All Forum Posts by: Floyd Jackson

Awesome Job!! How long did it take from start to finish?

@Romica,

Looking forward to those future conversations. Just let me know some of your buying requirements, and I can get started. From what I can see you have an extensive real estate investment background.

Thanks Mehran,

It looks like your doing pretty well also. Strong goals you've set for yourself I see. Well if anything interest you in the Columbus Ohio Market let me know.

Usha,

Sorry for the wait, I've been swamped with a couple projects and have been kind of out of commission. In more of a response to your last post regarding how paperwork is done:

Normally we develop a Prospectus of the particular property to let you know the details of the property and why we feel its a great buy. This would have addresses, legal descriptions, school district, comparable information, how many bedrooms, baths, pictures. We Also use video on many occasion. We know many of our investor although not hands on, still like to actively be part of the process, video helps.

When it comes to paperwork, we use a Joint Venture Agreement Contract. Once we have agreed upon the terms, the Joint Venture Agreement is signed, funds are transferred into a set up joint money market account. When real estate is purchased and closed upon, the agreement begins (60, 90, 120, etc., days). We don't have a promissory unless deemed necessary from the investor. In the event that Property does not sell within agreed terms, our company forfeits its profit and liquidates the property to payout investor's interest.

I hope this clears up your questions. If interested in further details or getting something started, please contact us directly at [email protected].

Thanks!

@ Jessica

Hi Jessica , I guess you know the response to O-H! (It's a Buckeye thing). Currently I wholesale to other investors, I'm also working a couple of rehabs projects for investors. I like the pocket areas of Columbus but I want to promote myself to some of the more affluent areas which will require direct mail campaigns. Tell me some areas and I will give you an idea how to market that vicinity. Great areas : Westerville, Reynoldsburg, Gahanna, New Albany, Powell, Upper Arlington. Investing in Columbus is good but you have to know the direction of growth for the specific area. Let me know If I need to examine deals close up for you.

@ Nil K.

Thank you Nil I will see if Jake and I have similar goals and reach out to him.

Usually if we want a property because it meets our guidelines of profitability and have to move fast we present the terms of a deal to specific investors to see if it is of interest to them. Stake deals are anywhere between 25% and 45% of your invested amount and we try do the deals within 90 day. We write up a joint venture agreement with our investor. The Investor interest in the property is secured by the property itself. So to be specific with your question. Securing a property with your funding on say 40K . We give you the details of time let say 120 days (From closing) and the return rate of 35%. your return is 14k. for use of fund for 6 months. Of course you would be required to deal with your taxes. and there are minor fees for contract set up. Good thing about this deal is your out after your term is up. Our company handles all the management, (Property acquisitions, closings, repairs, and selling)

So if the above property is 40K this property must net our company 15-20k at sale.

If you look at another stake deal which is a 50/50 split deal, it works like this:

same 40k investment but the terms are "when it sells" If it sells at 80K your return is 50% above your initial investment: 80-40=40, 50% of 40 is 20K. It may take 60, 90, 120 days to sell. In essences you become a true investor in sharing in the risk.

Its really important for our investor to know who we are and what we do. Prior to any investment arrangement. Were a simple company that is involved in all facets of real estate around Columbus. Our biggest goal is creating wealth for our investors first and foremost and our company second. Send me a message and I can go into greater details on what your trying to do and if we can help.

Pleasure communicating with you Usha.

I'm wrapping a split deal up currently with 3 investors. Purchase and repairs came to 40k we will sell under value of the neighborhood at 77k. We're guaranteeing a 45% return on our investor's stake. First investor's stake is 20k, he will make 9K and the other two investor's stake is 10k a piece and they will both make $4500. At the of sale of the property (Usually 60 to 90 days we estimate, but don't guarantee because real estate is speculative.) 58K is committed to our investors, anything above and beyond goes to the company.

the above deal is one of many type of splits we do. This is more of a loan deal and carries low risk and high returns to the investor.

Other split deals are - 60/40: 50/50: 40/60 - Investors puts up purchase and repair cost, and the profit from the sale is split between investor and the turnkey rehabber.

I definitely agree with your friends of testing the waters first. This will allow you to see where you fit with real estate investing at a lower risk level.

We come across deals quite frequently. We market for houses constantly, and if a house supports the margins for investor payout we definitely seek our investor friends.

Great questions. Looking forward to hearing nothing but success on your quest, let me know if there is anything further I can help with.

Hello BP Members. I just wanted to let you know I have been wholesaling properties in the Columbus Ohio area very successfully and look to network with those who have an interest in this lucrative market. In addition to wholesaling I've done some rehabs, rentals, and investor split deals. I've been actively doing this for about 6 months. I'm loving it so far and hope I can bring value to any BP member that has questions about Columbus Ohio and surrounding areas. I'm always looking for bigger and better ways of doing this business and Bigger Pockets is a wealth of real estate information to help me do just that. If I can help in any way please don't hesitate to contact me.