All Forum Posts by: Jeremy Fruechting

@Yosef Lee

Good show! Thank you for sharing your story.

Does anyone have a quality (attorney reviewed) contract you have used for a flip partnership that you'd be willing to share? Or do you have a resource online you like to use (for purchase)? 

I also need a GC contract. A couple houses under rehab are with a GC who had his own. I've got a younger GC who wants to do one house, but I'm going to take the opportunity to develop my own contracts for future use. 

Thanks in advance!

Thanks everyone. And thanks for taking the time to read the post. 

Thank you both!

@Drew Petro Sorry about that. No we're in Saint Joseph MO, just north of Kansas City.

@Alicia Harrington I am in Saint Joseph. And thanks!

After watching my brother Austin Fruechting, and putting a few dollars with him in 3 packages as a passive investor, my wife and I are starting the race to financial freedom through RE. You can listen to his story here: https://www.biggerpockets.com/.... It's inspiring. It inspired us! 

Late this summer I started to seriously look into the different avenues this might take for us, and daydream about the different outcomes, something flipped inside. I decided, "I'm going for it." At that time I thought I'd take 6 months to research our area, network, and get some systems and team in place. 2 months later I had the bug and decided I couldn't wait. We closed on 3 properties through a wholesaler in the last 2 weeks and started rehab on 2 of them. We hope to BRRRR them and start 3 more in April.

The properties

SFH: PP $35k, rehab $18k, ARV ~$85k

SFH: PP $21k, rehab $19k, ARV ~$80k

Duplex: PP $35k, rehab $27k, ARV ~$85-90k

If we can get the appraisals to come in where we need (*here's hoping!), we'll BRRRR out with a local bank via commercial loan, 5/1 at 4.5%.

The learning curve

The first SFH I now realize I'm likely $5k over what I should have paid. I would have tried to negotiate that down. We need contractors! I'd like to keep 2 crews busy for the next 5-7 years straight.

Raising some bigger picture questions

Some big questions are gelling in my mind. I'm wondering if I need to start DMM and maybe wholesaling myself (since we need to find 100+ doors over the next several years it could save a lot of money). Maybe adding flips to generate more cash and scale up. Both of those strategies would help us transition to full time RE ventures, helping us move toward financial freedom and beyond. 

For now we'll keep moving forward hard with what we know (largely from my bro)--SFH's, BRRRR strategy.

Here's the 2 SFH's (pictured below)

Until now I’ve only been a passive RE investor. In the last month I purchased three properties that I intend to rehab and brrrr out of. I’d like to keep track of my numbers and paperwork for each property. What are system or app you using for organization, recording etc.?

Wow, great find! How big is the town? I'm looking at a nice 24 unit in a very small town. Like 1500 pop. That scares me. But it's close (1 hour) to our big town (75k). How small is too small? 

@Jason Baker we are going after mainly SFH right now, but will be branching out to MF in our area (NW Missouri) with a couple friends/investors who've done a few MF already. If you are interested and would like to know more, let's talk and see if there's a fit. Merry Christmas