All Forum Posts by: Jean Holley

I am making an offer on a property with my real estate flipper friend and think we should have an agreement written up stating the percentage of capital being put in and percentage of profits and what not.  Just a quick (mostly informal) contract.  Is there anything out there I can use as an example?

Hi!  I am currently working with a mentor/partner to help me with flipping properties and we are trying to buy properties at sheriff's sales.  I have been a realtor for 15 years and understand the value of homes and what is needed to make them sell.  My partner has been flipping for over thirty years and is married to a general contractor so we have that going for us.  My cash flow is comparatively low, but I have enough to come up with 10% and to do work on properties in sheriff sales.  I need to know I am preapproved for a loan or even line of credit so I can feel confident that I won't lose my 10% should I make a bid on a property and win the bid.  I will need to (in some cases) come up with the balance of the sale price within 21 days and other cases in 10 days.  I keep hearing from hard money lenders that they can't "preapprove" me unless they know the property info.  I understand the need for the property info but am in need of someone to tell me that based on my credit and salary that they would lend if the property was a good purchase.  If they are willing to do that, I would then like to know how long the process is when I do purchase a property.  How long once the lender knows the property in question will it take for them to lend the money if they are going to do so?

Hi Gary,

I'm so grateful that you would be interested in my offer.  However, I do not have my license in NJ, so I wouldn't be able to provide my services as an agent and pay out commissions there.  I am only licensed in Pennsylvania.  If you have any interest in Pennsylvania flipping/wholesale, I would really appreciate your help.

Thanks so much for getting back to me so quickly.

Jean

I am a real estate agent looking to get into real estate investing in Chester County, PA; specifically, flipping and multiple unit rental properties. I would like the opportunity to "shadow" a current flipper/investor in my area and in exchange will provide my real estate agent services for free; Specifically, I would give back all of the portion of the commission I earn through each transaction with you at the settlement table. This would come to $1680 per $100,000.  So, if you buy a property for $200,000 and sell it for $300,000, you would get back $8400 from me.  Hoping to hear from someone soon.

Thank you.

I am a real estate agent looking to get into real estate investing in Chester County, PA; specifically, flipping and multiple unit rental properties.  I would like the opportunity to "shadow" a current flipper/investor in my area and in exchange will provide my real estate agent services for a discounted commission; Specifically, I would give back half of the commission I earned through each transaction with you at the settlement table.  For example, if you buy a house at $200k and sell it for 300k, my agent commission for both of those transactions would come to $7500, so I would split that and give back $3500 to you at the settlements.

Was a realtor for 10 years.  Backround in accounting.  Ready to start investing in flipping houses.  Not sure where to find homes needing rehab prior to them hitting the mls, Trulia or Zillow.