All Forum Posts by: Jamie Wooley

Thank you all very much!  I will take everything you have said into consideration when we decide what to do.

@ Lynn Burson 

So what would you consider the current rate is?  How are you determining that?

So here is the scenario...I have recently just got into the REI world. I got my RE license, set up my company and educated myself on flipping homes. I have now signed a contract on my first deal and close on Nov.20th. My father with whom I am as close as you could ever be just to give a little background is going to be my private investor. He will be putting up all of the funds in my account for the entire purchase and rehab. This will be his only function. We have talked about this around five times and he still is not sure what he wants to do as far as a percentage or a cut of the profit. Now that I have a contract pending I want to make this as professional as I would with anyone else and determine the loan arrangements.

So my question would be for anyone that has had experience with private lending with a family member, or anyone else for that matter.  What is fair for both parties involved in this situation where he is bringing all of the money to the table and I am doing all of the work?

All help and advice is much appreciated.

@George Sarianos and @Dan Bosak

Thank you both.  Do you ask these questions on the phone or do you prefer to set up a face to face meeting?  Do you ask anything about the condition of the property if you do the phone call first?  

Thank you all so very much for your advice. It gives me many options to think about. I do actually have my RE license and got it about 4 months ago just to do REI. I know that is one way to work this deal I just know there is much more to be made on the rehab side of this deal and wanted to go that route. I believe possibly renting it out for a few months while I fix my first property might be a very viable option, assuming my attorney gets a very good contract in place. Again, thanks so much for the help!

@Julia Blythe

Thanks so much!  Will for sure try that.

So I am very close to signing my first contract on my first investment property.  Yes, I know until the deal is done it's not done.  Understood!  My GC called today and another woman has a home that her mother passed down to her when she passed and she can't afford the upkeep any longer and needs to sell.  That is good news but the only problem is this is my first home and I do not think it is a good idea to do two at once my first time.  Does anyone have any suggestions on how to hold her off and still buy the property?  I feel it could be a really good deal as well and don't want to lose it to someone else, but I need to stick to one at a time.  I don't really see a solution here and she seems to want to sell soon.

So my GC has a contact that is very interested in me purchasing her home (I am an investor-rehabber).  Does anyone have a list of qualifying questions when you call someone interested in selling their home?  I know the basics but just wondering if I am missing something.  Any advice would be appreciated.

Thank you @Gerald David, I will definitely use those tips!

So I am looking at a lower end property that I will make an offer on possibly Friday and while I am in the waiting process I have had a few questions pop up that I will need to know whether this one works out or not.  So any and all help is greatly appreciated.

I have looked online but wanted some seasoned opinions.

1. Best brick cleaner for soot on the fireplace brick?

2. Best brick cleaner for vegetation on the front of the house brick?

3. How to get spray paint off a wooden fence?

4. I think I want to go with the gray color scheme in the home. So what is a good designer type gray colored paint that is cheap?

5. Flooring, same thing with Tile in the kitchen and bathrooms, a gray color scheme.  So what kind of tile, something cheap of course.  I can't over remodel this neighborhood.

That about covers it!