All Forum Posts by: John Geldert

hey @Dennis Kelly welcome to Bp and congrats on you recent REI. I recently sold a home on the border of LI and Queens, it was not easy but I learned a ton! There is plenty of opportunity but also lots of competition. Obviously the biggest hurdle in ny/li are the home prices, in LI compound that with the ever rising taxes and that's a pretty large chunk of change. Before you invest make sure to do your due deligence and run the numbers, be aware of all your carrying costs- insurance, taxes, utilities,PMI etc. Best of luck, let me know if i can be of any help.

@Craig Rismiller 

Excellent points, I am in the beginning stages of forming a 50/50 partnership with a long time friend. He will be supplying 100% of the capital and I will doing everything else, so basically he will be a silent, cash partner. Any thoughts on this venture or how we should structure it?

@Account Closed 

Welcome to Bp, there is a ton of knowledge in this site. Make sure to read the free beginners guide and sign up for the podcasts, they will make for an interesting listen while sipping your wine ;)

@Jacqueline Gibbons Moore 

Welcome to Bp! Your in good hands.

@Joshua Dorkin 

So after taking the advice of fellow Bp members I came up with a written business plan, "on paper on purpose". I presented it to a long time friend of mine and today we became 50/50 partners in a house flipping venture! I want to thank you for assembling this dynamic site for real estate investors. It has not only educated me but also reinvigorated me to peruse my real estate investing and path to financial freedom!

Hey Bp looking for some more of your great advice/help.

So today a long time friend and I verbally decided to get involved in a 50/50 partnership. He would provide 100% of the capital needed for our venture and I would take care of everything else. The business plan is to initially flip homes then once we grow, to rehab and hold. I came up this this proposal along with a written business plan that he has already gone over. 

I already have a sole proprietor LLC set up and plan to set up one I believe as an "s" corp to include the partnership. I have been to Usleagal already and will have it set up through an accountant, but in the meantime I would like to get my friend/partner more info on our future LLC. I'm looking for any info on this topic. This entity is all new to me and appreciate any and all advice. Thanks!

Hey @David Mitchell thanks for the info, and sorry for late reply. The title company you work with are they able to search any property in any state? 

@Tammy Braz welcome aboard. Find your niche, plan your strategy then go for it! Best of luck!!!

TAKE IT SLOW AND WATCH IT GROW

@Drawyan Zhang 

Welcome aboard! I started my investing in the Poconos, then ventured into Queens NY and now going to try flipping in East Stroudsburg. Best of luck in whichever road you choose.

Cool, yeah the home is paid off and have pretty decent credit. Thanks again for the info.