All Forum Posts by: Payam Dastmalchi

No worries @M Marie M..  The November Meetup date should be confirmed next week. Look forward to seeing you soon! 

We are very excited to announce that we have secured a new location for our monthly Meeup in DC. Special thanks to @Robert Williams and his firm for allowing us to take over their office space for a great night of networking, conversation and learning. 

My partner and I will be going through a short presentation on our first flip and sharing lessons learned and things to look for as your embark on this exciting journey. 

Please RSVP on the Meetup site so we have a headcount and can plan accordingly:

http://www.meetup.com/DC-MD-VA-Real-Estate-Investi...

See everyone on Thursday! 

@Dan Robinson weird. I always use the Property Quest portal and it works almost every single time. I can't remember it last time being down. 

Hi @Marcela Correa we have also been eyeing a couple of projects around the same neighborhood and I think you can get high of $900s if a quality renovation is done. I know of a project that will be coming to market in a few weeks real close to this and their listing price is $1,050m so if I was you i would run my numbers with the ARV of $950-975k and try to knock it out the park.

I do agree that the market conditions have been weird lately and nothing seems to be moving based on recent trends. I expect a ton of sales activity the week after labor day weekend so let's see how the local market reacts. 

Yes, we just used Smartmove to run a couple of applications and the process was fairly simple and quick. It cost $35 for both criminal and credit checks and the information provided was relevant.  

I am also keeping an eye on a new startup cozy.co; I may give them a try next time just to compare services. 

So I can tell you that I just wrote a check for a complete drywall/hanging job and it basically came out to $27.95/ board. 

The breakdown was $1845 for 134 sheets (and other drywall materials) purchased from Homedepot (using various coupons and commercial discounts) and $1900 in labor for a total of $3745.  The job was completed in about two days in total. 

It has been a while and we've been busy with different flip projects but it would be nice to get the local Washington DC, Virginia and Maryland BP members together for few beers and networking. 

We've learned some valuable lessons on our last flip as it relates to permitting, architect draws and dealing with General Contractors that we are hoping to share with the group.

Here is the link to the Meetup:

http://www.meetup.com/DC-MD-VA-Real-Estate-Investi...

Looking forward to seeing everyone next week. 

Under Federal guidelines you could request a credit report from all 3 major agencies once annually. You would have to pay extra to get the actual credit score but it should be worth it do once a year and the fee is minimum.  Here is the link to the website:

https://www.annualcreditreport.com/index.action

Not that you should listen to consultants but PwC and the Urban Land Institute do an annual real estate market report that you could find the latest 2015 copy here:

http://uli.org/wp-content/uploads/ULI-Documents/Em...

At the end of the day it will all depend on your preference, expectations and the sector that you are primarily interested in investing.

You definitely want to do option # 1 with 50/50 partnership. However, both of you will be signing the loan documents (As the managing partners of the LLC) so the bank could technically come after both of you in case of defaults. You also want a strong and detailed LLC operations agreement that outlines each responsibilities and financial structure to alleviate some of the partnership concerns and potential downfalls.