All Forum Posts by: Jeff Stansberry

Hi Kelly,

Being from CA I needed to increase my capital doing out of state investing. I used the model of me financing the purchase and rehab, if a partner could come up with the deal and manage the rehab. Then we'd split 50/50 of the profits. I'm in the middle of our first one and so far has worked out great. Let me know if you have any questions on things to look out for, there is a lot to think about. 

Yes, I have had a similar experience as well. Currently seeking legal action for a note that is past due for a house in FL as well. @Account Closed What is your situation like? 

@Kathy Henley Thanks for the advice. Since I don't have an LLC just yet, I'll be defining everything via JV agreement. Please PM me your information so we can talk further! I really appreciate it.

To any members out there that have partnered on a flip before....

I have found partners such as local agents / investors on flips, where I finance the flip and they find, manage, rehab, and sell the flip and we split the profits. I plan on creating an LLC in that state and using a JV agreement to record the specific partnership details. When doing the flips, what details did you find important to go over in a flip / partner situation?

- Was there special instructions with Title that needed to be done for disbursement of profits? 

- Process to approve the use of funds from credit cards or title? 

- Was any JV agreement or LLC used?

- Were both partners on the deed? Or just one (possibly the person financing)? 

My JV does mentioned what happens in the case of bankruptcy, over budget flip, etc. the basics.

I understand the risks, but I am looking for details that I might have missed to make the flip go smooth as possible regarding partnerships specifics. 

My goal is to do a few of these and have systems in place, but I am finding having partners there should be extra details. 

Thanks!

Hi @Natalie Kolodij

Thank you for the information! It was very helpful in getting a basic idea of each later of protection. 

I know I will need to speak to a lawyer and my CPA, but I plan on flipping houses in 2 states and I have a Wyoming LLC—Holding/Parent company. Should I have have a separate LLC then for each state and then elect as an S-Corp for each state?

Or can I register that Holding company in each state and do everything under that one LLC?

Thanks again for your help,

Jeff

Hi Everyone,

I'm looking to get started flipping houses out of state with partners. Before I talk to my CPA, I was wondering what was the most common method for asset protection for flips? I have seen many who use land trusts and others using S Corps. 

I know there are probably pros and cons to both, but I was wondering what the most common method was, and why?

Thanks!

Hi everyone,

I'm thinking about starting wholesaling in the Corona / Riverside / Inland Empire area. I was wondering if anyone was having success, challenges, market cycle trends that they've noticed, etc. 

I realize that I might be reaching out to possible future competition but I wanted to reach out in case someone had helpful information they would share. 

I'm fairly new to real estate and looking into Wholesaling as a way to build capital for a while. 

In addition, are there an local agents that work with wholesalers that can give me an idea of how the market is for that type of service? 

Thanks!

Fellow investors,

Someone recently came to me, who is in their 60s with 100k in cash that they want me to invest. Because of their age and risk tolerance they don't want to take on any debt, but would like this money invested for 5-7 years. 

Any thoughts on some good options? I'd like to get at least 10% on it. 

Some things I have thought of...

Finding a 4 plex somewhere in a B area (if possible)

Passively investing in a commercial real estate deal (but usually around 6% and holding around 10 years

Note investing

Turnkey property(s) and sell 5 years later

Any ideas are appreciated!!! 

@Cherie Ganesh Thank you for that advice! That was very helpful

I am looking to do my first BRRRR in the Memphis area. I'm curious as to what are the best / common materials used for B neighborhoods for items such as counter tops, kitchen cabinets, flooring, etc.

Being cost effective yet modern I am thinking -

Flooring - Vinyl Plank - Whole house

Cabinets - Repainting (or RTA)

Counter tops - Low end Granite 

Back splash - Subway

Blinds - White vinyl 

What about bathroom vanities and hardware? 

Any recommendations would be helpful.

Thanks!