All Forum Posts by: Joe Kling

Hi @zachary myers,

Can you please email me details? [email protected]

Thanks, 

Joe

Hi @Bob Green,

Can you send me info on your program? [email protected]

Thanks

Joe

Hey BP!

I have a meeting with an investor I met over the weekend who can offer general contractor services. Since he understands the business from the investors perspective I am hopeful he could be a good addition to my team. 

What questions would you ask this contractor?

Joe

@Steve Vaughan - Thanks!  I am going to ask him to coffee.  I just want to try to prep quickly so that I can go into the meeting with a good understanding of what I am looking to get from it.  I don't want him to dismiss me as someone who doesn't have a clue before I get a chance to at least get him to bid on a job.

@Jesse T. - These are a couple of good questions.  Thank for the ideas.  This is what I was looking for from this post.  I want to be able to ask intelligent questions that will spawn some futher discussions which will help me gauge what he does.  Thanks so much.  I don't think he is looking for a partner, though.  I guess i don't know if I don't ask, but I got more of the impression he is either looking to be an agent (for the commission) or as a contractor (for the contracting fees).

Thanks guys

@Katheryn De Leon

Welcome to BP.

I'm fairly new to it as well and I am just around the corner from you.  The community here at BP has been SO valuable!  Ask a ton of questions.  Sometimes I will read what others have asked and then I still end up asking a similar question because the trends in the industry can change and it is nice to get perspectives based on what is happening right now.

I'm looking for properties, so if you think you find a wholesale that you're looking to flip, hit me up.

Joe

Hey BP

I'm looking to begin flipping houses. I've been doing research and want to make a move as soon as I find a deal warranting investment. 

I was out this weekend going to open houses in order to see what's available in the market I'll be selling into. I saw a lot of lipstick on a lot of pigs. The very last house I went to see was beautiful. It was priced to sell at the heart of the market but it looks like a multi million dollar home (I live in Los Angeles).

I spoke to the showing agent who turned out to be the owner who rehabbed the property. We spoke for only a few minutes but he pointed out that he prides himself on doing foundation up rehabs with exceptional materials and craftsmanship. What he said showed in the property. All the details were impeccable. 

He then went on to explain what he does. At first when he thought I was just a buyer he told me he could be a buyers agent and help me find a deal and advise me on what a good price might be for a property I was looking at. Then I explained what I was trying to do and he said he could be of service by being a general contractor and after we picked out a property, set a rehab budget, he could do the work. 

If someone just mentioned all this I would be skeptical. It sounds like he's trying to be all things to all people. What has me interested is the fact that he was standing in this beautiful home that (based on its middle of the market price) will likely sell this week. His work speaks for itself. So I want to leverage his expertise but I 1) don't want to get taken advantage of, and 2) don't want to come across looking like an idiot to someone who might be able to help me towards my goals. 

Any thoughts on next steps to take with him? How can I ask for his help workout coming across like a sucker he can take advantage of?

Thanks

@kyle scholnick

You're using the term expense very loosely. Expenses are generally used in the course of operating your business. Capital expenditures are made to improve your business. Expenses and capital expenditures differ in value and life expectancy. Purchasing a new property would be considered a capital expenditure not an expense. Because of that, the purchase would be capitalized (the entire amount attributable to structure and improvements on the land but not the land itself) and depreciated over the expected life of the structures.

As everyone else had pointed out, I encourage you to speak to your own attorney so that he or she can advise you on your specific situation. 

Joe

 @Mark Elliott

Please tell the bad stories. How are the 2 services different?

Thanks for the answers, folks. 

So is the bid tab (which shows winning bids) only updated after the sale goes through? Do they do this so we don't know the actual amount of the accepted bid in case it falls through? 

Joe

Yes. I have his business card. I'll call him to check. 

Thanks @Lisa Johnson