All Forum Posts by: Jose Jacob

I am targeting homeowners with dilapidated homes that need repair and offering to pay for the rehab and split the profits with them at the end of the project after the sale of the home.

Any idea what this would be called and how to structure it legally? I obviously would want to have control over the property and maybe a pre-determined purchase price?

Thanks in Advance!

We have done this before. It works best if there's no debt on the property. We create a Joint Venture Agreement with the Homeowner and then file a Notice of Interest against the home as our security. The Joint Venture spells out responsibilities and how profits will be distributed. When the home is complete, the Joint Venture Agreement is provided to Title which will also find the notice of interest that has been filed against the property.

Any idea of this working (Filing Notice of Interest) in other States other than IL. ?

0 Votes

Quote from @Andrew Gavre:

I am targeting homeowners with dilapidated homes that need repair and offering to pay for the rehab and split the profits with them at the end of the project after the sale of the home.

Any idea what this would be called and how to structure it legally? I obviously would want to have control over the property and maybe a pre-determined purchase price?

Thanks in Advance!

Right on time. I was thinking about this strategy to adopt in New York. I spoke to my attorneys. According to them, there is a chance that the home owner can change their mind after the renovation to stay in the house. Depending on which state you are in, talk to an attorney and draw up a very strong agreement. It varied State by State. Good Luck

0 Votes

If you are brave enough to knock on their doors you can do that and talk to them face to face. You can mail them a letter saying that you are a cash buyer and you like to buy their property. Or you can skip trace their tel number and talk to them over the phone. Good Luck

2 Votes

Quote from @Agustin Silveyra:

What do you guys think are the best zip codes in south Florida for fix and flips? I’m looking to invest in this area and would love your feedback!!

I am from New York but I started to fix&flip out of state. What I did was to watch several YouTube videos from that area where I want to invest. So many info in social media and in BP. Contact some RE agents in the area you want to invest. Narrow down your search area. If you post that question over here, you will get several different answers and compile all that and do your own due diligence. Good Luck.

0 Votes

Quote from @Kyle Hunihan:

Hello! My name is Kyle Hunihan. I currently work for the US Coast Guard and will be moving to the Philadelphia area in June 2024 with my fiancee. I have been listening to the BiggerPockets podcast and reading their books for the last couple of years and I am eager to start my journey in the world of real estate investing. Whether you're a seasoned investor, agent, or someone just as passionate as I am, I would love to learn from your experience and build a meaningful relationship!

Hello Kyle. Welcome to BP. It is nice to hear that you want to take the first step in RE investing. RE Investing is a pretty wide field. There are several wings to it like LTR, STR, MTR for buy and hold, fix&flip, wholesaling, subto, creative financing and so on. Make sure you decide to concentrate the one you planning to do. Feel free to connect.

0 Votes

Philadelphia, Pennsylvania

Quote from @Brittany Daubner:

Hi all,

Briefly, I'm looking to connect with flipper/BRRRR strategy investors to learn from. I'm in the FLL area and could be boots on the ground for out of state investors, could go by and take pictures/videos, visit municipalities, and the like to help with your business.

If this interests anyone, please feel free to send me a message via BP. Hope to learn and help both of us grow 💪🏻

Hi Brittany,

Are you properly in Fort Lauderdale ? Isn't that kind of expensive ? What are the nearby areas you can find houses to Flip ? I am interested working with you. Now I am in NY and trying to branch out if I can get good properties with a decent margin. you can DM me if you are interested or get in touch joseinvestorny(at the rate of) gmail(dot)com. Looking forward

0 Votes

Fort Lauderdale, Florida

Quote from @Shango Collier:

Quote from @Jose Jacob:

I do several fix&Flips. I take Builders risk for 6 months which will cover the renovation time. Once the renovation is complete, I take a vacant Policy. Builders risk will not cover vacant houses. Make sure you have the right coverage. Insurance companies will try their best not to fulfill claims by looking for loopholes. So it is very crucial to have a right coverage. Good Luck

Thanks for this information. May I know what your 6 month total cost is? I’m trying to estimate the cost of insurance for my holding cost calculation

About $700. But it also depend upon the square foot of the house and location. Consult a local insurance agent, they will help you to get a free quote

0 Votes

Quote from @Marlene Kasanga:

Quote from @Daniel J Dominguez:

Hey Marlene

Welcome to the investor world!

