All Forum Posts by: Mandi Martinez

Hello all! First let me ask that you don't bite my head off, I'm new to REI. I have done two flips but would like to purchase a multi- family unit. I have found a duplex but it is currently occupied and both tenants are paying way below market for rent.

What is the right way to go about raising the rent to market value? I’d like to know my options before jumping in.

@Greg Dickerson This is valuable advice. Thank you for taking the time to respond to me.

@Alexander Hish thank you so much for your response and for giving me your advice. I agree that with flipping it doesn’t make a lot of sense which is why I asked because someone approached me about it. Having both sides put money in and both sides split profit sounds good but when I sit and think about it, I feel like the work would be mostly on me. Finding the property, contractors, paperwork, etc... which is fine but what would the other side do? And what if I find a great property and they don’t agree or they find one they like and I don’t think it will work... those little issues are where I’m finding it hard to see how any joint venture would work without chaos.

@Greg Dickerson thank you so much for your response Greg! I will definitely take your advice to heart.

It does raise more questions for me though. Like what specifically should be included in the contract with the attorney? What type of attorney do I need?

Please excuse my ignorance. I’m really new to this.

Im unclear on what a good joint venture would look like in the world of flipping and multi unit rental. Does one person pay and the other oversees the work? Can you both go in half? Then who does what? What if I pay and the person who is supposed to oversee the work doesn’t do what they should? Or what if they do less then what I would? Or vise versa?

What does the structure of a good joint venture look like? Any examples would be helpful.

Btw I was the high school kid who was paid by the other group members to do the entire group project myself. So I’m having a hard time wrapping my head around how to make sure I, nor the partner, feel taken advantage of.

@Cameron Price thank you so much that is actually very helpful!

I have only flipped one property (I got it from a wholesaler) and I am looking for my next property. I have gone through a good number of real estate agents and can't seem to find one that understands that I use a hard money lender. Can I present the offer as cash? Meaning can I tell my agent that the offer is cash even though I'm using a hard money lender? Is this dishonest? The problem is there are some great properties that say "cash only offers", I'm assuming because they want a no hassle quick close deal, which I can also do with a HML. I want to make offers on those properties, is it possible or do I have to say I'm "Finanacing"? P.s. go easy on me, I am so so very new to this. :)

@Ismael Reyes Just one :(. I’m a super duper newbie. I’m looking for my next deal now...

@Ismael Reyes that’s so awesome!! I’m from Tampa as well, and just finished my very first flip (small accomplishment compared to yours). I hope to one day get to your level! Definitely keep up to date with your journey, I’d love to follow and learn.

@Aaron Revere I love your response and your advice. I actually have looked into what it would take just for me to be a GC so I get why you went that route. Thank you for taking the time to respond and encourage me. Lots of good karma your way.