All Forum Posts by: Hannah Joy
Hannah Joy has started 26 posts and replied 88 times.
Post: Offer accepted - do I go through with it?
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
Quote from @David A.:
Quote from @Hannah Joy:
Quote from @Brian Plajer:
who is paying for the rehab?
@David A. I would need to establish residency I believe
Post: Offer accepted - do I go through with it?
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
Quote from @Natalie Schanne:
@Hannah Joy - Do the deal. Figure it out. It will be worth it. Make sure your partnership agreement is upfront about who owns what, who is contributing what money and time, and who has the final decision if you two disagree on anything. It should also include a divorce / buyout clause.
I am crushing rentals right now and I am hearing my friends getting incredible rents from long term and short term furnished like Airbnb - if the 2 bedroom apartment is $1900/mo plus utilities at the apartment complex, on Airbnb it is renting for $4000/mo (furnished, utilities included) on a 4+ week stint.
Good luck to you and your partner. For what it’s worth, consider taking personality tests so you know how to best communicate with one another.
Post: Offer accepted - do I go through with it?
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
Quote from @John Bartlett:
@Hannah Joy you might not be the money partner, but you NEED to put money in. You only need to put in a nominal amount like $1000.00 into the deal. You you be much happier at tax time, it will change your portion of the deal to capital gains from a higher tax rate.
Check with a CPA, but I believe if you only put labor into a deal, the income is treated like self employment income instead of capital gains.
Thank you! I didn't even think of this! I'll be sure to check on it
Post: Offer accepted - do I go through with it?
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
Quote from @Joshua Janus:
Quote from @Hannah Joy:
Good point @Joshua Janus, I scheduled one but should probably get multiple. Its tough because each estimate is 2500
Who is charging you 2500 for a walkthrough / bid? That is crazy. Contractors in my market charge 100-300
Post: Offer accepted - do I go through with it?
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
Quote from @Brian Plajer:
who is paying for the rehab?
Post: Offer accepted - do I go through with it?
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
Good point @Joshua Janus, I scheduled one but should probably get multiple. Its tough because each estimate is 2500
Post: Offer accepted - do I go through with it?
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
Quote from @Kevin Woodard:
What's the rehab budget? What is the ARV? What is the exit strategy?
Good questions! Just scheduled an inspection, I'm thinking it'll need 100-150k in rehab, ARV - I'm guessing 6 or 7 conservatively, no exit strategy at the moment - just hold on to it for cash flow and leverage.
Post: Offer accepted - do I go through with it?
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
I'm partnering with a friend - she put an all cash offer for 350k on a multi family in Northern Cali: four one bedroom units built solidly with concrete block construction. Units do need renovation in all four bathrooms, new flooring and some interior wall repairs, also need new sewer to the main. Great location, seems like a gem that will need sweat equity. I'd be the sweat equity, she'll partner 50/50 either revenue or equity or a split of both. How should I structure this? Need advice and fast! We didn't think the offer would be accepted!
Post: Hard Money Loans - going rates and terms
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
@Chris Mason I “acquired” as in, the cash is in my account ;)
Post: Hard Money Loans - going rates and terms
- Rental Property Investor
- Eureka CA
- Posts 89
- Votes 27
@Steven Foster Wilson oh good to know, thanks!