All Forum Posts by: Austin Curry

 Good callouts, but yes I’ve been investing for a decade now, I wouldn’t go into any deals without a responsible amount of reserves. I’d want to buy several houses, not at the point of buying lots of houses yet.

Hi, I’m hoping to connect with an investor with demonstrable experience and success in acquiring parcels via the Los Angeles County tax deed auctions. 

I’d like to add innovative acquisition strategies such as that to my toolbox to continue growing the portfolio in this time where land basis is so staggeringly high here in California. 

Yes, I do own out of state already and am certainly aware of how much cheaper it is (in case you were preparing to inform me of such : ).

Mechanical engineer here. 3 deals in the game now.

Whitney,

Thank for the reply - a ton of good info for me in here. To your questions:

- I don't require his experience to get a good loan (in this case I'm looking at hard money, but I have a fair amount of RE track record on my own)

- I did not consider listing my costs for down payment and holding costs in the waterfall to be recouped prior to profit sharing. That's an excellent idea and I will definitely put it in practice. Same for the boundary on construction costs that can be recouped ahead of profit spit.

- I have begun considering what will take place in the event of a shortfall. In between deciding if we'd seek to refinance out of the deal, or if we'd sell at a "loss" and predetermine who takes how much of a hit.

Any chance you have a recommendation for a good RE attorney in CA? I'm newly relocated from Chicago so I'm still building up my network!

Thanks.

I'm preparing to partner with a GC to rehab and flip a SFH (and hopefully several after).

The plan: I will source the deal, complete financial due diligence, and secure funding for the purchase price. The GC will manage all phases of design and build, and cover upfront associated costs. Upon sale, any lenders will be repaid first, then he'll recoup his costs, then we'll split remaining profits 50/50.

My question: Is it best practice for us to set up an SPV (LLC, LP, etc) so we both own the property 50/50 then proceed from there? Or can I just purchase the property and draft up a partnership agreement outlaying the terms I've written above (meaning he would not own the property technically but he'd have contractual claim to 50/50 of the profits and of course his upfront costs for the work done at time of sale).

I do plan to consult a lawyer, just wanted to get a little practical feedback first. Thanks for all responses!

@Brenda Chen Would you please send me slides also? Sorry I missed this!

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