All Forum Posts by: Account Closed

@Basit Siddiqi - great response.  thank you.

@Luke Carl you mentioned in your OP "The stress of the 5 star review is too much."  I was just wondering if you have a strategy around that.

Best, 

-John

What's your current strategy with he 5-star reviews if you done mind me asking?

Best, 

-John

@Chanel Anderson, 

I'm a Polisci major as well.  Sounds like you have a lot going on, what exactly are you trying to accomplish?  Are you looking to be an RE agent within the firm you mentioned?  Are you looking to invest in your own deals? 

Best, 

-John

Looking for a CPA for tax planning and a Real estate attorney to help set up documentation between my investors and I regarding fix and flips. Any recommendations please let me know

Best, 

-John

Thanks for the info 

Can anyone recommend an HVAC contractor with good pricing?

Best, 

-John

nvm - figured it out.  select the state then the option for city comes up.

@Michael Plaks I said I closed because I signed for it (as deed is through my LLC) but he paid for it. (or most of it I should say) We have estimated to be all in 130k. He paid 65k up front on the property but it didn't cover the entire cost (79k was total on CD) so I paid the rest. I signed for it as the deed is under my LLC.

Our joint venture agreement outlines...

-splitting the profits - It is not 50/50 but instead in direct proportion the the amount of money put in to the deal by each party.  So if I put in 40% and he puts in 60% of the costs, I receive 40% profit and he gets 60% - or vice versa. (we are shooting for 50/50 but have an understanding and documented that it could change.

- splitting costs 50/50 - We put in the repairs estimate and add holding costs to come up with a total all in cost.  Then each party pays half of that number.  If there are additional unforeseen costs throughout the project - we can pay them 50/50.  If he wouldn't want to I would pay it, how ever the deal would no longer be 50/50.

- splitting work 50/50 - The work is not split at all.   I handle the fix and flip, he is really only a private money lender.

- splitting risk 50/50 - This is outlined in the JV agreement along with several other clauses, like what happens if one of the parties dies etc.

Thank you for explaining what typically goes wrong. It seems that the JV agreement that my attorney put together addresses those, but that doesn't mean that deeding the property in my LLC was still the best way to go about it. I like the process that @Seth Teel has and will be looking more into it.  

Best, 

-John

@Mindy Jensen thank you for answering that question.  Still having trouble posting to San Antonio local forum. Please help :)

Best, 

-John