All Forum Posts by: Jake Silcott

Send me the info too please.

@Bill Coleman Hi Bill,

I would love to have your rehab team recommendations. Thanks so much for offering. Very generous of you. Please let me know if I can return the favor some how.  

Thanks @Wayne Brooks 

Hi all,

I have a business partner with whom I've done several fix-n-flips with, who recently purchased a house with the intent of rehabbing and selling it. He's already closed on the property under his personal LLC. After a discussion we had he agreed that if I could find a cash buyer for the property at a certain price, he would forgo the rehab and just wholesale it to said cash buyer. We would then split the profits. Acting as his business partner I was able to find a buyer, but I'm unsure of the most tax beneficial way to structure the deal. My question is how do I collect my portion of the profits in a way that minimizes my tax burden the most? The only 2 options I can think of are that he writes my LLC a check or we form a JV. I feel like I'm missing something here though. Any insight is much appreciated.

Thanks for taking the time to read my post.

I'm fairly new to real estate and was on the fence about whether or not to get licensed for a while. I finally decided to go ahead with it after weighing the benefits/costs and discussing it with several other successful investors, who all are licensed and recommend it. For me, the benefits that make it worth it are...

1) Credibility with sellers, buyers etc.

2) MLS access

3) The option to list the occasional property if I want and earn extra cash through a comission

4) Not having to rely on a realtor for  realtor related tasks like gaining access to properties for sale. I work with a few great agents, but sometimes I can't get ahold of them immediately.  Denver is a very competitive market and often it essential to be able to move as quickly as possible. 

5) Education and the ability to properly and knowledgably handle paperwork, contracts, etc. I'm about half way through the classes for the license and have already learned a  ton. 

I'll also add that it's not that difficult to get a license, and the costs aren't really much. So, why not? It certainly doesn't hurt. If your serious about being in the RE game you might as well be equipped with all the tools. 

They're building a massive buyers list.

Most wholesale "deals" I see around Denver are using 77%, 80%, or even 84% minus repairs. In fact, most are above 80%.

I, too, would like to hear any recommendations on the best way to find contractors in Denver and how the contracts are typically drafted or where I can find sample contracts.

Thanks all!!

@Bill S. I'd like info about the class too. Do you know where I can get more info? Thanks!

@Micki McNie Gotchya. Do you know what the mortgage payment and HOA are? Once you get all the deets you can make a better decision. The interest rate is important. If it's a low fixed rate that's great, but if it's an ARM you will have to be much more cautious. Good luck and please keep us posted.

I haven't done a sub 2 personally, but I would want to know more about the existing loan. Term, interest rate, etc.  Would you  want to keep it as a rental or sell to a n end buyer? Does it need work? If so, how much?