All Forum Posts by: Erin Bryant

@Ned Carey thank you!

Also when you do the note and deed of trust, is this a pretty standard boiler plate document, or is it something I should push hard for my own attorney to write?

Thanks Greg!

Yes, ideally I’d like to keep this as clean as possible. Basically, they have the money and they’d like me to use my experience and network to procure the deals, do the work, sell it, and either split profits with them or just provide them a nice return on investment. 

The guy with $80k is looking more for an equity partnership where we would split the profits somehow. But $80k isn't going to be enough to get a purchase and rehab done in my market. So would need either an additional HML or private lender to partially fund the deals. But the guy with $250k is just looking for different options to make a return, so would likely be good with a simple X% of return.

When I say “partner” I do mean for specific deals and not a full blown business partnership. That may be an option in the future but not when we are just starting out, and neither of these guys has any experience with flipping. 

Hi everyone!  Have done a few flips and wholesale deals on my own, using some of my own funds in addition to hard money financing. 

I have relationships with a couple private money investors who are interested in partnering with me to do some flips. Between the both of them, there is enough capital to buy and rehab without the use of traditional hard money. One would just like a decent return on his investment, perhaps as a percentage, and the other is looking for a more involved partnership where we would split profits. One has roughly $80k, the other around $250k, to invest, liquid capital and not contained in an IRA or 401k.

So my question for the group...how are you structuring these types of deals? I already have an LLC that I run all my business through. Would I need to setup some type of additional LLC or LLP? Are you having your real estate attorneys do all the documentation for mortgage/lien purposes?

Any additional info or resources you can point me to?  I’m located in South Florida if that helps. 

is this still available?  Can you email me details?  [email protected]

Thank you so much everyone. I really appreciate the responses.

i am working on my first rehab in Fl and we have been working with a contractor that has great reviews but we just learned before we signed the contract with him that he is qualified by another contractors license. I now have many questions and hoping someone here can help.

1. how do we verify he is qualified by the licensed contractor?
2. Does being qualified mean hes covered by their insurance?
3. Should our contract be with the qualifying contractor instead of his business?
4. What other legal issues could this cause?

Any help would be greatly appreciated. We are supposed to get started next week and im just not sure if i should go forward.

Hello Bigger Pockets Family,

This is my first general post, but I wanted to just give a Monday morning bit of motivation.  I was really down on my luck last week trying to find a buyer for my first wholesale property and then I read a great motivational book and I am feeling totally motivated and energized.  Just wanted to pass on this little word of wisdom... Life can get you down sometimes, and sometimes you just feel like nothing is going your way.  In those times I would highly suggest surrounding yourself with positive people, reading a great motivational book and honestly just taking some time to reflect.  I believe in you, and you should believe in you too.

Happy Monday Bigger Pockets!

-Erin

Hello,

I am new to the real estate investing world, but just locked up a great deal in jacksonville, fl.  I would love to rehab it myself but I am not local and think it would be a bit much to do my first flip so far away. If anyone is interested in property in jacksonville, fl please reach out to me.  My buyer's list is very south florida based so I am looking for buyers in the jacksonville area.  

Hopefully I put this in the right area of the forums.

I actually just locked up a property in Jacksonville. If you are interested send me a message to my inbox and I'd be happy to send you the details.