I have a great mentor i can refer you to. Shes done hundreds of fix and flips and has plenty of resources. Shes local to Houston TX. i can refer you to her if you'd like

Hi Daniel, thank you 😊 and yes please that would be wonderful!

See that. You asked for it and you got several contacts. That's the beauty of Bigger Pockets. People are here to help each other. Great group

1 Vote

Houston, Texas

Quote from @Derek Tuohy:

Is it normal for a contractor to charge $150 fee to inspect a property in order to give a bid/line item estimate?

It depends on how busy they are or how big they are. Usually, there will be a clause that $150 will be deducted from the reno cost if you give them the job. My suggestion for you is to join some local REIA and find contractors there. They wont charge any fee. Make some friends who are contractors. It will help you in the long run.

Good luck

1 Vote

Quote from @Clint Jusino:

Quote from @Peter Mckernan:

Quote from @Ben Fernandez:

For someone starting out in fix and flips, what are some things to look for in choosing the right accountant/cpa to start a house flipping venture?

someone that works with investors.. CPAs that really know the back and front of not only fix and flip but investing write offs/tax liability.

My first CPA fired me because I created an LLC and he was not willing to do the work.. The second CPA I fired because he gave me a tax bill that was not right and then corrected it hours before I was going to send the money to the IRS. The two connections between these two that I did wrong.. I did not interview them prior to using them.. Took someone's word for it.

After these bad experiences I went out on a hunt a interviewed 4 different CPA firms and went with the current ones we have now because they answered all the right questions and worked with hundred of investor clients.

Can you share your CPA? The one I have takes forever to respond and I want to file asap and not wait months. So frustrating.

What do you want to file ? File your taxes or file your Corp or LLC ? Why are you frustrated. This is very simple and last thing you should be frustrated with. If you are frustrated now, about accounting, boy, I don't know how you are going to pull a fix&Flip. Welcome to the crazy world of flipping. I do may accounts in simple google sheets. At the end of the year, I share that sheet to my accountant and he does my accounting without any issue. I am doing this for last 10 years. No need to be frustrated about finding a CPA. There are so many out there. You are a single man operation. You will be fine. Find a house first and flip. All other things will come along Good Luck

0 Votes

All Forum Posts by: Jose Jacob

Jose Jacob has started 7 posts and replied 183 times.

Post: Has Anyone Tried This Strategy?

Post: Has Anyone Tried This Strategy?

Post: Making Cash offer

Post: Best zip codes to invest?

Post: Newbie Investor - Lets Connect!

Post: Boots on the Ground

Post: Basic Fix and Flip Insurance

Post: New to fix & flip

Post: Contractor charge $150 to give estimate / bid?

Post: Fix and flip accountant credentials

Jose Jacob has started 7 posts and replied 183 times.

Biggerpockets Logo Post: Has Anyone Tried This Strategy?

Biggerpockets Logo Post: Has Anyone Tried This Strategy?

Biggerpockets Logo Post: Making Cash offer

Biggerpockets Logo Post: Best zip codes to invest?

Biggerpockets Logo Post: Newbie Investor - Lets Connect!

Biggerpockets Logo Post: Boots on the Ground

Biggerpockets Logo Post: Basic Fix and Flip Insurance

Biggerpockets Logo Post: New to fix & flip

Biggerpockets Logo Post: Contractor charge $150 to give estimate / bid?

Biggerpockets Logo Post: Fix and flip accountant credentials

Post: Has Anyone Tried This Strategy?

Post: Has Anyone Tried This Strategy?

Post: Making Cash offer

Post: Best zip codes to invest?

Post: Newbie Investor - Lets Connect!

Post: Boots on the Ground

Post: Basic Fix and Flip Insurance

Post: New to fix & flip

Post: Contractor charge $150 to give estimate / bid?

Post: Fix and flip accountant credentials