All Forum Posts by: Ryan Saulle

Hello BP,

I am currently in contract to purchase & flip a property, trying to re-structure a deal with a seller. 

We were 10K off with the purchase price (we offered 160K, she wanted 170K). We came up with a solution to close on the property with no money due at closing. We will take over the mortgage payments while we do a quick renovation to the property(we pay for renovations). When we resell / refinance (we have 12 months), we will be able to pay her the 170K she needs to get.

Her attorney suggested that if we close on the property and go out of business, she will not be able to get her house or the 170K. Although we will not be going out of business, is there a way to structure this differently to protect the seller? Possibly a secured promissory note with the house as collateral? Any other options?

Appreciate the responses in advance for anyone who has done a deal like this or has suggestions!

Thank you,

Ryan

@Michael Lee

Hey Jordan,

The event details has PM and AM. 

Assuming its 7pm correct?

Hey Darin,

I'd start first by your inner circle, coworkers, friends, family etc. Tell everyone you talk to what you're looking and that you want to start real estate investing. You never know who's interested, knows somebody interested, or involved in it already.

I would also start attending local meetups and REIA's. They are great for networking and you'll meet a lot of like minded people there. You can find some here on BP by going to www.biggerpockets.com/events. 

That said, I would choose your partners wisely and don't rush into just partnering with anyone. Make sure there's a good relationship and trust with the person, almost like a marriage =D.

Hope this helps!

Ryan

Asbestos siding alone isn't harmful if you leave it. When you drill into in installing vinyl siding it becomes disturbed and harmful. This is commonly done (saves you a lot of money) but by law in some area's not the right thing to do. To properly remove it you may need a asbestos contractor and will need to dispose all materials in a hazardous waste area. 

Hope this helps.

Ryan

Hey Alfredo,

First off, I am not a CPA nor attorney and I would suggest you speak to one.

There are people who use different entities and prefer one over the other. Some would say an S-Corp because you only pay self employment tax and others would say they only use LLC's in real estate. You can also setup an LLC taxed as an S-corp.

I would talk to a CPA in your area.

Hope this helps.

Welcome Bernard!

Sounds like you're on the right track and there's no better place to start than BiggerPockets.

My advice to you is to keep learning and networking. Attend some local REI's and get out there and meet people. You can find them here at www.biggerpockets.com/events. If your W2 is the problem, network and find a partner who has one. If you don't have the money, work hard to find a deal. There are many ways to add value!

Feel free to reach out if you have any questions.

Best of luck!

Ryan

Hello Adam, 

Welcome to REI. I was in a similar situation when I got started and it's still a working progress. Partners and investors are a bit different for me.

First, partners are very valuable but must be chosen wisely. I met my partner here on BP. I would also suggest going to local REIA's to meet like minded individuals. Try to look for someone who brings something to the table that you lack. Someone who has similar goals, work ethic and values but different strengths.

Second, investors are not flashy click bait but they do not come easy. Trust has to be earned and this comes with a good reputation. Starts by reaching out to your inner circle, then expand. The harder you work, the better deals you find, the more deals you do, the more trust you build, the easier it will become.

Keep educating yourself and keep growing.

Hope this helps!

Ryan

Hello BP community,

We have a private money investor opportunity (No hard money).

Project details: Multi-family property located in Rahway, NJ. Set to close the 3rd week in July. 

Project type: Purchase, renovate, and refinance (Buy+Hold).

Loans paid off in balloon payment upon completion of project (Estimated 6-8 months) or 1 year Max.

Message me in interested.

Thank you,

Ryan

John, 

Check out Regus Virtual offices. There’s some others as well. You have to pay a monthly fee but it’s an option if you don’t want to use a family member.