All Forum Posts by: Michael Kopyscinski

You all are so awesome for sharing your thoughts and providing information! I really appreciate it.

@Account Closed - So you pay 1% of the loan amount over the 6 month term? If you borrowed 50K, you would pay that person/investor $500 a month, totaling $3,000 in this example correct?

@Sean Walton - Thanks for your input, I appreciate it.

I definitely want to make it a win-win. She is family and wants to invest. She really wants to invest for the long haul, or as along as I am flipping properties.

That's what I am trying to figure out now.

Do I want to pay her an interest rate at 5,7 or 10 percent. Or should I provide her a percentage of the profit off each flip for a given time period. That is what I am trying to figure out now.

I was seeing if anyone has been in this situation and what were there numbers. Was it 5%, 7%, 10% in interest or was it a certain percentage of the profit.

It's a work in progress and I will continue to keep researching. I do need to figure this out fast. I have two properties that my partner and I are putting offers on over the next two days.

Hey All,

I have a family member that wants to invest and "help me out" in my flipping business. However, I am trying to find out what the terms should be?

The money is not in 401K, it's sitting in a bank and she wants to invest. She is getting older and wants to help me get started and also make some money. She is in her 50's right now and wants to use this money to help her retire in 10-15 years.

I am wondering what my options are and what is suggested.

How long is should the term be? What percentage?

Should I offer her a percentage of the profit off each flip? Or whatever is highest, the interest or the profit for the given year?

I'd like to get a feel from other professionals in the community that know more than me and who've been down this road before. What are your thoughts or suggestions? She is a close family member and I want to make sure we both win in this situation.

I appreciate your input and would like to hear your thoughts.

Best,

Mike

Thanks @Mark Nolan

I have been watching webinars, listening to podcasts and reading books! I am excited for this and BP is a great community.

BP,

I am working with several people on gaining capital for my business and I have a few questions in regards to investors. I am researching the site as well to find some information on this topic as well.

When an investor provides you with capital what are some basics terms?

Can I or do I offer an interest rate and over a period of time? If so, how much and how long are terms usually?

Can I or should I offer a percentage of the profit after each flip?

I'd like to hear what you all think about this.

Both investors are putting up 50k.

Thanks for your help.

Thanks everyone for your responses! I look forward to using this community to help become more educated and successful! 

@Matt Lefebvre - Thanks for the advice an agency!

@Kevin Hunter -Thank You!

@Alec Bewsee - I look forward to chatting with you in person as well!

@Rich N. - Thanks for the input, i appreciate your input! 

Have a great weekend all!

Hey BP, 

My name is Mike Kopyscinski from West Springfield, MA. I just bought my first 3 family in the next town over in Westfield, MA. I currently work as Channel Account Manager for SolarCity. I am new to investing but want to move into this full time as soon as possible as a house flipper and buy and hold RE investor in Western, Mass. I don't have much experience but have been doing a lot of reading and studying. I am currently networking with local investor's in my area and have made some great connections thus far. (It's amazing that Full-Time R.E.I.'s will take time out of there busy day to meet with you.!!) I will be getting licensed as a RE agent in April to help me understand my market better and to make extra money (or save money on deals). I already have a few friends that are looking to buy or sell!

My Goal this year is to find a solid mentor in my local area, help them in anyway I can while starting to learn and grow my own business. My goal is to do 3 deals this year, two flips and 1 buy and hold. My girlfriend and I just had a baby as well so we need a bigger place. Networking has always been part of my life and I am looking to do that here on BP as well. Since starting on this little journey i've already

I joined BP after listening to a few podcasts and watching a couple of YouTube videos that Brandon conducted. I've also joined the last several webinars which have been helpful. I want to learn and become more educated in this field and I am hoping BP will help me achieve this. 

This is my calling and I believe if I put in the work, network, learn and understand the business I will be able to move into this industry full-time!