All Forum Posts by: Jacob Rogers

Hello friends! Myself and two of my current co-workers are highly considering quitting our jobs by the end of the fall and starting our own BRRRR business. I was wondering if anyone had any information on how to structure a 3 way partnership.

A little bit about me. I have been investing for a couple years now and have 4 units. I am very much a get it done type of guy, going head first into my properties.

Partner 1 has also been investing for a few years and has done one flip and has a rental property as well. He is very analytical and more of a spreadsheets type of guy. He also does well with project managing.

Partner 2 is similar to partner 1 in that he likes to really think things through, but probably takes action a little faster than partner 1. He has never invested in real estate before but he is a smart guy that loves having processes in place and loves implementing them. He isn’t really in the position at the moment to buy investment properties but myself and partner 1 see the value in having him on our team. So at this point he may be more of an employee but we’d like to work him into being a partner.

We are totally in the beginning stages of this. Our thoughts are to brrrr our properties. But being that we would be self employed, how would we get loans? Should we look into a business loan? Hard money?

Should we flip instead of BRRRR?

Going off of the personality traits I gave, where do you think each of us would thrive?

How do you structure a 3 way or even a 2 way partnership?

Hello friends!

I have a Duplex I paid 30k for, cash, a couple years ago. One side was move in ready, the other needed to be ripped down to the studs. Ive been chipping at it myself for 2 years now but it’s taking me forever. I’ve lost the motivation to work on it myself, part of that being because I work 2 hours from it and work 12-16 hours a day at my day job.

I just had the duplex appraised a few weeks ago and it appraised for 130k! But because of the condition I can't refinance it. I have another home I am BRRRRing right now as well that I bought for 35k and just appraised for 96k with little repairs needed. I could use some of the equity from that to fix my duplex so I can BRRRR the duplex.

So the big questions are, how valuable is a project manager? What responsibilities do you put on your project manager? how do you pay them? Hourly? Equity? Salary? I have a close friend of mine I feel would be perfect for the job, he is a home inspector, and a real estate agent, and built his own home.

Any advice would be super helpful, I’ve only done about 3 deals total, so I’m a noob!

@Greg Dickerson awesome thanks! Where online would I do that?

Hi guys I was wondering if anyone can give me an idea of how much it costs to have drywall hung and finished? I had a quote come in for 2,800 square feet of wall. He told me material would cost $1200 and and labor would be $5000. Seems high to me but I really have no idea. I’m from Michigan. Thanks!!

Hi friends! Wondering what you think about investing in Jackson Michigan? I see a lot of houses for sale there that appear to only need some cosmetic work in order to rent out. But what are the quality of the tenants and what is rent like there. Would they cash flow? The prices I’m looking at are 15k-30k

@Ashish Acharya I ended up finding a private lender, thank you! I put an offer in and am waiting to hear back!

Do you remember your first purchase? Were you making your first deal and didn’t even know it?

I was.

About 4 years ago my wife and I bought our first home. You know how you’re supposed to be like really excited about buying your first home? Yeah, I wasn’t. I remember buying my first home and being terrified. I remember after signing the bazillion pages and feeling guilty. What did I just do? I signed an agreement to own a $54,000 dollar home for 30 years!!?? Am I out of my mind!!! This house is going to cost me $500 a month (including taxes and insurance) for 30 years! And I have to fix things when they break. What if I lose my job!?

All these things I asked myself when we bought our first home, well folks I’m no Brandon Turner (yet) but it turns out buying that house was one of the best choices my wife and I made. Fast forward 3 years we sold our house and made $47,000 on it. We toyed with the idea of buying property and building a house with my brother-in-law. But after doing a random search on Zillow my wife stumbled across a duplex for 30k. I called my brother-in- law and told him “bro, if we buy this property, our dreams are over.”We will be slaves to that property loan with extremely high property taxes. I sent him the listing of the duplex and told him my wife and I decided we are going to put an offer in.

years ago my brother-in-law, Micah read Rich Dad Poor Dad then introduced the book to me. The idea of investing in real Estate always excited us but we never got serious about it until my wife and I bought the duplex.

Fast forward one more year and I currently sit in one side of this 2 unit wonder, still remodeling the other side but intending to have it ready and rented by April 1st. We just put another offer in on a house a couple blocks away that we are eager to hear back about in the next few days. A Single unit this time that after repairs should rent for $900 adding about $450 cash flow to our portfolio along with the duplex that we should get about $1500 a month for that.

That’s my quick story. This is my second post, I wanted to get in the habit of getting my stories/experiences out there. I’m excited to thrive in this business and to learn new things about it. Thanks!

Jake

Looking for a good hard money lender or personal loan in Michigan.

I need a 15k loan for a cash only property.

I would like to be able to show the funds to the seller by Tuesday in order to put my offer in.

I have 740 credit score and currently zero debt and I own a duplex that I’m house hacking

Need the cash fast! Any ideas for me?

Thanks!!!

Jake