, we have been advised that we are to set up a new llc for every deal. As you can imagine, along with operating agreements, PPMs and accreditation documents, this is very cumbersome.

Does anyone have a better solution? How do we create a better process so we are not having to do this every time, and note that our flips are only about 6 months in duration: so we then have to dissolve the entity which also has costs.

Thanks BP family - let’s keep growing together!

Haider

Looking to connect with a trusted source to support a sale of a property in ATL. It’s prime for an investor: happy to flip it fsbo too.

Thanks all!

BP community!

We sold a home in McKinney (Texas) a few months ago. We did not get permits on electrical.

The buyer had their chance to do DD and did not bring any attention to electrical.

The buyer has now come back and stated the electrical work has been done poorly and not to code.

Because we are so far past the transaction date, and that the buyer had a chance to perform DD, are we liable for anything here?

We never stated it was permitted either, it may have been assumed but not clearly stated.

I’m not trying to be an ******* but dishing out $4200 for something that had a chance to address before buying the house is not something I’m trying to do.

Obviously don’t want to out anyones life at risk and want to make it right, but only for what I’m responsible for.

Appreciate the suggestions. Thank you!

Thank you! Great insight across the board. I think I’m still at least a year out from calling it quits…w2 gets me access to loans and money, also seeds a lifestyle and creates a buffer. Hard to walk away but it will happen!

@Jonathan Hulen

I took a lease off someone 18 months ago. Grabbed their Challenger scatpack for $560/month all in. Made about $3500 off TURO in 18 months then sold it to a car wholesaler and cleared an additional $5k!

Market is hot for cars…my recommendation is to ensure you offer a great experience, work the reviews and make the location convenient. Also, pricing is a bit trickier with TURO now: you can’t name your own price anymore, but there are creative ways to attract more rentals.

I’m looking for my next car!

Good luck!

BP Community!

Hope you’re all killing it!

Quick synopsis on where we are at:

Started flipping 18 months ago with $200k in “friend” capital. Word got out, and now we are at about $3M raised (passively) and 17 flips, 2 Airbnb’s, 1 quad, and 2 buy/holds. Confidently, I can be at $5M by end of 2021 and on target to acquire 1-2 more Airbnb’s, 8-10 more flips, and potentially 10-15 unit apartment building (all in next 6 months)

W2, as we all know, has huge perks. I’m also benefitting from a decently high salary and moderately flexible work arrangement. BUT: I’m not my own boss, still have reporting requirements and because I’m in sales, have a target on my back daily. More over, I’m taking time away from the RE business.

I have 3 young kids so predictability of pay is important. But at what future cost? Daily, I’m contemplating my exit. However, with most betting that a correction/slowdown is coming in the RE market, is it smart to walk away now or ride it out until we see the dip, double down when/if there’s a fire sale, then bid farewell to the pay cheque?

I’m committing 30-35 hours/week to W2 (including commuting time (LA traffic is BACK) and probably 20 hours/week on RE. Add in kiddos and a wife, and I’m at 3-4 hours sleep/night MAX! Imagine I put 40 hours/week into RE?

I think it’s a question of: when is the right time and how do I know it’s right for me/us?

Would love to hear everyone’s thoughts - appreciate you all in advance!!

Hi BP family!

Here’s the scenario:

I own a house in Milton, ON, Canada and bought it for $860k in 2016 with 25% down.

I've since taken a HELOC of $120k, bought 2 townhouses (in South Western Ontario) and market value of my house is now around $1.18M

I now live in Cali and am actively flipping real estate in Dallas and slowly building out my portfolio here. The house in Milton is currently rented at $2900/month with an A++++ tenant living there.

He will stay as long as I want him to, however, I have someone willing to buy the house at market value and no drama (friend of mine).

Do I:

- keep the house and keep renting?

- do I sell the house and buy something else in Canada? (I’ll have about $475k net after the sale)

- do I convert to USD and invest in my flips in TX and/or look to buy more doors here (better CF, slower appreciation)

@Whitney Hutten thanks so much! Appreciate the insight...love the strategies that need to be considered!!

Stay tuned.

BP Family, Happy Veterans Day!

I’ve been flipping since January in DFW and have been playing with various partnership strategies aimed at finding the sweet spot.

I currently have:

80/20 with 1% on sale price

70/30 with 1% if greater than 15% net ROI

I’m also raising hard money at 10% for 6 months

And for a buy and hold, I just did a 75/25 on a quad. The 25% is my finder fee + management + rehab (75% is the bank)

I’m also trying to find the sweet spot for cash out refi. Scenario is:

Buy all cash under my LLC with investor money. Then follow BRRRR, however, how quickly can one take out cash out and repeat? Also, if under LLC, are you folks quitclaiming to your personal then getting the loan and then quitclaiming it back to the LLC?

All ideas/guidance welcomed!

So far into my 11th deal this year, have raised just north of $2M investor capital. Holding the quad for a BRRRR and also bought a traditional rental in Garland. All others have been bought to flip however, if I can figure out the right refinance strategy, the flips may turn into holds for me.

Thank you BP community!!

BP Community: I need your help!

I've been approached by a new investor who wants me to help him find buy and hold multi fam (BRRRR in full effect!).

The question I have is:

Investor is fronting 100% of capital. I am sourcing and vetting the deal, and will manage the rehab, sourcing tenant, etc. what’s the optimal way to structure this?

Is it: consultation fee (ie. Charge $10k to set it up then walk away)?

Is it: profit sharing on rent: 70/30 on all rent and then any refinance, etc...

How would you structure this kind of deal, knowing I’m the “deal provider” and he’s the “cash provider”.

Do I LLC, JVA it S-Corp? I'm also actively flipping with investor money and have raised around $1.4M through a couple of LLC/JVA agreements.

Thank you!!