All Forum Posts by: Scott Mac

Hi Steve,

If you haven't already, you might want to take a trip out to Las Vegas and spend a few days touring the area around the campus.

Some of it seems pretty tough (day and night). Meaning knowing where "a Student" (and their family who is paying) would want to rent and where they would be uncomfortable might be a boots on the ground decision.

Not to say those areas are unrentable, it's just that due to the area, they may be not as desirable to "students" as better selected areas.

Good Luck!

Hi Kirk,

If it were me, because the roof line really defines it (being 50% of the front), before I'd make any major decisions on what to spend on the exterior  I would talk to a local architect about colors and material selection, and also outdoor plantings.

Not to have him General Contract the job, just to provide architectural advise about possible re-styling and colors.

I've seen these spruced up by painting the wooden shingles and also by replacing them with metal. Both created a decent looking structure.

An architect may come up with some ideas that really make the place pop.

Just my thoughts on it.

Good Luck!

Hi D'Aydra,

Listing all of those skills and assets, It seems like you are looking to partner up with another investor?

Maybe hang onto that $3,000 and change the title of your post to something like Experienced Realtor with own HVAC company and construction background looking for Cash partner for Rehabs in the Reston VA area.

I think you need a paid account here to advertise like this though.

Just my thoughts on this.

Good Luck!

Hi Bob,

Obviously the guy is having cash flow timing problems (for whatever reason).

I agree with posting a pay or quit, but since you seem to not mind talking to him about this, why not suggest that he get a "Temporary Job" on his days off and get his cash flow back in line. If he does, great, if he doesn't things will not change.

Chasing residents for rent is a hard way to make a buck.

Good Luck!

Hi John,

If it were me, I'd build up a war chest of money for a while to cover problems these three may have in the future, drop it in a CD or something. Then begin to look for more like these.

Good Luck!

Hi Sean,

Rich Dad Poor Dad (if you have not read it already), and go to local real estate meetups and make some new friends of all ages.

Good Luck!

Hi Carl,

These are just my thoughts on this.

Construction can have a lot more risk than renovations (cost over runs and time over runs, labor issues, etc..), and you do not seem to have a construction background.

Maybe after rezoning, since it seems like such a good multi-family location (best schools), cut your risk and flip the lots to someone who want to build (for cash only).

Add value and then just (cash) out.

Good Luck!

Hi Dino,

The attorney may have a written questionnaire that you can fill out to address these issues, and like Greg said, just rely on the attorney for this.

Good Luck!

Hi Carla,

If it were me, I'd sit down with the potential partner (over a business meal to make it a little more relaxed) and discuss upfront the things that the two of you think might cause the partnership to go wrong. Get those questions out in the open and try to solve them ahead of time.

You can discuss:

• Profit splits.
• Depreciation splits.
• Who is going to pay for what percent of the startup costs.
• Who is going to do what.
• What happens if someone cannot do their part.
• What happens if someone does not do their part.
• Who will cover any losses.
• What if one person cannot cover a loss.
• How will you handle any added money that is needed in the future.
• etc...

Then when you have some of that hashed out, both sit down with an Real Estate Attorney who form LLC's and talk to him about it.

Good partnerships are about good communication.

As far as splits, rather than think what is good for you, maybe think what is (fair) for her, and go from there. That might give you some additional thoughts in this very important subject.

I like Olive Garden after the lunch rush.

Good Luck!

Hi Kevin,

Make time for an inside lunch at a fast food, eat where you drive, and check out who comes in to eat.

It will give you an idea of what the neighborhood is like.

Good Luck!