All Forum Posts by: Marc Pfleger

The title agency is asking for my operating agreement for my multi-member llc to check if I have signing authority. I have been educating myself on the OA for a few weeks and was going to take my time to draft an OA and then meet with an attorney and or CPA to review/revise. But time has become an issue. Can anyone recommend a good CPA or attorney in the Tampa Bay Area? The LLC is set up with myself and my father as managing mbr's. I find the deals, hire the contractors, marketing etc..., he supplies the money out of a HELOC. He lives in NJ. Or can I provide a generic OA that states I have signing authority to satisfy the title co. then change the OA later to be more comprehensive?

Thank you.

I came home from work today and there was a dumpster and some very frustrated looking people (owners) cleaning out what was a rental property. I walked up and asked if they wanted this problem to go away and they replied with an emphatic YES. I asked how much and they want 30k. 866 sq ft, I believe it will not need more than 30k in reno costs but used the handy dandy calculator and budgeted 40k for rehab costs, just in case. 60 day holding period. ARV 105-110K. I am looking at a 20k profit before taxes according to the fix and flip calculator. I am meeting them tomorrow to sign the contract. I believe I can get it for less as this property was inherited and the owners want absolutely nothing to do with the property. I was getting frustrated as I made some previous rookie mistakes and did not move fast enough on other deals. If you see an opportunity, investigate it further and make a well informed decision, quickly (at least in my market). Keep truckin everybody you never know when an opportunity will present itself. Before pics coming soon!

I purchased my first rehab property on 8/13/13 in Seminole, FL.Rough numbers; Purchased for 75,500 rehab costs 35k; holding costs approx 1,500.00; Closing costs 10,500. we are going to list for 169,900. BiggerPockets gave me the tools and information to make me confident about the numbers and I just wanted to say thank you. Learning by doing is definitely the best way to learn this business. I feel so much more confident. This site helped me get over that fear and take action. Oh it feels good. Pictures of the finished product are coming.

@Tom Goans

I had not even considered the SBA as source but it seems so obvious now, ha, thanks

The deal is I would be responsible for the acquisition price and my contractor/partner will be responsible for the construction costs labor, material etc and in the end we split the profit 50/50. I have my father guiding me through this as he has been in the RE biz for 25+ years and a former boss who is an attorney, who I consider my legal mentor (i thought i wanted to be an attorney) helping me out with the partnership agreement between myself and my business partner. the contractor is claiming he can build the above for 100-150k.

@John Connor the headline should have read tampa bay area, the lot is in seminole, FL

on another note I have not heard anything back from the seller in 2 weeks since the initial offer so he may not be motivated to sell, but we shall see.

I did not plan on taking on a project like this but I saw an opportunity and chose to explore it further and the numbers work but I am feeling discouraged due to the lack of response.

thanks

I am working on a deal for an empty lot in an area where homes retail anywhere between 525K-799K, high end everything granite etc. Included in the deal are plans that call for the below. Just curious as to what BP thought the total cost and price per sq. ft would cost to build the below. Im sorry if Im lacking info but just got the email before I head out to the rat race again. please let me know if you need more info. Thanks!!!

Living 3,584 Sq. Ft.

Lanai 3697 Sq. Ft.

Garage 760 Sq. Ft.

Entry 46 Sq. Ft.

Sun Deck 200 Sq. Ft.

Total 5,287 Sq. Ft.

I am new to this as well and I have had no problems when being straight forward with more seasoned investors. I would say I am not in a position to do a deal atm. Explain your situation if necessary and who knows you might find another mentor you didnt even know about it or they may offer up a golden nugget.

This is an awesome idea. I wish my parents taught me like this. Great post.

Jose Enage I have implemented the package and have been getting the phone to ring. I have not had any good deals come through (for me at least) but the marketing is working.

Jamaal Hunt this is awesome, thanks for sharing. Back to the grind for me ... Be phenomenal today