All Forum Posts by: Chris Marshall

I live in farmington and I'm looking for a lawyer and accountant any suggestions?

So I have my sights set on a single family home that from my initial looks on the MLS it really just needs some updating. The numbers on the MLS lay out like this. 1054 sqft home, listed for $64,500 about 61.20/sqft. Average cost for a home in this city is 85/sqft. However on the assessors site, which the appraisal was updated last month, I can see that the land is worth $6000 home worth $35100, and a small garage on the property is worth $2900 for a total of $44000. So it's 41.75/sqft. They are asking for 146% more than what it is worth. 1) is that reasonable on their part? 2) assuming nothing crazy happens would it be feasible to offer 45/sqft or $47430, then put no more than $10000 into the property and put it back on the market for $64820 to make about a $7000 profit? What do you think (obviously since you can't see the property just assume it will be an average flip without the foundation crumbling or a pterodactyl living in the attic)

Because I want to keep my day job for now I need to find someone to help me take care of the day to day in the flipping department. I have a dinner set up with some clients of my wife. They are looking to get into flipping because he was part of a business that was doing it already. I'm looking for things to ask him to make sure he would be a good partner. Besides construction experience and make sure his moral and ethical standards line up with mine, what are other things I should keep in mind? And assuming he is a good fit, if I am putting in all of the money and I'm sure I will spend my weekends working on things. And I won't just throw everything on him to do. What kind of split should I look at doing?

I'm in the same type of position but I'm in Farmington Missouri.

I'd settle for ruling my local area haha or at least owning a island. And thank you all for the opinions and words of wisdom. I'm supposed to sit down with the accountant/mentor and run through a couple of scenarios to figure out what I want to do. The rentals scenario till I find a good flip deal doesn't sound to bad. There is just so much to think about.

Thank you both, now maybe this is more of a personal question no will be able to help me with but advise and opinions are welcome. I work full time selling insurance and on the weekend I put time into a tech start up my friends and I own. The only way I could do a flip is if I have someone help me full time since I can't be there except late at night or on the weekend. The only person I know and trust to do this is my father. Since we owned a small construction company for about 7 years and he was in the carpenters union for 20 years. First question is it a good idea to do it this way? And second what is a good percentage or share to give him since he will be the one there managing the actual flipping?

The reason he suggests flipping is to get the profit from a couple of flips and then maybe go into rentals with a larger sum of money.

So I have $100,000 to invest of my own money. I have done no real estate investing yet. My real estate agent friend recommends me going into rentals and my accountant (and mentor who owned three rentals and just sold all three) recommends I start by flipping. My end goal is I want to rule the freaking world if I can. It may take a while but that's fine. I want to end up owning enough rentals and commercial building to live off of so I can start working on my other company full time and not having to work for someone else. What path has the best chance of getting me to the path fastest? Thank you.

How's it going, I'm about an hour south of St. Louis.

My business plan in a step by step format so far has went like this. Step 1: deed my property off separate from my parent in laws property. That now is done. It took my wife and I's net worth from -30,000 to positive $180,000. Step 2: get a mortgage for $175,000 at hopefully 4% or under but if need be I could live with up to %6, and make it a 30 year term. Assuming taxes and fees and anything else may have taken $10,000 for some reason we are aloft with $165,000. Step 3: use $50,000 to pay off both of my vehicles and the current unsecured $20,000 loan on the house as well as two credit cards. This step is here because if we "consolidate" all of that debt into the the one loan we end up saving right around $800 every month just from reducing our monthly bills. Step 4: use $15,000 to finish a already started salon that will become my wife's new business. Step 5: with the remaining $100,000 we purchase a $50,000 or under home in our local community that we believe we could flip for at least a little profit. Our goal would be to put no more than $10,000 into the property. That leaves $40,000 for operation costs and taxes for a couple months if we did not sell the property right away. This is what I have so far and step 1 is done. What do you think of the rest of the plan and how would you improve upon it? Some ideas I've had would be that the company I'm creating would own my house and salon and we would "rent" from it. As well the company could own our vehicles and we would just drive "company" cars. I've thought about 1031's but I don't know if that would be the best route in this situation. I know away from the actual business plan I need to find a accountant and lawyer to help me but any input you all have would be greatly valued.