All Forum Posts by: Eric Chiang

Hi @Tyler Demeter, as others have already mentioned, you would need to provide value to an experienced mentor in order to get them on board. Someone had mentioned giving them part GP, which is an interesting idea that I didn't think of before haha.

One thing that worked well for one of my REI friends is simply just forming the connection with someone who has experience (eg having conversations with them without directly stating upfront you want them to be your mentor), and consider paying them a consulting fee for their time later one once that connection is formed (first part is optional depending on the person).

Happy investing!

Hi Murtuza, 

I haven't dealt with a house with this caliber of termite damage, but my suggestion is to get a quote for the damages and see what the actual cost will be. As someone had previously mentioned, you can ask for seller credits based on the quote, and see if the numbers still work out.

Alternatively, don't be afraid to walk away, there will be other deals. You could use the amount spent on this property as a lesson learned.

Happy investing!

Hi Zachary, have you tried looking into NACA?

I've personally never used it, but I've heard from others that it's a viable option if you qualify and are willing to work through it, as it's quite a lot of work. Seems worth it to purchase a home without a down payment nor closing costs

Happy investing!

Hey Lily, I have not personally had experience renting by the room, but there was a BP podcast episode that discussed co-living. 

I believe it was episode 560 where the guest mentions things such as arrangements, and briefly discusses some amendments he does to the standard leasing agreement:

Hope this helps, happy investing!

Hi @Justin R., appreciate the response! This is definitely the type of guidance I was looking for.

Currently looking to buy and hold, so will look into formulating an Operating Agreement and LLC

Hi BP Community,

Rookie here. I'm looking into Joint Venture Agreement templates to create for my next househack (small multi-family property in San Diego, CA). Will be looking for a partner to fund the downpayment, while I do the leg work (finding deal, closing, managing rehab, finding tenants, etc.). Currently have one friend who showed interest, but nothing is solidified.

Here are my questions:

• Does anyone have a Joint Venture Agreement example/template that they are willing to share, that would work in California?
  • Note: Will get/find an attorney to look at the finalized document once I create it.
  • Started to create a template from legaltemplates.net, but wasn't sure how creditable it is
• Given my scenario, any advice on additional provisions I should include/consider in the agreement?
• Any additional considerations/general guidance?
• Thinking bigger, does anyone have any experience/guidance going into a joint venture agreement for a househack, but for a CRE multi-family property (5+ units)?

Any information helps, appreciate it!

Eric

Hi BP Community, 

Rookie here. I'm looking into Joint Venture Agreement templates to create for my next househack (small multi-family property in San Diego, CA). Will be looking for a partner to fund the downpayment, while I do the leg work (finding deal, closing, managing rehab, finding tenants, etc.). Currently have one friend who showed interest, but nothing is solidified.

Here are my questions:

• Does anyone have a Joint Venture Agreement example/template that they are willing to share, that would work in California? 
  • Note: Will get/find an attorney to look at the finalized document once I create it. 
  • Started to create a template from legaltemplates.net, but wasn't sure how creditable it is
• Given my scenario, any advice on additional provisions I should include/consider in the agreement?
• Any additional considerations/general guidance?
• Thinking bigger, does anyone have any experience/guidance going into a joint venture agreement for a househack, but for a CRE multi-family property (5+ units)? 

Any information helps, appreciate it! 

Eric

@Logan Beckner if it's across from a hospital, perhaps consider renting to travel nurses? 

Good luck and happy investing!

Hi @Khenan Newton, have you considered cash-for-keys? That may be a faster/cheaper way to get the units vacant compared to evicting.

Alternatively, you can consider being very transparent with the tenants about the market rents and your plans to renovate the units. Essentially saying that the tenants can either accept the market rents (increase to $950/mo) or end their month-to-month since you plan on renovating the units. Suggest double checking that the strategy you implement isn't illegal, as I'm not familiar with PA law.

Happy investing!

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