All Forum Posts by: Stacy Weng

Originally posted by @Alfie Bartley:

Not sure if there's any set standard for ROI. I don't think you should box yourself in regarding it though, however I think working up several possibilities should be done. I have seen guys have extremely great ROIs and I've seen some moderate to low ROIs. I would say look at a possible high mark and then look at what you think would be a low mark but still satisfactory to you. I know you are doing your due diligence but just think boxing yourself is not the way to go. You may actually surprise yourself when all's said and done. Just my cents.

I'd agree with that! Obviously I'd like to aim high, but I don't want to be unrealistic either for just starting out. And from an investment perspective, at what point / ROI would the deal just not be worth pursuing anymore?

Originally posted by @Dana Whicker:

On your first flip a profit of $1 or more is a good result. I'm not kidding.

 LOL!! Then if you factor in the time and effort, that'd equate to a major loss! =P

I know this is going to be different for everyone, but what's a good ballpark ROI to aim for for my first flip? I'm analyzing some deals right now and trying to figure out what a realistic range is. I'm assuming that for a very first flip, I should aim a little lower, and work my way up to better returns as I gain experience?

@Matthew Kreitzer These are all great points, def a lot to consider! Luckily I have a CPA who really knows his stuff, so I'll be reaching out to him to get his input! 

Thanks @Matthew Kreitzer, this is really helpful! Would the operating agreement also be used for tax purposes, when determining the taxable amount?

I'm new to real estate investing and would like to start flipping in the Northern Virginia area. If I were to partner with another investor, whether it's a friend or someone I meet through a meetup, what do I need to do to make sure the partnership structure and details are outlined properly? Do all partnership agreements need to go through a lawyer, or are there customizable contracts/agreements from LegalZoom or some other online resource that I can download and use? At what point do I need to think about forming a LLC?

Total newb here, so any insight on the legalities and best practices would be appreciated!

Thanks!

Stacy

Ben McMahon thanks for the tip! May have to do some research in that area! Carson Sweezy Eva Karnaukh nice meeting you both, neighbors! I actually joined Capital REI, but haven't had a chance to check out any of the meet his yet. Would def be interested in meeting up at one of the upcoming ones. I went to a Caza meetup a long time ago, the session was super informative, and a great place to network.

@Brandon L. thanks! 

Hey BiggerPockets community!

I'm Stacy from Centreville, Virginia, and my husband and I have been trying to get into real estate investing. We both started exploring real estate investing a couple of years ago, but then we ended up deciding to move out of our condo and into a house, and have been busy with major renovation projects and settling in since. Now that things have settled down, we're ready to start exploring real estate investing again!

Although we're newbs with investing in real estate, we have quite a bit of experience with real estate in general and especially renovations. Besides having taken on pretty major renovation projects for our own properties, my husband also works in construction, and my father in law runs his own general contracting business. While many are intimidated by renovation projects, we actually both love designing spaces and can spend hours browsing kitchen cabinets, tile and flooring just for the fun of it (kidding! ok, maybe not..). 

Our main interest in real estate investing are flips, but we've found it difficult to start flipping in the DMV (DC / MD / VA) area due to the high housing prices, and difficulty in getting enough capital to buy houses in cash. I know there are other creative financing options out there, so I'm really interested in learning about these other options, and possibly finding the right people to partner up with on deals.

I'm excited to join the BiggerPockets community and taking the next step towards real estate investing!

Stacy