All Forum Posts by: James Martino

I currently have 2 rental properties in lower income communities. I was fortunate because I happened to have a family friend who wanted to purchase a few properties but had no interest in being involved with the property. He wanted to create passive income and put up the funds. I was already managing a few properties and also owned my own remodeling business. So me and him became 50/50 partners. The arrangement consisted of me finding the property, Remodeling the property, Finding tenants, and managing the property from that point on. All he wanted was me to give him his half of the rent.

This is what has sparked my question. I was fortunate to find the partner I currently have . I am interested in several more properties and actually have leads right now on several great properties. 

So my question is this:

 How do I find more investors interested in this type of arrangement?      I know this is a common practice I just cant figure out how to find interested partners.

Like JD said it is really hard to tell from pictures. Lots of unknowns. Is there moisture coming from the cracks, Is the house level, What year was the house built, Location is a big factor. It could simply have been a bad concrete job if it was built in the last 30 years. If it is not impacting the structure ( Cracked drywall, Cracked Flooring, Windows cracked and not closing , Doors not closing )

Is the Lag Bolt just holding up the ledger board for the deck? If it is a steel braided cable running through to the other side of the house I am going to tell you yes you have problems.

My crews work in Northwest Indiana and south suburbs of Chicago. Message me and we can talk about timeframe and scope of work. If I can provide what you need I am always willing to meet and  give you a quote.

Hiring a contractor without insurance is a huge risk. It's also something most people never even ask for proof of. You need to request a certificate from his insurance broker to make sure it's valid. A lot of contractors will purchase insurance  then cancel it the next month . But they still hold a copy of  their policy to show clients. For example, I hold a 2 million dollar policy with a few different umbrellas. I could cancel the policy but still have my policy paperwork  and tell you I'm insured. ( My agent wouldn't allow this. He would hunt me down.) 

If the contractor is not insured you as the property owner are responsible and held liable if one if his employees or he is injured.( or anyone else)  You are also liable for the poor craftsmanship  that can injur someone after the work is completed and he has gotten out of dodge. My own persnal opinion ( and only and opinion) this shows me he is cutting corners. Which tells me he will also cut corners on his work.