All Forum Posts by: Daniel Y.

I might be able to help, send me a PM.

It is all relatively. 30% is a rule of thumb and think of some of the places that really want to shoot for that 30% rule. If you are dealing with a 100k ARV property. After purchase+rehab you made 30%, so you came out with 30k. But don't forget agent commission and closing cost when you sell, but even if ignore that, 30k...30k is still a lot of money, but look at all that work and risk.

Now look at your example. Doing a very rough estimate on my end, it will require you much more capital compared to the 100k ARV property, but if you use the 550k+100k rehab then take out closing cost wouldn't come out with well over 100k at the end? Most people dream of getting a 6 figure salary in a year. You could do it in less than a year, and maybe even twice.

As long it is within the same industry then you should be fine, but it also depends on the lender. There are always other options if you can't use a W2, just expect to pay more in interest.

Bump, I want to know as well as my inbox is getting overcrowded.

@Vickie Y. do you think you introduce your agent to @Chris Adams?

That structure can work.

Just some things to add to what Levi said. You should definitely get an LLC if you are going to form a partnership. Getting commercial financing for a LLC is difficult, difficult in that you are limited. You can't do conventional, unless you get creative but it will expose you to potential problems in the future. And with the loan that you can get, don't expect 5% interest rates. You are looking at 6.5%-10%, unless you go talk to a LOT of local banks to see who would be more flexible on their portfolio loans.

BRRRR is a great idea. But you need capital, not just the amount to cover the purchase+rehab, but much more for unknown and refinancing out.

Hope this helps, good luck with everything.

@Account Closed

Hi, so do you work for or work with turnkey companies? Also, in what cities? I see that you are from Kansas City, MO and I have heard there is a lot potential there.

Daniel

HI @Jeff Petsche

I skimmed through, so helpfully this may not have been mentioned before. Have you gone to some meetup yet? You can usually meetup with some OOS investors in CA, and potentially create some sort of partnership.

Daniel

@Sterling Fields care to share the name of the bank you are using? :)

Thank you,

Daniel

@Nick Hughes Feel free to add me to your list. I plan on making a trip out to TX sometime, and would like to go to the meetup if I am in town on that day.

@Bart H. I see you post a lot, and I am investing in some of those areas that you mentioned as well. I will send you a request, and hopefully we can talk more and meet up when I make a trip out to Texas before the end of the year.