All Forum Posts by: Gerrit Stukkie

Hello all,

I am trying to find a CPA near Ann Arbor. I am a newer investor, aiming to go full time as soon as possible as a flipper/wholesaler. I'm looking for a long-term relationship.

I also have some other side companies that are not REI based.

Thanks!

@Robbie Reutzel

I agree, there's not a whole lot of margin. I'm planning on offering less, but I need someone to help out, as I'm several states away.

I also agree that it's probably not completely move in ready.

Do you know anyone that might be interested?

Thanks for the reply!

Hello,

I have a good lead on a house in Portsmouth, Virginia, zip code 23704.

Problem is, I live in Michigan, and they somehow found my ad. I need someone to take this lead, finish the deal, and split the proceeds.

I've already spoke to the seller, and here's the information I have:

2 bed / 1 bath
868 sq feet
1 car detached
"Move in ready" to quote seller
Crawlspace
Asking: $50k
Worth: $65k
No Mortgage in place

Are you in?

@Brian Gibbons

Thanks for the insight on that. It seems easier than doing the full flip like I was thinking.

Has anyone ever used a Lease/Option to control a property, with the intent to flip it? How did that look?

My current situation, there are some houses in my neighborhood that I'm certain would need little work (I haven't been in them, but they are circa 2000 and cookie cutter like mine).

There is the potential, assuming a low enough offer is accepted to make $30k+ (hopefully closer to 50k), and if needed to be rented, would cashflow.

The downside that I think I see is that we are going into the winter months, and it is mostly a live-in homeowner type of neighborhood, so there could be a couple months of hold before it gets flipped/rented.

Thanks in advance!

You're welcome. 

@Devin Mann

Yes, pick an area and be consistent. In my neighborhood, there is a real estate agent team that mails us regularly about selling our home.

They usually either put a house they just sold, are selling, or a list of houses that have sold recently, and their prices.

I have almost sold my house so many times, even though I love my house and have zero motivation and desire to move at the moment.

@Luis Carrera

I don't see an ethical problem in doing this. Maybe I'm missing something on it.

Are you unable to close the deal if you don't find these partners? Or is this a strategic move? 

I can imagine someone having an ethical issue with someone that gets properties under contract with the sole purpose of partnering with those who's offers were not accepted, and has no way of closing the deal otherwise (Again, I can imagine, not saying I feel this way or don't).

It does seem like if people put offers on the table, they could be interested in partnering on that property. Definitely an interesting idea. 

Hope this helps. 

@Amy Wunderlich

Ahh, that's a good question, that I can't really speak to. I like your idea better, though.

Actually, there's a podcast, somewhere before episode 40, (I think in the 20s or 30s range), with an investor in the area, and he does it. Sorry I can't be more specific on the number.

@Amy Wunderlich

I'll start off by saying I'm in Michigan, but I think this sounds like questionable advice at best. Maybe if you were already awash in millions, and there were other strategic reasons to get those properties, I could see it.

The biggest issue is, how are you going to stay in the game if you are losing money on your investments? Especially when you get nailed with CapEx (it always comes).

By doing this, you are paying the tenant's rent for them, when they should be paying your mortgage, CapEx, and cashflow for your next investment.

The properties are out there, and I hope someone from LA backs me up on that. :)