All Forum Posts by: Riley Hancock

@Colton Hamilton

My only thought on this is, I never like anyone holding any thing over my head. My situation is very similar, my in laws are set and don’t need a return at all, but at any rate, I give them back a 7%

It’s better then anyone else is gonna lend me, and at least they are making better then putting their money into something else safe.

It could very likely be stupid pride, but my idea is to do this a few times then, after “proving my self” I’m gonna hit them with a lower percentage. Say 5% until I get my own cash out right.

Let’s be honest, they are most likely putting all this dough in an account for their grand child any ways, but like I said, I want it to be beneficial for everyone, you never know what they might hold over your head down the road, and all in all it should only be an extra few thousand most loans right ?

@Colton Hamilton

Although I’m fairly new to this, I have a similar situation that has been going pretty well.

Whatever he is getting for a interest rate from the bank, I would suggest obviously covering that and doubling the return to him.

Private money loans are typically set up between 8-12 percent.

Or you can do an equity split with him. If he covers all the cost and you do all the work, that’s a pretty fair way to keep everyone happy.

Do this until you are able to split cost or do your own thing.

We set up a S Corp as well, I'm by no mean a CPA but I would reach out to one and ask him or her to help you set up an LLC/S Corp

Hope any of that helps. If you have any questions please reach out to me.

Last thing, where are you located?

Does it pay off to put brand new appliances in a flip.

Side note: stainless or white?

Thank you for the input! Very helpful. 
fortunately my plumber is a genius and we were able to open up a little more of the kitchen to accommodate for both! For just a few hundred extra bucks in material and labor !! Win win 

The kitchen on my 900 sf flip is small. Proper planning is going to be crucial for resale.  We are caught up between having a practical flowing kitchen, with a fridge where the dishwasher would go, or a less then desirable flow, with a dishwasher but the fridge in a some what awkward spot. Not horrible, just a bit awkward.  Send help please 😳🤷‍♂️🤗