All Forum Posts by: Ford Bennett

I have a couple people that are interested in doing a flip with me so I can get some funds and partner with them on long term deals. They will be bringing all the money and I will be managing the flip (they are experienced long term investors and I'm a property manager with a lot of big turnover experience). After I pay them back their original investment, how should the profits be split? 40/30/30? 60/20/20? Is there a rule of thumb for this or a standard?

Thanks!

0 Votes

Spokane, Washington

Quote from @JD Martin:

Quote from @Mike Gordon:

Flood zone, a pool, and foundation cracks. I looked at one house with a really bad animal smell and passed because all of the flooring would have had to be replaced and the house repainted.

See, that's funny. I see the same house and I think money. In fact, I bought a house once years ago I still call the "cat piss house". The smell was so bad when you went in it would be like an instant asthma attack. But I got it really cheap, and I factored in the idea of tearing all floors and bottom half of walls out to solve the problem. In reality, my flooring contractor (all hardwood floors) was able to sand the smell out of it - and let me tell you, you've never smelled anything like freshly sanded cat piss - and 98% of the stains, and put down 3 nice thick coats of polyurethane, and the smell was completely gone at the end and never came back.

I had to do the same thing but for cigarette smoke (30+ years of smoke to be exact). We replaced the furnace, all the flooring, base layer painted every inch with Kilz even the subfloor and it turned out great. No lingering smell at all and the tenants have been happy.

1 Vote

@Nicholas Zaharevich

Hi Nicholas! That would be great! I’m in the early stages of RE investing; saving, reading a lot, etc. I should be relocating to Kennewick in July/August and will be sure to reach out when I do! I may have some Tri Cities specific questions for you before then as well as I learn more.

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Are any BP members investing in Kennewick, Pasco, or Richland WA? After a lot of research it doesn’t seem like single family investing is very lucrative, unless you score a killer off-market deal.

Are you investing in mobile homes, commercial triple net, or multi family?

I’m moving to Kennewick later this year and want to connect with local investors and discuss strategies that are best suited for the area.

1 Vote

@Devin James alright I’ll be searching for meetups today then!

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I’ve been working in property management for two years. I recently accepted a position where I sell the idea of property management and our services to homeowners. I also acquired a real estate brokers license for this new position. My coworker, another salesperson, introduced me to the idea of investing in rentals.

I've been listening to BP podcasts any chance I get, reading the BRRRR book, Real Estate Investing for Dummies, and Brandon's Investing with No or Low Money Down.

Through all this, it sounds like having a mentor is the best way to increase my chances of success. I haven’t searched for real estate meetups yet, but I want to.

If you have/had a mentor, how did you find them?

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@Yolanda W Cuevas

We’re the rat couple ever homeowners? They usually take care of rentals better than those who have only ever rented before. Whatever you choose, I hope it works out!

1 Vote

All Forum Posts by: Ford Bennett

Ford Bennett has started 4 posts and replied 17 times.

Post: Flipping with parters - how much profit should I take?

Post: QOTW: What are your "hard pass" items when evaluating real estate

Post: Investing in Tri Cities Washington?

Post: Investing in Tri Cities Washington?

Post: How do I find a mentor?

Post: How do I find a mentor?

Post: Should you always choose cashflow?