All Forum Posts by: Benjamin Voorhis

The only capital that I will put up would be for the monthly marketing costs, we would split those in half.  If his money does get tied up, because we have too many houses (hopefully), I can step in soon and be able to fund a deal as well.  

So I would love some advice from my BP community on this question.  My partner and I would love to start marketing and finding property to begin a flipping business.  My partner currently lives in Jordan, but has substantial capital and is willing to split the costs with me 50/50 for marketing and running the business, but also is going to fund 100% of the deals with his own money through my lender.  I would essentially be setting up the business, building connections, fielding calls, screening them, meeting clients, putting houses under contract and over seeing the renovation and sale of the property.  Given all this info, what would be a standard split of profits?  Im having trouble figuring out the split amount.  Thanks!

My partner and I are going to be starting a flipping business in the next few months and wanted some basic steps on setting up our partnership. Should we form an LLC? What is the most cost effective way of doing that? And just in general any other tips for starting off legally, thanks bigger pocket community.

Hey all, I am a beginning real estate investor and just received a line of credit from a private lender for 100k.  My wife and I have about 40k in savings for just real estate.  I am honestly not sure what the best route to do with the line of credit?  I like the idea of flipping homes, and I really love to the idea of buy and hold long term investments.  I just dont know how to incorporate a line of credit like that in to a buy and hold strategy, besides paying all cash for a property and doing a cash out refi at the 6 month mark.  Just wanted some thoughts about what some experienced investors would recommend.

Thanks!

we are looking at a property to purchase and I have a question on converting out of a hard money loan.  Here are the numbers on the property (we are looking to buy and hold)

Purchase 70k

Arv 110000

Rehab 15000

My wife and I have great credit, cash reserves (40k), no debt, so I assume we would qualify for loans (currently waiting for my 2 year mark at my commissioned job).  From what I know the hard money loan gives 70% of arv, so 77k.  I'll take the 77k pay for the house and after closing costs have a little bit of cash left.  Rehab the property with our own cash out of pocket and then my question comes with refinancing the property to a conventional 30 year loan.  I assume they want a 75 percent loan to value loan, so does that mean they would give me a loan of 82,500, which allow me to pay off the hard money loan of 70k?  I am just confused on how this process works, we are about a month out of looking for properties and I just want to make sure I know what I'm getting in to. 

My wife and i are getting financing ready and are getting ready to be buying a single family home, just need to find some real estate agents that bigger pockets members would recommend.  Thanks

Awesome, thanks a lot. Not sure if you can help here or not. But my wife is getting her real estate license mostly for our investments. Not sure if you know of any good investor friendly brokers in the area as well? Thanks again.

I am looking for a good REIA here in ft worth arlington area. Nothing with a pitch but just a place to learn from experienced investors.

I am looking for a good REIA here in ft worth arlington area. Nothing with a pitch but just a place to learn from experienced investors.

thanks Ned for the advice, I actually live in the dfw area here in Texas. So real estate is definitely not too pricey.