All Forum Posts by: Nick Parks

@Oleg Enik

50/50 partnership. We both put in money and time. Worked pretty well. I think if you can find a money partner, and you do the work, that can be even better. Both feel like they are getting the good deal that way. That is how my 2nd partnership is.

@Oleg Enik

Also the best thing you can do is to find a rockstar realtor who invests in your market herself. They will help you find deals that you can actually make money. And help with realistic ARV's

@Oleg Enik

I partnered with a friend on the first deal. Also we both made over 100k a year so depending where you are at, that might be a lot but where I am, it is pretty average. We lived in an rv trailer for a year to save money so we had a decent amount saved up as well.

Yes I have been in construction pretty much since I was 18 so have been doing some part of it at one time or another. If you dont have the experience, just leverage contractors to help you estimate a rehab. Most good contractors will help you with that. It does help to be able to estimate a rehab quickly to move on a deal.

@Oleg Enik

I used traditional 5% down financing for my first one. It was on the edge of unlivable. We did a little work to it to get financing before closing. We use hard money now because the deals need lots of work.

@Oleg Enik

I am 25yrs old and bought my first property when I was 23. The lenders that I worked with, didnt care about my age besides the fact that they were stoked to see a young kid get into real estate. All they cared about was cash, credit, and the deal. Age didn’t have a factor in my case.

Hi all. I just bought a house to flip and am in the middle of the rehab. I have been keeping track of all my costs (materials, labor, ect) and inputting them into an excell spreadsheet. This seems to be working but I feel like there could be something better out there. What are some other people using for cost tracking and keeping tabs on your projects?

Thanks

@Rebecca Raskind

Thanks for sharing what you have done! It helps in our decision making.

@Will Barnard

Thanks for the reply.

@Greg Dickerson

Thanks for the info! I will consider what you have to say!

@Will Barnard

Thanks for the reply. I originally offered to just borrow money at a percentage rate but he wanted to be able to possibly make more money if we do well. Is my time invested the same as his monthly interest payment? Thanks