All Forum Posts by: Tomiko Graves

Hi all!

I just walked through my first flip property (yay!) with my GC this morning.  He is quoting me 13k on a small master bath.  I think it's too much but would love to hear from some of you.  If I pay 13k for this bathroom, I will be way over budget and will walk away with very little profit... 

Here are the pics:

@Ryan Blake thanks!

I have two out of three (agent and GC).  Glad you mentioned the third person to also check in to ensure the other two are held accountable.  Hadn't thought about that, but now will!

I read David Greene's book Long-Distance Real Estate Investing (and other books as well) before I jumped in.  

Thanks again!

Thanks @Ryan Blake

I am in DC and am using Bridgewell Capital and likely Flip Funding.  They lend for long-distance flips more than 60 miles away; which is important to know as some lenders only lend if you live within a 60 mile radius of your flip.

Good morning!

Are due diligence fees customary when purchasing from wholesalers?  Should I be leery about paying since I don't get that money back?  Is a $2,000 DD fee reasonable on a $30,000 property?  The amount of work to get it ready for rental is about $15,000.  

@Karen Rittenhouse what would I need to have with me if I were coming prepared to purchase one of the wholesale deals?  

@Matt Medvene thanks!

@Frank Wong that’s exactly it. We would both get back what we put in and split net gains. 

@Brian Pulaski and @Aaron K. perhaps I was using the wrong language with “profit.” The same way I would recoup my funds put in at closing , the contractor would too. That would be factored in. We would split what’s left   

For example, pp is $50,000 with a $30,000 rehab cost. ARV is $130,00. I get my 50 back. He gets his 30 back. After closing costs, etc, we split the "profit." Am I missing something? I'm new so I appreciate the feedback.

Hi all!  I am interested in partnering with a contractor but not sure exactly what makes sense.  Here's the scenario:

My agent (or the contractor) finds the deals.  I fund the purchase price of the home and the contractor covers all the rehab costs, including materials.

Is that a fair deal...and given this scenario, is a 50/50 split fair?

Can anyone recommend a real estate attorney in the Washington, DC  or Greensboro, NC area?

Good morning all!

I have two questions:

1) If I am going to start long distance flipping, should I get the LLC in the state in which I live or the state I will be flipping?

2) Legalzoom offers to be a registered agent for $249/year.  Is it worth it?  If not, how do I go about finding a registered agent?