All Forum Posts by: Brandon Lebster

Hey BP team, 

Does anyone have any idea what a good interest rate range would be on an ELOC? Also, does anyone have any tips for searching for one. A lot of BPers say to go to a local bank. If I'm trying to use this money for a down payment on another property should I try and do BOTH the ELOC and the new mortgage with the same lender? First property is with Quicken, so I'm trying to get personal with a local banker in Phoenix Arizona. 

Thanks,

Brandon

Looking for a passive financial partner on this fix and flip. 

I went to school for civil engineering, have been in commercial kitchen construction for 8 years as a PM/Owner's rep, and have rehabbed one SFR doing 80% of the work on my own.

I'd be willing to put all my liquid assets into the deal as well as manage the project which would include all design, bidding, permitting, and day to day onsite management of subcontractors as well as all contracts and financials. 

Please look up address online, but due diligence will tell you this is a great deal. 

https://www.dropbox.com/sh/yrsso05opkwqli5/AABms4PshD9iQ55BjgWt-y9ya?dl=0

Thanks, 

Brandon Lebster

RE Hustler

Awesome advice, thanks! I'll let you know how it goes. 

@Patrick Daniel I completely agree getting good experience and making money is better than nothing. She said she has something in the pipeline, but I thought about sending her all the deals that I have coming in as well? Or maybe just ride her coattails on her deals until I can get off on my own? Or do you think there is value in quantity and taking a smaller piece? Also, is the agreement something we should just write up ourselves and both sign each copy? simple?

I told her that I can be on site most of the time managing subs and doing work since I have about 12 years experience in the construction field and did most of my first property myself.... I was hoping that would be enough for her to go 50/50 since that is one property she won't have to really manage. 

Appreciate the advice!

Hey BP, 

I reached out to an experienced flipper that I know to partner up and she agreed. I've remodeled one property myself and did most of the work. I told her that I would do the same for ours and that I have about $25k to throw into the deal. I don't know what kind of deal she will come back with ($ wise), but does anyone have any advice on profit sharing, how to structure the deal, whether both of us should have an LLC set up, how money is spent, etc?

These were all reasons I was scared to partner with someone, but have learned from BP partnering with someone smarter than yourself is the best way to further my education. Please let me know if you have any thoughts. 

Thanks, 

Brandon Lebster

@Shiloh Lundahl, I'm running around a bit more today but hopefully making that my last stop. Hope to see you there!

@Ryan Swan, I've definitely been convinced to buy and hold... I'd love to get  straight into multifamily. Let's meet up either way next time you are down this way. My property is just north of Tempe Town Lake and if it's mid week most likely you could take a look at my work while you are down here.

Everybody, thanks for the welcome!  

@Paul Leason, after listening to a ton of BP Podcasts I realize I should have leveraged from the get go. I'm still working on getting my credit score back up but but it sounds like their might be other non-traditional lenders that might be able to help me get that equity out. If you know of any ways to get that out with a not so great credit score, I'm all ears!

Thanks again!

Hey BP Members and colleagues!

My name is Brandon Lebster, I'm originally from Grand Rapids, Michigan.I went to MSU for Civil Engineering, and I've been in living in the Tempe, AZ area for about 10 years now. I have always wanted to get into real estate after college but always thought I needed to save up money to do that. I got into project management for commercial kitchen construction building Starbucks, Subways, etc. and have kept that as a W2 job to help with financing.

At 27 I finally had enough money to buy my first flip, and did 85% of the work myself over 1 year while I lived there. After completing it I found that I could make almost $60k a year renting it on Airbnb (due to location), and have been the property manager renting on that platform since I finished. I have now paid off all my debt, saved up some money, and want to get into the rehab game while slowly starting to grow my buy and hold portfolio.

I know just about everything you would ever need to know about rehabbing a property. I'd like to get more processes in place to flip 10-20 properties a year.

Please reach out and say hello, I'm super motivated and really excited to turn it up a notch!!!

Cheers!

Brandon