All Forum Posts by: Kenneth Mooney

@David Doherty I’ve never been to Des Moines but I would have to imagine Chatt is a little bit more exciting than Iowa and Indiana. Never been to either though, so who knows!

@Matthew Odou I’m biased because I’m from the south but I would highly recommend the southeast. A few markets are Augusta, GA , Columbia, SC, Chattanooga, TN. All three great markets and provide different things. Would be happy to discuss further if you’d like.

@Beau Thompson don’t believe there are any stipulations with conventional. Have you asked your lender?

@Beau Thompson I believe it would depend on what type of financing you get.

@Bob Bates have you ever considered partnering with someone who is cash rich?

@Taylor James Schreiner a lot of this is going to depend on your current amount of capital. FHA is a great option. What are you looking to do in real estate investing? Looking to purchase a rental property?

@Mary Griffin there are many markets you can invest in. I'm biased because I am from here, but I love Augusta, GA. Tons of job growth and they are jobs in secure markets (military, medical, cyber). Many markets in Ohio and Indiana are good. Majority of states in south are very affordable and are great for cashflow.

@Beau Thompson Not sure what you mean. I am assuming you mean you have a loan and there were stipulations about you having to live in the home for a certain amount of time?

@Kevin Delgado One question to think about: 

(1) How is the contractor going to be paid? Would highly recommend a structured draw for payouts when agreed upon work has been completed. 

I'm not as worried about the other partner not performing because it is in his best interest to perform. If they are both putting up equal parts I wouldnt be as worried about things. The one thing that caught my eye was the renovation. Renovations can go sour really fast and contractors can be really fast. 

Ultimately, trust your gut, get the proper documentation, and you will be fine. 

As for documentation, you'll want an agreement between you and contractors company stating when payments are to be made, quality of work, etc. You are right, attorney can help with this. 

You'll also want a "Management Agreement" between friend and you stating what work will be performed and for what cost.

@Mary Griffin Are you dead set on purchasing in the Bay Area. I am sure the cost of entry is quite high, is it not?