All Forum Posts by: Janetta C.

Thank You @David M this is really good advice.

Hey Guys! My cousin and I decided to partner up and invest together in the Richmond, Va area. We will do both the BRRR method as well as flip depending on the deal and how the numbers are.

Were planning to establish clearly defined roles/expectations and create terms of agreement. However the basic plan is to use my credit and her capital to acquire deals.

My question is how should we arrange our partnership? Should we each set up an LLC, do a multimember LLC, or perhaps form a Corporation? What would be the best way to legally arrange our partnership knowing the basic dynamics.

Any advice is appreciated! 

@Taylor L. I would like to join the meeting, what’s the log in info.?

@Nate O. Thanks for sharing your journey and offering advice. I’m still in the learning and networking phase of RE investing but setting myself up to be ready when the right opportunity presents.

Disregard post the property has structural damage no deal

Hey Guys,

A friend of mine lives in Wilmington Delaware and presented two condo units for sale that she thought could be a good investment. She is suggesting a group of us (4 total) form an LLC and put up cash to acquire the properties. Both require a little cosmetic updates but nothing major from what is in the listing.

I know renovations in condo units are restricted to HOA rules but unsure the rules regarding renting. Considering the current market would it be wise to invest in a condo as a buy and hold? I assume more people are looking for single family for outdoor space.

I’m not familiar with the market but it appears the condo price as significantly dropped since initial purchase in 2009. It sold for $142,500 but now it’s listed for $31,900 and other units are averaging between 29k-42K.

We are planning to further discuss details but I wanted to ask the BP nation if this seemed like a good idea and what questions I should have answered before moving forward. Thanks in advance!

Hi @Kerry Noble Jr Are you working as the project manager/GC finding subcontractors to make sure the project is completed? I’m curious to know the details of what you do.

@Patti Robertson I agree its sounding more like a partnership. I’m definitely going to continue to shop around for different contractors but it’s good to know what not to look for and all the tips BP community has provided is very helpful.

@Zachary Ray True, I’m not sure if it will be worth it but I plan to look around and get other quotes then make the final decision when I’m ready to purchase.

@Darius Ogloza Thank you for this advice!