All Forum Posts by: Jim Charles

So, I'm a little confused by this, wouldn't a percentage of the sale price be the same thing as an equity stake since it's a flip? And if we are going to do a trial deal, would we still need an LLC or do it in some other way?

Hey all,
Looking for some advice on how to set up and structure a partnership for flipping and recommended stakes. The group would be another investor and myself. We're at least responsible for the deals and funding portion. In addition, we have a general contractor who preferred an equity stake in lieu of fees. The general consensus is we're going to need to set up an llc to get this going, but beyond that and detail wise, I'm looking for any help or guidance you can pass along. Initial investments will be flips, but the group is also interested in getting into rentals in the future. 

Hey all,
Looking for some advice on how to set up and structure a partnership for flipping and recommended stakes. The group would be another investor and myself. We're at least responsible for the deals and funding portion. In addition, we have a general contractor who preferred an equity stake in lieu of fees. The general consensus is we're going to need to set up an llc to get this going, but beyond that and detail wise, I'm looking for any help or guidance you can pass along. Initial investments will be flips, but the group is also interested in getting into rentals in the future. Since we're staying with flipping, I thought I'd post here, but if there's a more appropriate forum to use, please let me know. 

 Thanks Mark. How do I find the probate case number? 

So, I started using DealMachine this weekend. I put a local house into the app and it told me that it was owner occupied.  It was apparent that this was wrong.  After pulling the tax records on the house, it appears that the owner died and it is managed by the estate, but quickly falling into disrepair.  I want to start a mailer campaign, but I'm not sure how to proceed.  How would you address the mailer?  I don't want to address it directly to the deceased.  Do I use "The Estate of xxxx" or something along those lines?  Something completely different?  Would the mail typically be forwarded to the executor?  Is there some way to find a direct line to the executor if not?  Anything else I should know/be sensitive to?  Any advice would be appreciated.

 Thanks for the welcome. As a decidedly not car guy, I'll pass on owning one, but I could definitely see myself renting one just to say I drove one. 

Hello Bigger Pockets Community!  My name is Jim Charles.  I live in Wenonah, NJ.  It's a small town in Gloucester County, maybe 20 minutes with no traffic from Philadelphia.  I am a lifelong, reluctant NJ resident, mostly in South Jersey, but I did spend a few years in Monmouth County.  I am an engineer by trade and have spent the last 4+ years in management.  So, on to my real estate story.  We bought our first (and only) house in 2006.  Right at the peak of the market.  It was a really poorly done flip.  At least I learned a lot, I guess. 

So, that brings us to today.  I found the BiggerPockets podcast sometime last year and have listened to a ton.  Completed my requisite reading of Rich Dad Poor Dad, which was actually a pretty big eye opener and mental shift.  (I think I read this before I had even heard of BiggerPockets) I've purchased and read a handful of the BiggerPockets books, among others.  I try to keep my Kindle with me and read at lunch every day.  

Where do I want to go with real estate? I've been asking myself this question a lot. After reading and listening to a lot of different strategies through the podcast, books, social media, etc, I think Mark Ferguson's strategy really hits home. Mind you, I have no intention of becoming a broker, but along the lines of his flips funding his rentals. So, I'd say a few flips first, using the profits to purchase cashflowing rental properties to BRRRR. Whether those flips/rentals are local or long distance doesn't really matter to me. Knowing the stupidly high taxes in this state, out of state seems more likely at this point.

Thanks for reading my long introduction. Hopefully with the kids out of school this week and bedtimes relaxed, I can start attending some local meetups or REIA meetings.