All Forum Posts by: Sam Cain

Hey everyone. Writing to you from Denver, CO. I am looking to partner with a friend and his wife who are newly interested in real estate investment and have a strong cash position (currently 60k, or more if needed which comes from their parents) from the sale of their townhome. They upgraded from the townhome and overpaid for SFH which carries a sizeable mortgage payment for their income. For me this would be my first property. I have no debt and good chunk of cash, 25k. Our goal is multi-family and to buy 1 property a year for 10 years. We are getting approved for a loan amount currently. I know on my own I am approved for 330k but together with these two it may be less if not the same due to their DTI To add to this, my girlfriend just bought a property that her and I intially thought was going to be a cash flow rental (it still might be) but its looking more and more like a flip. I am going to sign onto the deed soon as I will be proposing, and I have all the cash (she has only a few thousand to her name but great income) We will finance the rehab (15-20k) Considering these facts, what are some ways to structure this potential partnership between my friend who has a sizeable mortgage and a large cash postion and me who has the ability to qualify for the same if not more on my own, but not as much cash as him and her. Obviously we want to ensure all parties money is deployed the most effectively. We will be doing most of the work ourselves. Since this is my first property how does that plan into it? Also, we would like to hold onto as much of our cash as possible.

Thanks for reading this far and look forward to your responses.

Hey Tony, As a owner of a concrete contracting company we complete foundation repairs often. $50k is not unreasonable for a repair on a 100 year old house. But, there are many variable that go into determining the cost of repairs. If she only has one quote on such a large cost item then she needs to get another opinion. Not only that, but having an engineer take a look at the damage would be the first thing I would do, if you haven't done this already. Hope this helps.

Katie, my girlfriend and I are looking to make our first deal! We have been attending meet ups in the Denver area and we are hooked. The Denver market, as you all know, is hot. Our goal is to have 10 units in 10 years. I can't wait until we land our first. My background is general contracting and currently own a small percentage of the family concrete business. I purchased into it a year ago and see first hand the madness that is the Denver market. I received my Construction Management degree from Colorado State University and understand the construction process through and through. That coupled with my girlfriends strong desire to not work for corporate America and her real estate experience we are ready to start building towards our future! We are interested in discussing our situation with anyone and learning as much as we can!