All Forum Posts by: John Conner

@Pat G. Thank you for that response! 

They both have experience with landlording and basic rehabing. I have known them forever and have had a bit of bad luck. I believe that hard money would be the best option but I was looking for that to be our last option. With houses moving in my area very fast, how is it possible to get the time to show the hard money lender the deal without it being bought out first? Do they provide a proof of funds just like a bank? or do you have to show them the deal first? @Ned Carey

Hey guys,

I am looking to start buying and flipping houses with 2 friends but I am in a unique situation. I am in the middle of buying a house with my GF that we plan on rehabbing over the next 2 years and selling it. It doesnt need anything immediately and I got it for a great price. I will have around 12500 to invest once I close on the main residence and my friends are looking to invest around 10k each putting us at a total of 32500. Here is where it gets tricky... I make around 2200 a month and the mortgage for my house will be 1300. My gf works as a nanny off the books while she goes to school so I cant use her income. I have 780-800 credit but my friends have somewhat bad credit and dont have jobs currently. They are doing side jobs to make money for their rent. How should I look into starting the business with my 2 friends? Should I start a LLC with them and make an agreement? How can we get funding? I dont believe we will be able to get the funding from a bank with my mortgage payment being so high and them not having jobs on paper. Any advice would be appreciated.

Thank you,

John

Hey guys, 

I am looking to start buying and flipping houses with 2 friends but I am in a unique situation. I am in the middle of buying a house with my GF that we plan on rehabbing over the next 2 years and selling it. It doesnt need anything immediately and I got it for a great price. I will have around 12500 to invest once I am done with everything and my friends are looking to invest around 10k each putting us at a total of 32500. Here is where it gets tricky... I make around 2200 a month and the mortgage for my house will be 1300. My gf works as a nanny off the books while she goes to school so I cant use her income. I have 780-800 credit but my friends have somewhat bad credit and dont have jobs currently. They are doing side jobs to make money for their rent. How should I look into starting the business with my 2 friends? Should I start a LLC with them and make an agreement? How can we get funding? I dont believe we will be able to get the funding from a bank with my mortgage payment being so high and them not having jobs on paper. Any advice would be appreciated.

Thank you, 

John

Has this sold yet?

I agree with J. Scott. When I bought my house I thought my Master bedroom was kind of small. Once my Queen size bed and nightstands were put in, I thought it was actually pretty nice size. I vote to definitely placing furniture in the rooms. 

Any updates? Been a month. Hope nothing went wrong!

Any updates? :)

Good Afternoon fellow BPers,

Long time lurker but just got to the point where I am ready to start my career in Real Estate. I currently work for a mortgage company making $40k a year and am a senior in college for Business Finance. i have around $30k in the bank and currently own a townhouse. I am currently looking to sell my townhouse and buy my first live in rehab and my best friend is going to live with me. He is VERY handy at anything with wood or electrical which would be the other side of the partnership. He practically built a whole kitchen for his parents. Now on to the questions:

1. I would be putting the $$$ up for a down payment and probably the repairs but he would be doing the repairs to the house. How would you structure this agreement?

2. Any tips from someone who started out in a partnership and is still in one today? or even if you are not in one still and where it went wrong?

3. Any other tips in general would be extremely helpful. We are looking to start this in the next couple months. 

Thank you, 

John Conner

Mine is just a little smaller in Tampa, Fl. It was once for sale at $12 million but has since come down.

http://www.realtor.com/realestateandhomes-detail/706-Guisando-De-Avila_Tampa_FL_33613_M69361-33338?row=1