All Forum Posts by: Holly S.

To come out of your situation with most money in your pocket you first have to educate yourself.

First I would put a lock box on the property so that you or your relatives do not have be letting people in for inspections/estimating.

Second, I would establish as-is value and "After Repair Value" (ARV) by asking 4 or 5 real estate agents to give you both numbers.

Third, I would use “THEBLUEBOOK.COM” and get 4 to 5 suitable contractors to give you complete renovation bids.

Fourth, I would go to local Real Estate Investment Clubs (You can find them on internet) and talk to flippers. Many of them would be more than happy to provide repair funds and then split the profit with you. Again you would have to talk to 4 or 5 flippers and they would do their own estimate and tell you what they are willing to do and how the profit would be split.

Fifth, after you get all the proposals from the flippers than you call back all the contractors that gave a bid and ask them if they would be open to doing renovation with their funds and getting a portion of the profit on top of their bid. When the house is sold, first all the sale costs are deducted, then agreed repair cost is deducted and what is left is the profit.

Finally, how the profit is split depend on negotiation and on how extensive renovation was. It has to be win-win situation and the hardest thing will be to know when the people are trying to take advantage of you. That is why I suggested educating yourself and hopefully you come out with enough money to do this again and start having an income. You have an unbelievable opportunity make best out of it.

Also I would immediately start going to local investment clubs and really get to know investors and flippers. Remember you have valuable property! Almost anything that was built in nineties and has ARV of $270K is worth fixing.

Good Luck,

George Krajacic

p.s. When you narrow down to one or two potential partners I would check all their references and I would also check their credit(for credit check you have to have permission).

@Holly S.

BP is full of useful resources such as forums and blogs. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”

Hey Holly, welcome to New Orleans! I'm actually pretty new to New Orleans myself, and just became a licensed real estate agent today! There's plenty of resources on Bigger Pockets stick around to read as much as you can :)

@Holly S.

Welcome to BP! This is the best place to grow your knowledge in Real Estate. Glad to have you with us.