All Forum Posts by: Randi Shannon

@Lori Greene he finally responded to me not wanting to do the deal with him which makes even less sense the the rest of the deal has. Why would he dip all this work for zero profit? That makes absolutely no sense to me:

Sorry I was slammed this weekend and didn't get to respond to your text. That's fine. I told you when we spoke before that there wasn't any hard feelings if you decided not to. I was just trying to make it a great deal for your first flip so you could learn the things you needed to and not get screwed over by anyone on the first deal. Based on what you told me, I know you were concerned that I was somehow trying to screw you over, and was listening to other peoples opinion. I didn't tell you everything I had planned because I wanted to see how committed you really were to getting started. I had planned on doing the full remodel on that property for $20k(the companies cost for doing the Reno with no profit) for our venture and then forfeiting all of my profits on the back end and allowing you to make 100% of the profits once the property sold. You never just hand someone an opportunity

though, you always structure it to see if they're willing to work for it or if they just want a guaranteed win handed to them. I'll make myself available to try and help you some as you go on this journey alone. Feel free to shoot me a text or email if you need anything and I'll do my best to try and point you in the right direction.

@Scott Jensen I just found out about local REI events the other day! Im am definitely planning on attending some. Hopefully I can find a more trustworthy mentor at one. Last night I was apparently dreaming of how to tell this guy I didn't want to do the deal with him hahaha because I woke up with a reply on my mind. So I went ahead and told him I didn't feel it would be wise for me to go into the deal with him, but that I appreciated his guidance. Thank you for the book recommendation! I went ahead and purchased it on Ebay.

Thank you for your response! So will you only lend for the amount of the house before repairs? And not for the amount of the repairs also? I understand the logic in that. Really I should just talk to him... but I keep avoiding important questions because I am going to end up getting rude and calling him out on trying to undermine my intelligence haha and im trying not to burn a bridge. It was my understanding that in a jv agreement someone puts up the capital and the other person puts in the work. But I thought that meant I would cover the cost of the house and he would cover the cost of repairs. But maybe I'm misunderstanding how that works and i would also cover the cost if repairs? Should i request an appraisal or just pass altogether? 

Thank you! I do have a real estate agent that is also a long time trusted family friend. I have used her to purchase and sell my first house and then used her go purchase my second house. What is strange is she pulled up the comps and they were almost 50k more than what he told me... so either his construction company is going to do a really awful job on the repairs lol or he's somehow (I'm not sure how) trying to scam on that end too. I don't have an attorney, financial advisor or cpa. He was trying to pressure me saying that they could start the Reno next week and if I didn't want to join him then he was going to do the flip without me. I told him I wanted to build my team and start my llc before I make any moves, told him to not let me hold him up and that I'm ok with missing out on some opportunities. Im not in desperate need to make a profit asap. But he's still pushing for me to go in with him, and changed the deal to where he puts zero money in. I don't know if that is normal. Something just doesn't feel right. I will definitely request a home inspection! I have a feeling he won't be up for that. I need to be asking him a lot more questions lol but I don't really feel like it because I already feel like he's trying to scam me. 

Hi! I'm Randi! I am VERY new to all this. Really still in the learning stage. I received a large inheritance around a year ago and I've been brainstorming ways to make it grow, mainly in real estate. I reached out to a guy I know on my Facebook who flips houses, claims to own a construction company, in hopes of gaining some knowledge. He suggested going in on a JV agreement. He seems to be very fixated on this one house that he's already purchased that needs beams/piers? Floor is slanted downward in a room and wants me to buy from him. At first the deal would be I purchase the house for 35k and then he put in 30k in repairs and then we're resell it for 90-100k. First I assume he would already make a profit from me buying the house from him. I told him I was on the fence and needed to gain some more knowledge before I drop 35k on something. He keeps saying im doing too much research and not enough action. He introduced me to his attorney and while speaking with him, the deal was then somehow changed to where I loan 65k. 🤔 and then get interest on the loan and split the profits. He offered a legal personal guarantee. So I Google him.. see if has property taxes.. try find some info, see if he even has 65k in personal assets to make this feel less sketchy. But I really can't find any info on him. Can't find his business on Google although he took me to a jobsite for another flip he's doing, and he is obviously is renting his house. I'm just trying to figure out how to make this a secure deal where I don't get screwed. Or how is he trying to screw me? Im not one to just jump into stuff. I would prefer to learn the rules of the game before I play. I would think i would need to see his track record with previous loans. I haven't seen any paperwork or any numbers, other than what I've been told from the numbers above. I just need some advice.. I have no idea what I'm doing but I'm researching like crazy trying to learn. He keeps texting and I keep leaving him hanging lol. I feel like he does have valuable information and I would like someone to mentor me through a flip, but want to know I can trust their actions.