All Forum Posts by: Greg Parker

Yes I do. Ill email you.  Sorry the address is wrong, it is 610E 12th Street (I own another duplex around the corner at 1310 hence the mix up)

Great duplex in Munhall, near the library district.  

Cleaned out and ready for rehab.  I have bought the kitchen cabinets and all appliances which are INCLUDED in the sale price.  The vacant lot next door is also INCLUDED.

Run the numbers on the BRRR calculator. This property will rent for $1500/month finished. Has new roof and new siding.

Needs drywall, paint, kitchens installed, bathrooms, carpet and tenants.

Hi Dominic,

We have the same goal - build rental income.  

Yes he is essentially the labor for his share of the property.  Your numbers make sense if we were not using any bank finance but what say we refi at the end and I take all my money back out? Doesn't seem equitable then?

Hi team,

I am an investor in the Pittsburgh market - currently holding a few duplexes. My son-in-law is a contractor and we are going to set up a JV company to allow us to scale up and use BP's buy-rehab-refi-repeat strategy to generate passive income and get him and my daugther started on the real estate investor path.

My question is around how to structure a fair deal with my son-in-law.  I provide the money and he will do all the work.  If we were flipping it is relatively easy (say 50/50 split of profits after sale) but if we are holding what does the community think a fair way to set up the structure.  Should he be paid on the way through?  Should we split cash out after refi?  

Rough numbers on Pitt duplexes (based on my last two purchases/renovations) are as follows:

Purchase - $30,000

Renovation - materials $20,000

Renovation - labor $25,000

Renovated value say $100,000, rents for $1,500/month, allowing refi of $80k.  Cash flows nicely, then we can repeat.  Plus I would have to fund the acquisition of the next deal before we finished this once so all up capital of say $100,000.

I feel it wouldn't be fair for him to not be "paid" even if it is from the refinancing proceeds?  But probably not 100% of the cost.  We both need to leave the same/similar amount of money in the deal but by refiancing aren't I pulling out all my money for the next property?

Bit confused by it all!

Hey Brent,  

What did you decide to do?  I was also looking at Rentigo but can't see how/where they make any money which always worries me!

Greg

An actual working cemetery?  I bought an old church last year but a cemetery is something else again!

Quality Granite in the Strip also have a cheap range for investors

Hey Jacob, I don't know the "wholesaler rules" but I just bought a duplex for 10.5k and paid 3.5k in wholesaleing fees (in Pitt). Obviously a different market but I didn't care about the wholesalers margin, just that the deal worked for me. Repair costs for me are likely to be $40k also and I am a buy and hold so not worried about ARV but it will rent out at $1600/month so a 34% gross yield before expenses.

Depends what you want to do, quick flip no cash in making maybe 10-20K? Or managing a flip renovation process and having to sell retail for more money but longer return period.  Winter is a great time for that type of work!

Greg

Justin,

That is a noble goal but pretty broad.  I recommend identifying one sector in one area and becoming an expert on that.  It will help you actually take action and buy something otherwise you will spend ages trying to understand everything which is impossible.  Real estate might be local but the different property types and different markets nationally and internationally are incredibly complex.

I am financing my duplex's through First Commonwealth.  I paid cash and they are funding the purchase after I have settled and also the renovation costs.  I can PM you my contact if you like.