All Forum Posts by: Robert Freeborn

Because this is the "contracts" forum, I figured I would ask for advice here. 

I'm partnering with a local flipper on at least our next project, maybe more. He has experience, and I'm new. The plan is to go in 50/50 for the purchase, and he gets 60/40 split, as he will be running most of the rehab. 

I couldn't find any partnership contracts in the site's tool section. Does anyone have any contracts they could recommend? 

Thanks!

Just a thought, the 1 year old might have some actual health issues. My son is on the spectrum, and sometimes he screams and yells no matter what. Sometimes you will say the wrong thing, and he will flip for hours. Sometimes you can take a car ride, other times you can't. Sometimes they run around, and scream, and yell.  Sometimes his sister will yell, and he will yell louder, because thats how he releases stress. While we can usually control it, sometimes we can't. 

If they are on drugs, it is an entirely other issue. But the mother may have issues herself and may be on prescription drugs, many of which can cause eyes to contract like that. 

My point is this: you don't know what their issues are. But you DID lease to a family with small children. If you weren't prepared for that, then i'm sorry, but it sucks to be you. Learn from it for the type of client you want next time and screen for. Buy some headphones, and non-renew when the lease comes up.  And remember, your tenants could always be ALOT worse. 

Great. Thanks everyone!

A friend of mine living in Utah is trying to get an emotional support animal, but her landlord is having issues. Besides being provided with letters from her doctor and psychologist for the need for the animal, he is demanding to speak with the doctors. (Which is totally illegal, right?) My friend also claims that an ESA doesn’t need to be certified, just needs to have a letter from her doctor. I’ve looked, but can’t find any evidence supporting that. Can anyone here point me to a source that says if she does or doesn’t need the animal certified?

Isn't there some fine or penalty for filing false reports/claims? If the police are appologizing when they come over, there is obviously a history. I would imagine they have some sort of documentation of calls. See if you can get that documentation and assemble all the facts, THEN talk to your attorney.

Commenting to boost... and because I'll need one soon. I look forward to seeing the suggestions.

Keep in mind, each state is different, and each area of a state is different.

Brandon's part of Washington is VASTLY different than my part.  He might very well be able to find a 4plex that rents for $600 a unit and a purchase price of $200,000, hitting the 1% rule AND netting $100 in cash flow per unit per month. In my market, that unit would rent for $1,000, and would sell at $600,000!  (Seriously: there are two 4plexes with those metrics on the market right now. Crazy!)

With all that said, when I run the numbers for a house hack, my priority is to increase my personal monthly cash flow. For a property to work, it MUST work with me paying as little as possible each month. So if the other units can't cover the debt service AND the expenses (or at least 90% of them) its a no-go.  Hope that helps!

Sounds like you've made up your mind. Pull the trigger and get started! You're on the road to financial freedom!

Originally I was going to go with the brick. But with the neighborhood and potential value add of the vinyl, I'd go with that one.

Hi Wes! Welcome! 

The market here is, as i'm sure you know, tricky! With high prices, you have to go through tons of deals to find the right one. But it's possible, and the NAS on Oak Harbor is a great place to start, especially with the force realignment there!

I've been looking at multi families in the greater area (from Oak Harbor to whatcom county) but most are way overpriced. Anything you find where the numbers work is almost guaranteed to be a BARRRR. 

It sounds like what you are really looking for are boots on the ground.

Hopefully I've said enough keywords to get other local investors involved, lol. Anyway, welcome to the site. Send me a message if you'd like to connect privately; I'm always happy to talk to fellow investors, especially fellow/former service members.