All Forum Posts by: Stacey D.

There are many options but to keep it simple and the business well capitalized you could have all partners put the same cash in and just pay him for his time and labor as an expense to the business. Just agree on an hourly rate of a fixed payment.

Thank you!

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I’m wondering what a profit breakdown should be for 3 business partners. One member is doing a majority of the work due to having free time and their location. They will be going to the properties reaching out to contractors, networking, essentially doing all of the leg work. Should that person also be putting an equal amount of money into the business?

Currently the amount being contributed from each person is around 12k. Would it be acceptable if the partner doing most of the work contributed less or potentially nothing and still split the profits equally?

Thanks for your input!

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Thanks! So for a non auction house at around 250k would we still be looking at 10% cash on hand?

Originally posted by @Odie Ayaga:

It depends on the state. Some can be up to 30 days. You can probably find it online for the state you're looking at.

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Thank you for the info! We have been looking at properties around 250k but of course are hoping to find something less.

Do you know how long you typically get to secure funding after wining an auction?

Originally posted by @Odie Ayaga:

The amount of liquidity you would need depends on your price point. What purchase prices are you looking at? If you're buying at auction you would need to have the amount you need to pay at auction (e.g. 10%) on hand and then hard money can work with you from there for part or all of the rest of the purchase price. Some lenders can do drive by appraisals if there's no interior access and some can work with the property even if there's someone living inside.

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Hi! Looking for some insight into the private/hard money lending. We have started an LLC with the primary goal of doing fix and flips. I'm wondering if anyone can share how much cash on hand we should have to get funding. This would be our first flip as a business. Credit scores of 2/3 owners is pretty good and 2/3, one person has a rental property and experience there and two are personal home owners. We will be doing business in New Jersey.

Also if anyone has some insight as to how it would work for auctions that would be great!!

Thanks for any info you can provide!

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Hello All! I'm a new investor ready to start getting things going in Bergen County. Primarily looking for fix and flips. I've joined a few meetup groups and waiting for the events to network in person. In the meantime would love to get a solid group of contractors, agents, lenders, JV and whoever else I may need.

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Hi! Are there any plans for another meetup? Just starting out and looking to build some connections. Thanks!

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All Forum Posts by: Stacey D.

Stacey D. has started 3 posts and replied 7 times.

Post: Suggestion For Partnership Breakdown

Post: Suggestion For Partnership Breakdown

Post: Private/Hard Money Lenders NJ

Post: Private/Hard Money Lenders NJ

Post: Private/Hard Money Lenders NJ

Post: New In Bergen County

Post: North Jersey (Bergen County) REIA Meetup!