All Forum Posts by: Jacob Blackett

Hi Brian! I think you're on the right track here. If I were you, I would start making those calls to City departments & ask them about an opportunity to purchase the land. City development/planning commission is usually a good place to start as well. 

Jake

Welcome Jerrod! Like you've said, you have found the right place to be!! I'm from Indianapolis but I've been down in NOLA for the past week- love this city :)

Happy investing!! Jake

Hi Eugene, I have deals fall through every once and a while, and you bet I write off any expenses I incurred while working on those deals- those costs are definitely ordinary business expenses! Best- Jake

Hi Montana, 

Are you looking to fund real estate projects you are personally developing, or are you looking to be the middleman i.e. match developers & investors and take a fee? 

Jake 

 I like the creative thinking in this scenario, but because the investment involves leverage, your income shown on the K1 will be subject to UBTI. 

Creating partnerships & taking advantage of lending opportunities is the way to go here. You also want to consider the availability of lending/partnership opportunities. If you are lending on multiple projects overtime, this is going to require significant due diligence & administrative time on your part per each investment. Are you going to have time to complete DD & administrative work on a new partnership opportunity when you are slammed during tax season, or trying to enjoy vacation with family? Also, if you're lending money on short term notes, are you able to keep it at play 24/7 & 365? Obviously your downtime from investing in one opportunity to the next will adversely affect your annualized returns. 

Seems like you're on the right track, it's important to chose an option that resonates with you- the more questions you ask about these options upfront the better off you will be when you decide to take action.

Best- Jake 

Hey Ted! You can view our meetup details here: meetup.com/RECP-indy

We'd love to have you out. Like Sterling said, we just created this group. 

Best- Jake 

Welcome, Jon!! Good luck, you've found an amazing site.

Hi Kellis, 

Congrats on getting into your first investment! Typically you are purchasing turnkey properties close to, or at market value. It's good you'll have a third party appraisal, that's always a good insight. In addition, you can reach out to a broker in the area you are buying, ask them to pull comps... Realtor should be happy to provide this for you. Ask them to simply pull recent solds, last 6 to 12 months within .5 mile radius. Have them send you all those sales, they should be able to give you a link to the data so you can click on the listings, check them out on a map, and get a good feel of how it's looking. 

Best of luck!! Jake 

Hey Rodney! I usually have good luck finding these agreements using a google search. I usually use the purchase agreement approved by the local Realtor association- a lot of times real estate brokerages will make these documents available for download. 

You can also use a generic purchase agreement. 

Here's a link from a quick search.

Jake

Hey Scot, we will put this product in bathrooms in our flips sometimes, it looks great. However, we haven't put it in the bathrooms of our rentals. For us, we'd rather put tile in the rentals.  This just mitigates the risk that a renter will expose the material to too much moisture because they aren't going to be as conscious about it as a homeowner may be. 

Best- Jake