All Forum Posts by: Mitul Patel

Hi @Kaylav. What software did you use to draw up this plan?

Sorry folks I was out of country for a bit. Thanks a lot for responding to my post. All the information is really valuable and helps a lot. 

Hello BP Family, I am new to investing but not first timer as well. Have done few flips on my own by now and at a point where I feel like I am prepared to take on bigger projects and invest with a group not just myself.

I am in Southern California

I am teaming up with three other investors for a flip project. This is my first project with investors.

We are getting ready to start submitting offers for properties. Each of us are investing different amount of cash and will be equity partners. We will need to borrow about 30% of the project cost from a lender.

Should I set up corporation or LLC? (I am assuming most responses are going to answer yes and LLC)

California state charges minimum $800 to maintain an LLC is there a way to avoid it?

How can I get the investors to commit the project cash?

How should I handle financial part, meaning, should I open a bank account in LLC or Corp's name now and deposit all cash in there, or can I wait until we get in contract for a property.

I want to know how to structure the deal and do it right.

Thanks for all your help in advance.

Hi Marcia, thanks a lot. I am trying g to avoid wholesale transection. Is there any other way I can do this deal?

Hello BP, I am investor in SF Bay Area. I have done few flips now. I have couple homes on market currently and waiting for them to sell. I have another deal that I can take up but all my money is tied up in the two homes on market. I spoke to couple of investors and they are willing to invest with me but I am not sure how to structure this deal as I am not going to put my own money in.

@Wendell De Guzman  I have acquired real estate in past. Currently I am investing with a group who takes on land and builds new homes.  

My goal is to generate $10K per month in passive income. 

I am in Silicon Valley. It is a sellers market here right now and properties are over priced and very pricey. To find a good deal here is very hard.

@Wendell De Guzman  thanks for sharing the letter. I really appreciate it.

Hi Wendell De Guzman,

Great post. I learned a lot from your post. Thank you. 

In one of your early posts you mentioned you sent 60 letters to experienced listings. Would you mind sharing the letter.

Thanks for all the replies.

Looks like I will have to search hard for deals in this area but from what I read this area is getting ready for a good rebound considering the jobs coming in to this area in near future.

Hello,

I am looking in to Phoenix, AZ market to pick up some buy and hold properties. From what I read it seems like that market was very hot in early 2013 and not it has slowed down quite a bit. I would like to know what other members and/or Phoenix area investors has to say about it. If not Phoenix should I look at any other area of AZ?