All Forum Posts by: Jaren Woeppel

@Elmer R. Welcome to St. Augustine! We have an investors breakfast tomorrow morning if you’d like. If you’d like details, feel free to message me.

@Jeff S. Thank you for the thought out response. That approach does seem like a pretty good way to get our feet wet and I will look further into this for future deals. 

That particular help I need for this one is not finding a borrower that I can loan to, it’s the paperwork and details to ensure everything is done correctly on this loan. We already have a vetted borrower on a specific deal, would one still go to a broker for this and use their services?

@Kyle J. Thanks! I will give those threads a read!

Good morning BP community,

We are looking at making our first hard money loan for a flip project. We don’t really know where to begin as far as term sheets and what documentation we need to request from the borrower. Any help would be appreciated.

Thanks

Thanks everyone for the resoonses so far! Some clarification, we are looking to buy a PM business in the St. Augustine - Jacksonville, FL area, not here in Oklahoma. 

The idea behind buying a PM business would be bypassing the scaling of the business. Why I would agree, it would be ideal to start one ourself but to be profitable at PM it seems to be a numbers game. The idea would be, say we wanted to buy a company for $100k and they have 100 clients. Would we be able to spend $1k in aquisition costs to get to that level? Also, how long would that take? 

Anyone have experience buying a PM business? As of now, we only manage our own small portfolio. We are looking to buy an established business with a system in place. Any advice would be appreciated!

@Dustin Rose DM sent

 Thank you very much for the thought out and personal response. That makes a lot of sense. Thanks, Dave!

Thanks, @Breon Harding . When you say I don't think it matters, what are you referring to?

Hello BP Community!

I had a question about a live-in flip pertaining to a duplex. This is going to be kind of "off the cuff" so if there are some inaccuracies, please let me know.

Alright, so the beauty behind a live-in flip is that it is your primary residence and I believe if you have lived in it as your primary residence for 2 of the last 5 years, you are able to sell the property, up to a certain limit, without capital gains tax.

If you lived in one side of a duplex and rented out the other, I believe the same rules apply but you would only be able to take advantage of half of the benefit because only half was your primary residence.

My question is, is it possible (legal) to live in one side for 2 years and fix that side up, move to the other side for 2 years and fix it up, then sell the duplex within a year so you would still have each side your primary residence for 2 of the last 5 years and be able to capture both sides as a primary residence exemption?!?

I've never heard of that being a strategy and I am assuming the BP community has thought of this before. I would like some feedback as to why or why not this would be an acceptable tactic.

Thanks!