All Forum Posts by: Peter Philando

Hi,

Please forward any information on the stated income loans. Thanks

@John Kent I was researching the pros and cons of holding RE via a trust and I like what I see. I think this can work well for the situation I'm looking at. The reason why I'm shying away from adding more members to the LLC is because I don't want to be locked into any long-term partnership at the moment except for my current partner. Using the trust you are locked in on a deal to deal basis and anyone call pull out after a deal is complete.

@Joel Owens  I understand what you saying and we are planning on using a lawyer to finalize everything. We wanted a general structure to present and use a lawyer for the details.

@John Thedford  We're trying to iron out a way in which we can work with someone right now. We will present the offer to the potential investors and they can accept or reject. If its not a loan then all monies are at risk which will be explained by us and the lawyer. 

Thank you guys for your comments. I really appreciate any advice or suggestion that anyone has.

@John Kent

FL LLC law does not distinguish between members (no managing members) unless there is documents to the contrary .. like an operating agreement. However, we don't really want to add anyone to the LLC. I like the Trust idea but could you expand on that a bit.

Thanks in advance

Here is the deal:

My neighbor and I formed a partnership (LLC) a few months ago to buy, rehab and flip houses. We have $40K in the business account but in the South Florida market does not make us very competitive for cash deals. My partner has been a buy/hold investor for a while and we work well together, although we haven't acquire our first flip as yet.

We currently have two possible investors that can add $60K (combined) more to the pool, however we don't really want to make them members of the LLC. They have no experience and at most minimal knowledge of REI or RE market. Their intention is to partner with us as members of the LLC. We will be meeting with both of them on Saturday to iron out how we can work together. We want to go to the table with a proposal already in hand.

How can we structure it so that they share in the profits of the flip but are not members of the LLC? In initial conversations they are not too keen on the idea of just loaning the money for a percentage return, but its not out of the question. We want to have operating control (decision making, hiring contractors, etc) through the LLC (basically having silent partners). Any and all advice would be greatly appreciated.

@Mohit Madaan

Hi Mohit,

Please add me to get a list for 33054, 33055, 33056, 33169, 33311, 33319, 33023, 33021, 33020, 33025

Thanks for all your hard work

Excellent job! The before and after pic really let the see the WOW factors, even if its only cosmetics. The after looks so appealing. Best wishes to you and hoping for a speedy sale. Thanks for sharing your journey

Hi Evans,

Congrats on moving on your first investment property. I would go with property #1 because of the builtin equity and cash flow. The equity can come in handy in helping to acquire additional property. Do you think that any of the upgrades to the second property would add significantly to the valuation (like the bathroom upgrade)? 

Also, @Lucas .. I thought VA loan acquired property was owner occupied only?

Henry,

Thanks for sharing and hopefully you continue to post as you progress through this flip. Did you use the BP flip calculator? Did you look at the pics of the closed housed at the top of the valuation range to see what warrants top dollars?

I'm wholesaling in SFL and would love to add anyone looking for cash deals to my list. If you want to be added please send me a message and lets set up a time so you can give me your specific requirements (area, price range, spread, etc). Thanks.

Peter 

954-629-5461

@Rony Calixte

In the next 6-9 months I want to have already finished a rehab/flip and have it listed or hopefully sold. I will also document the experience from start to finish to hopefully help someone make it through his/her first deal. 

So, I'm trying to do bring my nephew along for the REI journey (he's very interested). We are currently working on three method to generate deals (motivated sellers). 1. Yard signs 2. Driving for dollars 3. Networking with probate attorneys/accountants. This will hopefully provide a consistent deal pipeline while building reputation and generate some cash flow from wholesaling.

That's the plan that I'm currently working.