All Forum Posts by: Roman Pak

@Jean Bolger Our criteria is for SF homes in the $130-$190k range. When I say scatter-brained I mean scatter-brained. A month ago she indicated that she was considering pulling the money out of our partnership to invest in a franchise of some sort, because it had been 3-4 weeks and we hadn't found a deal yet. 

I've offered to simply borrow from her at a 10% rate, but she wants 20% minimum. 

Based on everyone's responses it seems that my first course of action would be to find out if she's at all motivated to invest in real estate. then go through the analysis process with her, and try to convince her to use the numbers that are based on fact and not fiction. 

I completely understand conservative numbers, I wouldn't say I'm liberal at all when it comes to that, however, there's a difference between conservative and unrealistic.

@Bill Jacobsen The differences are almost on every level. First, The ARV. The agent provides comps and an ARV Range. I generally use the lower ARV estimate. She tends to go even lower by tens of thousands.

Second, she doesn't trust the numbers provided by the contractor that I am working with for the rehab. She expects to have 3 other bids before we even make an offer. My agent is also an investor and has a good handle on the renovation costs, she doesn't agree with him either. She pads the padding so to say, making a $35000 renovation quote which includes padding into a 45000 estimate with no real justification.

As for profit, she says she wants a set % however, when a house produces a dollar amount under $20k of profit, then all of a sudden the % doesn't work any more.

She is so scatterbrained at times, I have no idea how to deal with her. 

@Bryce Y. I'm not one to burn bridges at the first sign of trouble, but I appreciate the input. 

@Ryan R. I see your point, maybe I need to do a better job of including her in the deal analysis. The hard part will be to convince her to think outside of her comfort zone. 

Several months ago, I entered into a partnership with someone that was offering to put up all of the money for my investments. We agreed in the beginning that we would be flipping houses for a 60/40 split. I get the 60. I would provide the deals, real estate knowledge, and my credit, and they would provide the capital for the flips. There was a verbal agreement that my partner would allow me to find the deals, analyze them and make the offers on the properties that I felt were good deals.

Over the last two weeks however, my partner has started forcing herself into the deal analysis and has even started to look for deals herself. Yesterday she told me that she would not put up the capital for any deal that I find unless she gets to see the property with my agent first. If I fail to do so, she will want to see the property with her own agent. 

She has little to no experience in real estate, other than her own property, and her "deal analysis" is based on numbers and calculations that are completely out of left field. I don't feel like I'm in a position to argue or tell her no when it comes to her requests. I'm completely frustrated, and frankly, a bit pissed off. Any suggestions would be greatly appreciated. 

Welcome to BP @Ray Schwanenberger !

I've made several offers on properties like this, and I learned that most banks won't even counter offer if you're not within 10-15% of their asking price. Only if they are absolutely desperate to sell, will they counter on such a low offer. 

Welcome to BP @Keanan Koppenhaver !

Are there any plans to add an EDIT link/button to posts that a person has recently left. 

Most programs I've come across are either web based or use Microsoft excel. I'm sure you can use them on both a PC and a Mac. I think it really just comes down to how much you want to spend. An entry level PC starts at around $400. A basic macbook starts at around $1000. I personally carry a Microsoft Surface tablet. It's portable enough and runs all the apps I would ever need for analyzing deal and running numbers. 

IMO, stained cement is an acquired taste. Not everyone likes it and it gets pretty cold in the winter. Unless your condo is a sweet downtown pad, with a view, it may be best to stick with the traditional flooring option. 

Also, you would need to install plywood under any real hardwood you may want to put in. I'm pretty sure that the staining option would be less expensive of the two, however, you may cut your potential tenants by half if not more.