All Forum Posts by: Todd Sullivan

Hello All!

My wife and I have been working on a live-in flip for the last 2 years and we are ready to make the plunge into our second home and rent out the current one.

My wife is technically a “stay at home mom”, but she does a ton of work that doesn’t get paid aside from being a mom. She does a lot of research on the houses we look at, communicates with contractors, does mailings and marketing for potential properties, filing and keeping us organized, and other things I can’t think of at the moment.

My question comes down to strategy and being able to utilize her as a buyer when she shows no income. If we form an LLP, can we use her "name" as a buyer for future purchases when we acquire the limit of houses under my name personally? Or will that be a mute point as an LLC/LLP?

I want her to have a true stake in the business. Not where she feels like she’s just helping me out, or is my “assistant”.

Hello all!

I have family now living in Delaware and we have visited down pretty often nowadays. It looks like there is a ton of building happening in Delaware, which seems like a pretty proponent to get into flipping, as I see a lot of flip-worthy houses.

Are there any flippers in the southern part of DE that could give me some pointers on the area? I hear a bunch of the land is land lease, any pros and cons with flipping? I would love to network with some people in the area, and of course bring what I can to the table in return for some knowledge and wisdom.

Regards,

Todd

@Kalim Kalla

Thank you also your input. Very valuable info, thanks for that! I’ll be in touch!

@Brenden Mitchum

Thank you very much for your input. I’ll be in touch!

Hello all!

I’m looking at investing in Atlanta. On top of being a realtor in NY and wanting to get my license down there, I want to do some longer-term visits to see how things work for me and my family first.

Obviously, I'm looking to get into investing in the area, but I need to get to know the lay of the land, and networking over time, so I need a place to stay. What are good areas to look in? Are there any REIA's in the area?

Thanks in advance.

I’m a IATSE Stagehand and Lighting Technician working in concerts and motion picture and film.

@Ryan Enoch

The Hudson Valley is filled with a good amount of things to do! It’s found to be popular for weddings for city folk, the Delaware River is always popular in the summer. Beacon has proven to be a go-to spot for weekenders. Hunter, Gore, Windham and other ski mountains should be a good bet in the winter and now that they are getting more active year-round, that should round out your reservations.

The Hudson Valley Wine Trail and the multiple breweries in the HV are drawing people in from all over. Maybe tie yourself in with some breweries and see which tour companies are making frequent trips there. Become the destination overnight for wine and brewery hoppers.

The HV also has a good amount of farm land, with the federally protected black dirt region, that seems to be the rustic “look” most breweries are going for up here. You provide a place for people to enjoy their full weekend in it.

Just some ideas, I wish all the best in your success!

@Dan Powers

In the Hudson Valley market (just north of NYC), we have seen a definite slow down of cash buyers flooding out of the city. We are back to predominantly conventional and fha buyers fighting it out for high-priced houses.

Miraculously, I just got a sellers concession on a multi family and I’m seeing a lot more multi family buyers in the last few weeks. So yes, the market is changing, but I wouldn’t say we are near a crash at all. It’s more like maybe the beginning of a plateau point.

Of course, here is NY the suburbs got super busy with all of the city people leaving for (literally) greener pastures outside of the city, but all in all, NYer’s are leaving the state at a pretty high rate, with a good portion going to the Carolinas and Mid-Atlantic area.

Hello BPer's!

I am a new investor, trying to score my first deal.  I used the downtime of COVID to get my RE license last year (why not save some money doing my own deals, do my own research and a good way to learn the industry and market) and after doing a ton of studying and listening to a ton of podcasts, I decided to get the ball rolling.  I can't be an investor without TAKING ACTION! and I have been analyzing properties and making bids but I keep getting outbid (people have too much money in this market, lol).

My current plan is to flip houses to build up money so I can get into BRRRRing on my own.  I am currently cash poor, so I have syndicated a few private lenders and have a hard money lender for purchase and construction costs.  Being a first time investor, I don't have a track record so hard money is pretty expensive, which also gets factored into purchase costs and makes finding a deal in this market all that much more difficult.  Plus, I live in the Hudson Valley, NY area, so houses are pretty expensive to begin with.

My question is: Is my plan flawed?  Is now not a good time to start investing?  Wait to see if the market corrects?  Wait for foreclosures to start trickling down?  Of course I can save up more capital, but more time sitting on the sidelines is less time spent DOING.

I look for any and all input as to how to get the ball rolling....
 

Hello All!

After years of reading and listening to BP podcasts, I am finally moving forward in trying to purchase my first investment property.  This particular one happens to be a Short Sale.  Does anyone have any insight on best strategies on purchasing short sales.  I understand they are usually lengthy in the purchase process, and the owner happened to be there when I did my inspection and told me what the other offer on the house was.  The comps for the area look pretty good.  My offer is about $150k under the comps in the area, so I think I should have a pretty profitable purchase if it goes through. I am planning simply to flip this house. 

I have acquired a hard money lender for the deal, which I know I have to calculate for their interest back on their investment and the construction on the house isn't too bad.  If there are any traps or other advise I should know about, I would love to hear input.

Thank you!