All Forum Posts by: Torrean Edwards

Early in my investing career, I had some success, but then the crash happened. It took more than a decade but I am excited (and terrified) to re-enter the fray.

After dipping my toes into the market, I have battled against my paralysis and taken the leap. I have a property (fix and flip) under contract, but now, shoot, the REAL work begins.

I am located in Milwaukee, WI, but my property is in a near suburb of the city. It was a VA foreclosure and in an incredible neighborhood. Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure. I have some guesses as to what the problem may be, but I need a good, investor-friendly plumber.

I will also be doing all the cosmetic things you can think of: paint, flooring, bathroom reno, kitchen reno, so I am open to carpenter or design suggestions.  

Also, I am considering alternative financing options (beyond Hard Money). If anyone has tips or suggestions, I am more than open.

For better or worse, I am taking a leap. I am hoping the Bigger Pockets community can help. In fact, it was the community that got me this far! 

Thank you everyone.WIiling to share more details if people are interested! 

 Francisco, 

Congratulations on hopping into the fray. I am on the same journey and as I have been battling over whether partnership or hard money makes sense for my own projects. As such, partnership agreements are something that I have been wrestling with the last month or two.

Thankfully, there are a number of different templates out there for you to adjust. But I would be reticent to use them without having it looked at (after you complete it) by an attorney, preferably an experienced real estate attorney. I actually am an attorney, and still send mine for extra vetting. 

Here is a solid example you can adapt for a joint venture (there are differences, beyond just nomenclature, for a partnership and a joint venture): https://templatelab.com/joint-venture-agreement/

Again, I would caution use of this document without a professional to review it. But it gives an idea of the basic considerations and protections you want to have. 

On a side note: As a new investor myself I am looking to grow my relationships, especially with contracotrs, and would love to hear about your work.

 Sounds great Samuel, I am around and would love to connect. 

 That is clever Pat, Hard Money is just so expensive that I have been reticent. The last month I have been exploring house hacking options as an easy option.

 Thank you Monica, do you invest in the area as well? 

What are your goals?

Regina, my sister is  currently stationed in Cleveland (coast guard), what are some good areas for her to scout for potential investment?

Well said and thoughtful analysis. 

 not helpful

 Hey Pat, Thanks for reaching out. I am most comfortable with long-term rentals, but I would like to try a flip or two to build my capital. With market conditions as they are I don't want to be too restrictive. 

 Thank you Regina, I would love to borrow from your knowledge.