All Forum Posts by: Yinan Q.

welcome to BP. This is a great place to learn about RE and connect with others, which I believe are the keys of being a successful RE investor.

Like other RE "rules" such as the 1% rule and teh 50% rule, the 70% rule is only a rule of thumb. It allows you to quickly evaluate a deal. 

With that said, you need to analyze deals with detailed numbers. Use your example, you should be able to make 10% return at a purchase price of 380k.

ARV 500k

Purchase 380k

Sale cost 30k

Rehab 40k

holding cost 5k

Profit 45k

Thanks for sharing. I am wondering how "institutional investor" is defined. Do small mom and pop operated LLCs count?

Many States require landlord to stuff tenant left behind in storage for a certain period time before they can be discarded. You should check you local landlord-tenant ordinance to confirm.

I've used angie's list to find GCs and other subs many times. My experience has been great. The top players (A rating with many reviews) are typically busy so if you are looking for someone to start immediately it probably won't work for you.

Another thing I like about angie's list is their Big Deals. Sometimes there are great deals, cheaper than what I can get from other sources. I also use the Big Deal price as a gauge when I talk to other contractors.

@Jerry W. and @Ned Carey, thank you for your responses. Can you provide more details how this should be done? I am assuming the escrow should know this but I trust BP more.

My partner and i are planning to buy a property. We each have our own LLCs. I am wondering  if we can fund the property with our LLCs 50:50? 

In other words, can a property be owned by two LLCs? This way we don't have to form another LLC and all paperwork and band account associated with that LLC.

The best place to get the ARV is the MLS. If you don't have access to MLS, an real estate agent should be able to help you out.

@Shawn Thom, those are good points. It's also my understanding that as the new owner, you are responsible for all liabilities (debts, liens, etc.) tied to the LLC.

For this case, I trust the wholesaler based on his reputation. We will do our due diligence on the LLC as much as we can.

@Account Closed, thank you for your quick reply.
Yes we will be buying with cash so financing is not an issue. 

It sounds like there is not impact on the back end, which is good to know.