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All Forum Posts by: Terris Elliott

Terris Elliott has started 5 posts and replied 11 times.

Post: Eviction issue with sheriffs office

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2
Quote from @Simon Strugar:
Quote from @Terris Elliott:

How is this going for you?


 He ended up moving out on his own, I’m glad I didn’t have to wait on the sheriffs office


 I'm glad that worked out better than what it was looking like.

Post: Empty unit needs eyes on it

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2

Purchase a $50/month tower from Tmobile. You plug it into a wall in the house and then purchase a few ring devices and connect the devices. Subscription for ring is very cheap and the devices are cheap to. After you get the properties occupied you can take down the devices and apply them to your next property and hold them in storage til you need them. 

Post: Eviction issue with sheriffs office

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2

How is this going for you?

Post: North West Georgia Contractors available to start work this week

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2

I need a contractor in Villa Rica, Carrollton, Hiram Ga. Any Recommendations.

Post: JV Agreement for House Flip

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2
Quote from @Engla Farm:
Quote from @Jorge Matamoros:

I need support in creating a JV Agreement, or a short term agreement like a "partnership agreement for one deal". Working with an investor that is only putting forth capital for us to buy a house, and then flip it providing back a one time return to them. This % of return is based on the amount of capital they bring forth divided by the total capital stack & net accumulated costs upon sale of the property.
I am taking on full responsibility of title, debt, and all other factors of running operations from beginning of purchase to the end sale of the property.

Any guidance will help


Hi Jorge, I have one, I'll send it to your DM


 Hi Engla,

can you send that over to me as well?

Post: Best Insurance for and Flip

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2
Quote from @Kevin Hoag:

@Terris Elliott there are many carriers that offer insurance for fix and flip projects. The policy that you will want to purchase is going to be a builders risk policy. You will want to reach out to a local insurance broker who can shop your policy to multiple carriers and find you the best rate for your project. A vacant policies can also work depending on the scope of work to be done on the property. 

 @Kevin Hoag thank you!

Post: Insurance policies and companies for fix and flip?

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2
Quote from @Jason Bott:
Originally posted by @Cassie Jones:

Hello! I am in the process of purchasing my first investment property in Atlanta, GA that I will fix and flip. What is the best insurance to get? I read other forums that say Builders risk and vacant home insurance but I am wondering if this covers all aspects? I am also looking for recommendations on insurance companies.

thank you!

Cassie

 Cassie, there are several insurance programs who have insurance policies created specifically for flipping.  These programs give you the ability to adjust the occupancy of the property from Vacant, to Rehab, back to Vacant or Occupied as a rental on a single policy.  These programs work best for 1-4 unit buildings.

When flipping larger multi families or commercial properties, you will find a traditional Builders Risk will be a better fit and will have a more competitive premium.

I will PM you additional info.


 Tell is all. What a good insurance company to call. 

Post: Best Insurance for and Flip

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2

Can someone point me to the best insurance for Fix n Flip /BRRR. Or atleast an insurance that you trust.

Post: Partnership Conversations What to talk about before partnering

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2

What should I talk with a potential partner about before partnering on a BRRR together?

She owns the property but wants to fix it up and rent it out with my help. She wants to split Renovation cost, hold on to it and doesn't want to sell it, she does not want to manage the property. I initially contacted her for owner financing which she is interested in doing but she is also interested in partnering.

Any advice/tips/thoughts will help.

Terris Elliott

Post: Best Bookeeping Software

Terris Elliott
Pro Member
Posted
  • Posts 11
  • Votes 2

What does everyone use for bookeeping software?