All Forum Posts by: Sean Lunny

Hey Fred I would contact an attorney to help you through the process if you haven't already.

He or she should be able to walk you through this process making sure both of you are taken care of. Have them write out a contract for the partnership as well incase anything goes south. Make sure you and your partner have a great exit strategy that you would both be happy with if one decides to leave.

Hey Aida, I think it depends on your strategy. Are you planning to buy and hold? If so, I would jump in. If you can find a deal where you will positively cash flow that makes sense for you, then really its a no brainer.

With that being said, I think if you can make the numbers work in any strategy you intend to use it makes sense. Dont wait to jump in, as long as you find a deal that makes you $$$

Hey Kevin. I know plenty of PM's that will manage a SFR property. Even if you currently live there. They will treat you as just another tenant - by this I mean as far a maint. requests, property problems etc.

I am however not sure about the rooms for rent situation. As long as its legal I'd say why not? They may charge a higher percentage if that is the case but honestly I don't know. 

Hey Rachel,

The answer is -EVERYWHERE. Use the MLS, use wholesalers, invest out of state. What I mean by this is, you can find deals anywhere. There are pros and cons to each way which is why you find conflicting information.

I would start by connecting with someone in the area you're looking to invest whether that be in state or out of state. Whom you contact would really be dependent on you and your husbands goals. What strategy do you intent to use? Buy and Hold? Fix and Flip? BRRRR?

Hey Jacob, congrats on getting started.

I would do just that - search those sights and get a feel of what the inventory is comparable to a unit similar to the one you own/want to own, in the zip code you want to buy in.

Rentometer and Craigslist have always done me right.

Somethings to consider when running the comps - 

Location (neighborhood class - a,b,c,d etc???)

Size (ft2? Beds/Baths? How is the layout?)

Quality (how does it look? nice hardwoods or old carpets? newer appliances and fixtures or are they dated?)

Amenities (Washer/dryer? Close access to public trans? off street parking?)

Side note - I always ask myself "Would I pay X AMOUNT to live here?"

Hope this helps and good luck.

I personally haven't invested with family members but plenty of other investors have. Sounds like you've put a lot of thought into this. I would approach them like any other investor / potential partnership. Identify their needs and how you can solve them along with your own. Give them the numbers and the details on the deal(s) , find a fair way to split the $ and terms and go from there. Hope that helps.

I think it's all dependent on your goals. For me - I use the 1% rule and my main focus is cashflow while getting the highest amount on a unit (who isnt??). That being said if you're OK with your returns and your'e cashflow positive - does it really matter if its .8 or 1%?? 

Again I really think it's a matter of opinion and your goals.

I would also try google maps, if you play with the zoom feature youll get different neighborhoods to display - I'm unfamiliar with Philly but in Boston if you zoom in/out at the appropriate distance youll see the different areas broken down (I.g. in Boston you have South Boston, East Boston, Fenway, Back Bay The North End, ETC). You could also check out the library if you want something more official, thats another place I'd try. Hope that helps!

Like @Nick C. said I really can't think of any negatives - I would do it. If you trust your CPA (which I am sure you do) and he is telling you he can save you some hard earned cash by all means brother go get it!

Hey @Keith Shields

I think it really depends on the investor, it could be a number of things. For example you may have an investor who has a ton of money, but doesn't like or is good at running the numbers on a deal. Or you may be the type who's really good at crunching numbers and analytics but not so good at negotiation or marketing or something else.

Long story short is that I think you need to identify what you bring to the table (funds? Are you skilled in a trade -electrical/plumbing/etc? Are you great at building relationships? Do you have connections to get deals? Something else?) and see how you can genuinely HELP or ADD VALUE to that particular person you're looking to partner with.

Hope this helps!