All Forum Posts by: Aaron Junck

I totally think you should spend a little time writing down a business plan!! Do I think it needs to be formal and lengthy? no. But you need to know a direction to travel and a path on how to reach your objectives.

It can be something as simple as:

I want to wholesale 2 properties a year that profit $3000 minimum each. In order to take my family on a nice vacation every year.

You would want a little more details on how you plan to achieve those deals but to know what you are trying to do and why will be way more beneficial than thinking 6 months down the road oh man I dont have $6,000 sitting here for the family vacation next month.

Written down goals are huge and that is what a business plan is . Whats the big deal if you spend a Saturday thinking and going into details on how your going to get each step done? Then you will have a guide to fall back to whenever you have a question on what your trying to do. :)

Just my 2 cents

Best of luck!!

@Dana N. I'm surprised no one has chimed in on this yet.

I personally am not too keen on partnerships. I've been through a handful, however, you are talking about you and your spouse so you already are in a "partnership" called marriage lol. The nice part about that is you get the benefits in which a business partnership doesn't "usually " get .

A few things to look .. what are your goals? buy and hold? flip? note investing???

If you were going to do buy and hold and properties and finance them traditionally depending on how you two file your taxes it may be more beneficial to put the properties in separate names therefore you can acquire more properties, unless your able to find a portfolio lender, in which case shouldn't matter much.

Just a little to think about . I would recommend doing a search in the forums and read them to see what would fit your scenario the best.

Best of luck!

Welcome to BP @Raymond Koolman !

Wow Aruba !!! Sounds amazing down there. Sure would love to go there some day :)

Check out @J Scott book on house flipping ( just type it in the search box above) I purchased it a while ago and it has a ton of helpful information in it for every aspect of flipping. So hopefully that can help fill in any gaps you may have questions on.

Best of luck!

Welcome to BP @Mike Bryant

Check out the podcasts on here. There is a ton of great information on these!

I agree with @J Scott .

Also depending on your goals and position you may be able to work a deal with an investor to fund the project and split the profits at the end. You would have to show some sort of value to the investor to work a deal like this if you are not fronting any money from your end. It may be where you found the project, will manage the rehab and in turn maybe get a 70/30 split. I cant see most investors willing to do a 50/50 if you have no $$$ in from your end.

LOL no idea. I dont go out in that headache. The only way I would consider doing so is if there were an item that save me close to a grand from everyday prices. Plus, then I would have a crazy family member go get it and give them a little extra for doing so.

Saving 20 or 30 on a few items to maybe save a few hundred all day isn't worth it to me.

(cough) (cough) anything in the plans yet for 2014 ?

;)

I hear you and have been trying to explain this to the "better half" for quite some time now . To be able to live for virtually free each month vs paying ANY size mortgage is a no brainer to me . It just allows you to have more options in life IMO.

Great Job!

@Ryan Meader not sure why others haven't chimed in yet, but one huge thing that would help is to start networking with local investors.. 1. this will get you your buyers 2. you will be able to see what areas they like to invest in 3. by talking with them you would be able to figure rental rates otherwise talk with so local property management companies or check on craigslist to see what others are charging for rent.

Best of luck!

Yes, enter Lonnie Deal in the search box and you will find a ton of info on that. The big thing you have to be aware of , which everyone is talking about, is the Safe Act and Dodd Frank that are suppose to affect owner financing here January 10, 2014 if I recall correctly. Also be aware of when you need to get a Dealers license for doing this.

https://www.biggerpockets.com/forums/30/topics/87382-how-many-individual-mobile-homes-can-you-buy-sell-per-year-before-getting-a-mh-retailers-license--find-out-here

According to this once you do 2 you need a license.

As @Sam Parkins put it, the jist of the concept is to purchase at a low price in cash and then "flip" it for twice what you paid offering owner financing. The returns everyone talks about when doing this are supposed to be huge!