All Forum Posts by: Jessica Flint

Ashley,  I just got to listen your podcast today.  It was so inspirational!  I live only about 25 minutes south out of Detroit in the country.  I'm a newer investor like yourself.  I'm also a Realtor for about 8 years now.  I'd love to pick your brain about some areas of Detroit.  I have a son who goes to WSU.  I'd like to get one investment property for him and some friends to rent while attending.  He plans on continuing into the medical college as well, so I'd keep it for at least 8 years, possibly longer. What's the best way to contact you to get your input?

Thank you both!  It works to click on the title like @Kevin Leahy said.  It's just an extra step that I didn't have to do before but I works fine now.  Thanks!

Thank you everyone!

Yeah we called it a day. She wasn't happy and took it very personally, which it was never meant to be. Only a business proposal. In the end, we agreed to disagree, I guess. I just wanted to know if I was in the wrong for future endeavors, but I now know I won't even consider a partner again when PML and HML are hands-off and non emotional!

She said, "It seems you wanna call the shots, do things your way. And that's fine.  I'm not interested in that for sure"  Um, yeah!!  Just further confirmation to go with a professional lending company.

Thanks for listening to my rants.  It's not something most people understand:)

I've listened to every podcast going in reverse up until last July 2019, then they stopped playing.  Is anyone else having troubles with that? Do I need to be a premier member to get older podcasts to work?  

Thank you!  I really appreciate that!  I hadn't thought about the difference in value between cash partner and debt partner.  I guess that does make a big difference! Especially since I would be on the loan with them.  That adds more risk for me.

I recently approached a good friend about being an private money investor.  I don't have any partners or investors yet. Her and her husband came back and offered being partners instead of only investors.  I thought it over and decided I'd be willing to do it ONLY if we were 50/50 partners.

They were offended that I offered a 50/50 split. They would be the money. My husband and I would do EVERYTHING else! They have ZERO knowledge of our market, how to calculate cash flow, ARV, how to swing a hammer, how to find contractors, resources, how to manage tenants, NOTHING! I"m a real estate agent, have the knowledge in the market. I've been investing in buy and hold RE for a few years, I've done several flip homes and my husband and I know how to do all the work ourselves. Plus I do all my own property management. And I would be waiving commissions on purchases. They don't have that much money, so their investment would be the down payments only. Approximately $30,000 per house. (We buy homes around $100k)

I proposed that they would get their initial investment back, no matter what, if we sold or our partnership dissolved.  We would only split cash flow and any equity gained after the house started cash flowing.  They wouldn't have to lift a finger!

Was this an unrealistic offer?  I've listened to some of Brandon's podcasts and they've mentioned this type of arrangement.  Did I miss something?  Why was this so offensive?  

I'm to the point in my business where I need to start talking to investors.  I'm wondering what a good starting point, as far as terms, would be? 

I'm thinking that I would like to offer 10% of the loan amount and offer interest only payments until I pay them back in full.  Is up to 18 months too long?  I also understand that they would be on title as well until I pay them off in full.  For example, if I borrow $50,000, then I would pay them $416.67 per month until I refi, taking no longer than 18 months, then their name is taken off title and I pay them back the full $50,000.

Are those reasonable terms??

All you wholesalers out there, does anyone know a wholesaler in Southeast Michigan? Specifically Monroe County?

Thank you, Jason.  Makes sense.  I've thought of those reasons also.  Always good to get reassurance!

My husband and I own 5 properties (4 singles and 1 fourplex). We do most all of the labor ourselves. We're very handy! Does the 5% for repairs and 10% for cap ex include labor? I assume so. But if we do most of the labor, can I calculate a little lower for that number when running numbers for my next potential BRRRR?