All Forum Posts by: Daniel Devin Jewell

How do you determine the profit share percentage?

The situation that I'm in right now is strictly on money.

If the purchase price is 100 k and the rehab budget is 50K and I'm covering the rehab budget I'm only getting 33% of the profits.

My partner is primarily funding the deal and sometimes he finds it sometimes he doesn't but as soon as the property is purchased I take hold about 98% going forward I manage flights due to rehab and find the agent and deal with any repair request.

How much is that management worth?

How much is funding the deal worth?

How much is finding the deal worth?

When I was running a landscaping company / Tree Service / power washing / handyman service.

I had basically a menu that people could choose from to do a variety of repairs.

You just go through the menu tell me what you want and that's how much it'll cost very easy.

Everything is pre-calculated and worked into the system.

I think I understand real estate but I don't have enough experience to determine the value that each individual job has.

an agent is 6%

Is money worth 20%?

Is finding the deal 30%?

Lower? higher?

what would you guys say the value of jobs are regarding real estate investing, when it comes to flipping or long-term hold. I kinda see them as one in the same in this specific situation.

@Tom S. If I'm misunderstanding something please tell me that's why I posted this question

@Tom S. If I revise my 2020 tax returns and claim more profit like instead of making "40k last year I make 50k"

Unless I'm wrong we are all, allowed to revise our tax returns up to 3 years in the past

I pay 15K in taxes this makes my DTi better. now I fit in the little box and then I will qualify

for the past three years I've been building other people's deals been saving a bankroll but as everybody knows it's kinda hard to save so I need to make moves.

When you get down to it my debt to income ratio is high.

My thought is to refinance my house. It's at 6% on 115 K and then get a HELOC on the remaining equity, arv is around 250k on the high end.

But my dti is high so I was thinking about revising my previous years tax returns and paying around 15K to qualify for the loan.

I'm not over extended I don't have any debt apart from my house and my car payment and I'm saving consistently.... Just slowly haha

I don't want to sell and I don't want to do a Cash out refinance.

I thought about asking my dad to co-sign for me.

he is a high income earner and has disposable income.

I prefer not to,,, you know the whole do it by myself thing.

does anybody have an idea of how much a signature is worth like a dollar amount?

Does anybody have any thoughts on this situation? or have any questions??

I'm looking to make a move by Wednesday night the 28th

@Berenger Greer Turn-Key isn't necessarily a problem at very least I have another lender in my pocket to refer to somebody else I'll mention you when I talk to them tomorrow

@Berenger Greer yeah if you would include the company's information I'll give him a call and see if we can work something out.

thanks!

@Reid Chauvin well I guess all of the above but primary reason for asking the question is to refinance my primary residence then get a HELOC on the remaining equity.

Not opposed to streamline loan but would prefer to get rid of the p.m. I and all that other stuff

Hey everyone I'm looking for a bank that will lend to somebody that has self-employed income and is playing the deduction games on there taxes.

I can prove that I worked in the industry for the past 2 years

I make around 50k a year

My primary residence is worth around a 225k

I owe around $115 at 6%

my current payment is $940

My credit score is about 750

I have 20k in cash

I have a $500 truck payment

Outside of this I do not have any debt.

But ya..... Does anybody know of any lenders that will read between the lines in Virginia I live near Charlottesville va

I wouldn't call myself a Nubian Wester but I also wouldn't call myself a fully-fledged investor I feel like I've stalled the past ear and I'm looking to get my momentum up again I've got about 20,000 saved but that's not nearly enough to really partner with some of the contacts that I have let alone do the kind of strategy I want to do I'm looking to get a home equity line of credit on my primary residence the house is worth about 210k and I owe about 115k. My mortgage is about 950 a month at 6% I'd like to refinance and also get a home equity line of credit access my Equity so I could start partnering on the deals that I'm working on but not in.

I'm self-employed and I can prove that for the past two years does anybody know A lender that will work with a self-employed real estate investor that will actually close

I really just need do home equity line of credit so if anybody knows of a bank that will give me that line a credit I'd like to know about them

if you wish to contact me directly you can call or text me at

(540) 316-0893

A few people have mentioned Waynesboro, it's not there.

It's in Southern Orange County

The average rent for the area is between 900 and 1200. But I would lean more towards the lower end being that the apartments are more like Townhomes, there two story.

But even so a price bump from an average rent of 600 to 900 to me sounds pretty significant.

I have only talked to a 25% owner of the property that wants to sell. ( there is 2 24% owners and 1 51% owner)

I was told that they all haven't talked about selling in a serious way but the impression that I got was they don't really know how to approach selling a commercial property

I have not seen their books and I haven't spent the time that it deserves when it comes to its research

Right now I'm brainstorming and trying to see if it's even worth anything / how I would even be able to fund I'll purchase of that caliber

What I have as a plan in my head is come up with a generic value with some hesitant funding lined up.

then pester them for the next year, if that is what it takes, over that time the price would be refined.