Newbie from South Jersey
Hello and thanks to all for the great information
I'm Patrick Ryan an electrician married with 3 kids. I've been on bigger pockets for a while but until now I haven't had anything to contribute or ask. I have some experience remodeling with family and friends and have completely remodeled my own home. I've bought a few homes all of which I lived in, mostly because paying rent doesn't make sense to me. I started with a mobile home sold that then bought a house rented that then bought another house which I live in now. I since have sold that first house but fell in love with the idea of using real estate as an income. I now own a property with a tear down but have no money to go further. I have been approached by someone that wants to be a partner with me on it but I'm not sure how to go about partnering with someone . I don't want to make my first post way to long with details but if someone could tell me where to post this question I would appreciate it . A special thanks to @Joshua Dorkin and @Brandon Turner for the great podcast I'm on # 78.
#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
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#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
Welcome. Fill in the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good Luck
Paul
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#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
Welcome to BP community @Patrick Ryan It is a great place to meet new friends and learn about various aspects of real estate and more.
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Wishing you the best!
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#1 Classifieds Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
welcome to the site.
Greetings from south jersey!
if they are putting up all the money and you manage the work, 50/50 is common. in your case you own the land so you should get a better deal.
Is there a way to get this done yourself? Sounds like a good opportunity.
I bought the property 3 years ago with intensions to do it myself then shortly after had to spend money on my own house ripping my roof off due to mold in the attic. Ever since I've been falling deeper in debt because I average 8 months of work a year. As much as i would like to do it myself I'm kinda stuck. My wife works and has good credit so I was thinking about seeing what she could do but haven't tried that route yet. I've been laid off (again) for 3 months now and have been getting approval from pinelands and township for demolition of the house and just the other day was approached by a guy. He says he has a house that is being taken off of the foundation down at the shore and has capital to put towards the project although I haven't seen proof of either.
@Patrick Ryan Are you sure the numbers will work? Do you have an idea of what it will sell for?
Welcome to BP Patrick,
Great luck, see you at a local REIA.
I don't have any numbers yet @Kurt K. because I haven't actually sat down with him to go over anything. He said he has some numbers for things and told me what some of them were, we talked more about personal things. He just showed up at my front door so I wasn't prepared to talk numbers. Once I get some numbers I will go over them before I agree to anything. What I was hoping to find out through bigger pockets was how to contract something like this so we can talk about that as well after going over some numbers. I have read a lot of threads on partnering but nothing when someone owns the property and has done some legwork already. It seems as if a Joint Venture Agreement or an LLC with Operating Agreement would work best? Another thing was if it would be ok for me to ask him to show me proof of funds. He said he has a 401k with enough to cover the project. Thanks for being interested to converse with me Kurt.
@Greg Wake I haven't been to any REIA's but am interested are there any in south jersey?
Hey @Patrick Ryan welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here!
And oh, learn how to use BiggerPockets to grow your business by checking this quick guide: http://www.biggerpockets.com/biz
See you around!
