All Forum Posts by: Christina Williams
Christina Williams has started 3 posts and replied 6 times.
Post: Aspiring Real Estate Agent living in WA state
- Posts 6
- Votes 0
Hello,
I currently live in WA state but I’m planning on moving to CA in a year or two. Because I’ll be moving to CA would it make more sense for me to take the RE courses for CA and get licensed in CA now and then just take the WA state RE exam afterwards because CA reciprocates with WA and not the other way around?
Sorry if that sounds a little confusing but any help is greatly appreciated. Thank you!
Post: Rental Porpert in Cleveland???
- Posts 6
- Votes 0
Been looking at rental properties like this:
https://www.redfin.com/OH/Cleveland/12403-Osceola-Ave-44108/home/70765864?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link
$74,900 turn key duplex. 8b2b 3,136 sq ft. $322/mo mortgage payment with 20% down. Renting out for $1,300/mo so it’s cash flowing and it’s been on the market for 83 days.
I don’t understand why it hasn’t sold if it’s cash flowing. Can somebody explain?
Post: Beginner investor working as a silent partner
- Posts 6
- Votes 0
Yes, that makes sense and clears things up for me greatly. Thanks again for all your help and insight.
Post: Beginner investor working as a silent partner
- Posts 6
- Votes 0
Originally posted by @David M.:
Just be careful with the way you are splitting. Without a business entity, I believe the both of your taxes will be interesting and it won't be as 50/50 as you think, unless you make "personal" corrections being good friends.
Can you expound on this a little bit? What type of personal corrections would need to be made? I’m very new to this so not sure how our taxes would differ or what to look out for.
Post: Beginner investor working as a silent partner
- Posts 6
- Votes 0
Thank you for your reply! We are not using any business entity for the flip. My partner is a friend that I’m working with. He took title on the property I only provided $50k. When the property sells, we will pay all closing costs and pay back all funds invested to each partner and then take a 50/50 split. He will provide me with a break down of all expenses but how do I verify the expenses on his end? When you say “books” what are you referring to? Thanks for your help!
Post: Beginner investor working as a silent partner
- Posts 6
- Votes 0
Hi BP!
I'm new to REI and I'm working with a seasoned investor on a SFR flip so I can learn more. I am putting up about $50k into the flip as a silent partner and he said he's putting up about $30k into the flip. The only thing I'm unsure about is whether or not he's actually putting up $30k into the flip and not just saying that so he can make extra back. We bought the property for $400k, it is a SFR 3Bed 2.5Bath and 1730 sq ft. We're doing a full rehab on the property.
How do I make sure I'm getting my fair split of 50/50? What type of documentation and receipts or invoices do I ask for? We've already begun the process so I haven't gone to a lawyer to draw up any official agreements but we do have an agreement he created outlining the profit split.
Any advice?
Thanks BP Community!!