All Forum Posts by: Lisa Johnson

If cost effective, I would build a small gabble over front door and add post to porch.

I would paint fascia, shutters, garage door, new gabble and post a light gray.

Add black sconce light(s) by front door.

Add decretive black wrought iron hardware to garage door.

I would choose a craftsman style front door with six panel windows to mimic windows on house and paint it a shade of blue or red.

Remove shrub and add grasses and flowers with mulch between sidewalk and house to garage door and mirror the other side for balance.

Hi Jill,  it seems that your biggest issue is getting agents and brokers back in the door.  Well my suggestion is to host a party.  Cocktails and hors d'oeuvres maybe after 5 pm.  Offer some incentives on the commission to the agent that brings a buyer.  Maybe hire a DJ or local band for entertainment and offer one very cool door prize.  You will need to bring in tables and chairs for the guest.  Brokers and Agents love a good party.  Don't worry, there's a buyer for every house and you will find yours soon!  All the best, Lisa

Hi Charles,

A lot of us are just getting started in our flipping careers on BP.  Speaking for myself, I have had some major set backs and some days feel like quitting but... I will not!  You seem very passionate about what you want to do and passion will get you a long way.  You need to keep believing in yourself and learning everything you can especially from the very experienced people on BP.  And understand this principal, that it's not the set backs that define you but, how you handle them.  Your family does it their way and you will do it yours.  Your significant other is nervous but once you start your journey with your first house, I believe they will see your passion and desire for success and get on board.  You can do this!  Don't let fear of what other's think stop you.  And watch out for analysis paralysis,(most newbies suffer from this), it's just a distraction!  Be confident and move forward!  All the Best, Lisa

@Gary Headrick and @Marty Smith, thank you so much for your quick response. I will read the forum on HML and pay close attention to anyone that offers their services. I will check references. I was in the mortgage business for 8 years both as a loan officer and account executive so I am familiar with finance but I must admit, this is a different animal. I will continue to do my due diligence until I have a greater understanding of private money lending. I would like to invite each of you to be my colleague. Please join me if you'd like. Thank you again for your advice. Lisa

@Marty Smith and @Gary Headrick, I would like to ask your advice if you have a minute.  I am in no way soliciting you but have some questions about private money lending vs. partnerships and I hope you will be able to provide me with some in site.  With regard to private money lending, what is the typical repayment structure?  It's my understanding that private money lenders pay for the property plus rehab cost and then get their initial investment plus a percentage.  If that is correct, what is the typical percentage expected?  I know with a partnership, the investor will get their initial investment; purchase of property and rehab cost plus a share in the profits after sale. What are the guidelines for a private money lender and how do they differ from a hard money lender? (other than private money lenders are usually individuals and hard money lenders are usually companies). I would really appreciate any advice you can offer to help me get a better understanding.  Thank you in advance for your time.  Best Regards, Lisa

Hi everyone,

I really could use some advice on the post above. I will be speaking with a possible investor this afternoon and I need to understand, LLC or individual contracts: which is better. I value all of your experience and would really appreciate any advice. Thank you. Lisa

Hi everyone, I really need some direction.

Long story short: My investor and I went to his real estate attorney to set up our LLC. He reserved the name and drafted the documents but we did not sign them. Reason: My investor pulled out and decided to buy a building in New Orleans. So, in trying to find out what my options are, I called the attorney and asked him about the process of adding other investors. I also asked him about the process of buying and flipping houses under this LLC. He said every transaction will be a different transaction and that the LLC does not provide for that. He said I would have to create something called "Series" for each transaction in order to cover each property. So, I guess I wanted to ask you exactly what is the value of having an LLC to flip houses? Would it be more prudent for me to draft up a contract for each house and every investor (assuming I have more than one) outlying the parties obligations? I really appreciate your help! Thank you, Lisa

I would remove the table and add lower cabinets /counter tops along that wall under the window.  Then I would add a narrow kitchen island on casters, maybe 2 feet deep.  I would do a simple counter top on the island, maybe butcher block to add character.  This way you've  provided two more counter top spaces for the buyers without the worry of matching the brick.

Nice job!  

@Account Closed, thank you for your response as well. I'm not exactly sure what the form is either. I have read several post on BP that mention a 1099 but I will make sure I have a CPA in place to help us with the proper form. With regard to transferring to an LLC after the purchase, again, I have read a lot of post where flippers say they do that. I just thought it would be easier to bypass that step and buy it in the LLC's name in the first place. Based on what you and John said, I think I'm on the right track. I really appreciate your advice.