All Forum Posts by: Jose Tovar

I've been pondering this topic of finding ways to get into REI with limited funds for a while now as many others have also I'm sure. My question is, would it be valuable for an experienced flipper/rehabber to partner with someone who holds a RE and a Gen Contractor license but has limited funds? The idea would be to bring sweat equity into the deal in the form of running work and helping keep costs down in exchange for a percentage of the profits. Maybe even reinvesting profits from one deal to the next.

Is there a Meetup link? I’m in Bellflower and would be interested in attending.

Any REI groups or meet-ups out towards the Bellflower/Downey area?

Hey Vinh! As a GC and aspiring REI I can say that quality definitely won’t be cheap and cheap won’t be quality. Having said that, working with a GC that will not gouge you price wise and still provide good work depends on how you structure the relationship. I’m near you In Bellflower. Feel free to message me if you want to get together for coffee sometime and discuss ideas.

Just wondering who has experience out in the BP world with using hard money for new construction. Have a vacant lot in So. Cal we want to build on but most big banks have pretty strict requirements that may make it too difficult to go that route. A couple big questions I have are, what type of equity is required? Can we be our own GC since we are licensed? Thanks in advance.

Hi Jeanae. The county tax records state paid in full in regards to property tax payments. What you'd want to find is someone or somewhere to look up lien information. That will normally show any mortgages plus if there are any other monies owed on the property which might not make it a good deal. Title reps or companies, for example, can help you with this but usually for a fee. There's also some great threads on BP regarding online services that can help you get the lien info as well.

I'd love to be a substitute show host! I've been told I've got a great face for radio. ;-) Seriously though, any excuse to move back to Colorado works for me. Seems like a good time to get back into residential contracting out there.

Long time follower of BP.  Love all the info and great people willing to lend their expertise.  Hope I can contribute as well going forward. 

Now, my situation. I did SFR construction for 10 years under my fathers contracting company and with other builders. Been out of the game for 5 years though and I'm wanting to get back into it. (hate the office life)

I have an opportunity to build a new home for someone. We have a vacant lot at a good price available for purchase and with improvements we would be into it for approx. 90-100K. 1300 sqft SFR Structure would run anywhere from 110-125K. Total INV so far approx. 225K adding another 20% contingency cushion could be at 270K. We should be able to build and have it sold within 4-6 months. SFR home values comparable in size in the area range from 330-400K.

So long story long, my questions are:

1) Would it be better to have the end buyer purchase the land to ensure they have skin in the game and will see the project through to the end and still be our buyer?

2) What kind of costs would be incurred with Private or Hard money lenders?  Will they lend to the builder if the lot is not under our name?

3) Am I crazy to try and get back into this line of work while leaving a near six figure income job that pays the bills but does not stimulate me?

Thank you in advance for any and all input!

Thanks for the welcome guys!

Dee I'll definitely keep it in mind. I actually have one short sale property right now that is approved at approx 75% of MV that I need to move. That one I'm just the listing agent on not investor. PM me for more info if you'd like.

What's up BP family?! I was lucky enough to stumble across this site while researching short sale info on Google. Josh I can't say enough how great this site is. The wealth of information and mentoring offered up so selflessly by everyone is very refreshing and welcoming. As a new investor/agent I haven't been able to stay away from the site since I joined. I come from a construction background so I know a little bit about the real estate game but only as it related to building, buying and selling new homes. I've spent the last year working with a company who located, bought and sold short sales. It really helped me learn about the process and time it takes but also the reward. I finally decided to take the plunge and start doing my own flips. I hope to continually gain knowledge from this site and contribute from my experiences as much as i can.