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What is ARV?

Thanks

Ryan,

I guess my strategy is to simply evaluate a property and see if will be a good flip, rehab, or rental. I will flip or rehab if the numbers work. If I can buy a house in an area with potential then I might consider renting it for some time and sell it later on.

My situation now is that I am putting in a contrac for our second property. This property is a foreclosure, needs cosmetic work and some foundation repair. Normally, I would stay away from foundation issues, but my partner has a background and degree in architecture and she visually inspected the property and found nothing serious.

My agent told me that there are documented issues with the foundation, the paperwork recommends adding 10 piers to the slab foundation. I got quoted about $250 a pier.

Using Zillow, the houses in the area are valuing $24-53K more than this property is selling for. It is close to a major university, schools, and shopping.

Going back to my question about LP's, I am just wondering if it is time to start one now that my partner and I are about to buy our second prop.

Thanks,

Jose

Thanks for all of your responses. Danboron, I will try to make it to the next meeting.

Hello everyone. Im a fairly new player in the RE market.

My partner/friend and I have been living in our first property (a condo) for two years now and are now about to buy our second.

Up to this point, the first prop is owned by my partner. However, we want to form a limited partnership to buy the second as well as transfer the first into.

I have seen discussions about LLC's and Corps, but nothing on LP's. I am very familiar with LLC's and Corps (Ive started a few before) but I've never formed an LP. Anything different?

My question is are there any suggestions or important drawbacks to forming an LP with two equal partners?

Thanks in advance!

Jose

Hello everyone. Im a fairly new player in the RE market.

My partner/friend and I have been living in our first property (a condo) for two years now and are now about to buy our second. We are both pretty excited about it.

Jose