All Forum Posts by: Robert Iannone

Eric, thanks for responding. I can understand and agree with what you are saying. I have no trouble being completely transparent with any questions you might have. Be it bills, personal questions, or anything else. As far as my funds, I never said I didn't have them, but I am trying to avoid using my own cash. If you want to have an offline discussion I have no issue explaining. As far as a silent partner I probably chose the wrong word. I just meant more of not wanting someone to micromanage and question every decision, especially about means and methods, or what color the kitchen should be. I hope this makes more sense. On the money side, I was looking for someone to put up the upfront cost, so I was thinking just the 20% upfront, for a cut of the profit, not a 50-50 spilt. I already have a hard money lender who will do 80% purchase and 100% rehab. With a pre-draw on rehab funds. The current project is a house purchase price of 300k. maybe less for an all-cash offer, rehab around 150k. ARV comps around 560k up to 590k.

Matt, you're right. I meant more where they were more money, and less design. JV is probably the right way to go. I was hoping for little to no input on design/build decisions but that probably is difficult to get. Is it possible to get someone who would just put up that front money and take a high return on investment at sale?

@Paul De Luca I have never worked for an investor.  I only worked for homeowners, through either my own advertising, word of mouth, or architects I worked for.  I wish it could have been that easy, I would have gone with them first. 

Hello, my name is Robert, This may have been answered, but I had no luck finding anything.  I have private/hard money lenders I am considering using.  I have been a GC/ contractor for over 30 years in central NJ so I have everything I need as far as the sweat equity portion of the deal. What I am lacking is the initial 20% ish, maybe less,  I need to satisfy the lenders' upfront costs IE: down payment, points, and doc fees. etc.  I am willing to work out a very fair split of the profits at the sale.  If anyone out there does this kind of 100% lending for the whole project that might even work better, but I am not sure that exists. 

Thanks in advance,  hope you guys can help

Bryce,  thanks for the feedback. I like the layout of your page.  Hope it works for you.  If you need beta testers let me know.  I think my lit mu be a little lofty.  ReSimpli looks goo to me.   Maybe I just track the Facebook stuff through Facebook or manually.  

I am a newbie to the process of wholesaling, flipped a few houses years ago. Looking to get back in and hit it hard. I would like a fully functioning software that does most, if not all of the things we need. CRM, lead tracking, gives phone numbers, Facebook ad tracking, RVM, text messaging. I think you get the idea LOL . Something that can tell me where my money is going and bringing the most ROI. One I was looking at that I liked was ReSimpli, anyone using this?

thanks in advance

Melanie,  my biggest failure is as follows, and it hurts to admit.  LOL  At the time I had been  GC building homes and add-a-levels in my town for 20 years.  Put a nest egg together had about 120 thousand or so.  Wife and I decided to buy a house to flip,  what could go wrong?  I have all the trades, employees,  vendor discounts, its a win-win. SURE. I bought the house in December of 06 for $510,000  put $25,000 cash down.  The mortgage was I think around 4000 a month with taxes. Went through permitting started renovations in February '07, can you guess where this is going?  Put about $40,000 cash into reno.  went back on the market mid-summer of '07.  Got an offer of $600,000  went back at 618.  back and forth back and forth and we stuck at 610,000.  they walked.  So it sat 4000 a month, 4000 a month.  so on and son and welcome the crash of 07 08.  tho make a long story short.  It wound up a short sale,  I lost 125,000 dollars. And learned so many lessons.  My mom worked in real estate she was an office admin with no license, but always told me to take the first offer it is usually your best. OOOPS she was so right.  so here were are 12 years later and a bit wiser and I am jumping in again with both feet.  Hopefully with better results. This is off the top of my head some 12 years later, so some numbers might not be perfect but you get the gist.