All Forum Posts by: Shawn McCormick

Thank you @azeezk, that article helped a lot. I plan on sitting down with an attorney that specializes in real estate and is connected thru my REI club.

I am about to form my LLC. My wife works for a national housing builder and is not permitted to be a member of a company that deals in real estate. Should I be the only member or should I have my (under 18) child be a small percentage member?

I am about to form my LLC. My wife works for a national housing builder and is not permitted to be a member of a company that deals in real estate. Should I be the only member or should I have my (under 18) child be a small percentage member?

This is a fairly common topic at my REI club meetings and there is one that is a corporate sponsor of the meeting and a lot of members are doing this. What was suggested to us is that you find a joint venture partner who also flips houses and you can fund each others project for the same amount, that way, both of you are vested for equal amounts. Just be sure to include each other as a beneficial interest in each others properties.

I am a newbie, but I think I'm pretty accurate here. Good luck!

This is my first post, I have not done a deal yet, but have been a member of my REI for a year and have met some good people. I take part of my local REI main meeting and also a smaller 'county chapter' meeting. I have signed up for about a half dozen wholesaler email lists, many of which have tables set up at our meetings to advertise the latest deals.

As I understand, many of the wholesalers formed a co-op of sorts and allow each other to market each others properties. They all list for the same price and use the same ARV, repair estimates and photos. There are one or two that have 'unique' listings, but often are not in my area.

My questions are based around that many of the people I interact with don't trust the wholesalers (many are well known and have been around for a long time). They always tell me that there is never enough room in there deals, due to inaccurate comps, inflated ARV and just guessing at the repairs estimates...these are almost always $30-35k on every listing..hmmmm. Anyhow, how do I go about finding the good ones left on the emails that I get after all the good ones are gone to the 'premium investors'. How do I find more accurate repairs estimates without wasting a contractors time on someone that has no proven ability to buy the house and hard money lenders want BPO's, how do I get those without having a realtor willing to travel all over the metro area for nothing (or paying them a bunch to do them and finding out I just wasted a lot of money) Without having true numbers, I use theirs and add to the repair estimates and then factor in a guesstimate of closing, holding and hard money costs (they only accept hard money or cash). I find that I can still have some room to at least make a small profit (not looking for a home run on my first couple, just want the experience and of course, not to lose my shorts!)

Do these guys have a point about no good deals will come out of the wholesalers lists. I just have NO desire to do the marketing and weeding out involved in finding the properties and then trying to figure out how to help the (desperate)  homeowner and still get a deal.

Any help would be appreciated, thank you in advance!!