All Forum Posts by: Jose Castillo

Hey guys, I want to inspire all those wholesalers starting out. I've been in the business for 5 years and have done close to 50 deals. I finally decided to pull the trigger and flip one of the properties after 4 years of assigning everything. I wish I had done it sooner. I guess I was comfortable with taking assignment fees because it was just so easy and convenient (once I built a good network). I wish I would have done this sooner in my career. Now I'm closing on every deal and the moment I decided to do so my income sky rocketed. I got two deals for 75k profit. Usually with assignments I would make 20k max on those deals. Maybe 30k. Point of this here is to inspire wholesalers to pull the trigger and close on these deals and put them back on the market. You'll make much more.

So I did a flip with a contractor/partner and we had a budget for the rehab at 80K and he brought me a bunch of receipts with no PO regarding our subject property and is claiming that we went $40,000 over budget. He claims the rehab cost came out to 120K and now wants to collect the 40k at closing. He gave me some receipts but none have PO information of our property and which we both made it clear we should at the beginning. Any suggestions?

@AJ H. Thank you for all of your help. You really helped me understand the situation. Thanks

@AJ H. I appreciate the detailed information. Would I need any agreements between parent company and subsidiaries? What's how to I pass the money through? Just write a check from subsidiary to parent/holding company?

I'm converting my already aged LLC into my Holding company and then creating a subsidiary LLC owned by my holding company.

What's the best way to set this up in a manner that allows me to pass money through my subsidiary up to my holding company?

What agreements would I need?

When money is made from the subsidiary business Do i just deposit money into the subsidiary account, and then write the holding company a check of the full amount?

@Sean Rogers what's your best email?

Any buyers interested in a multi family property in Fall Rivers MA 02721?

@Cameron Mello my partner has an amazing Podio system on the market if you’d like to check it out. Feel free to reach out and I can connect you

How long did it take you to take down your first flip?

How did you find the deal?

How did you fund the deal?

Did you bring in partner/mentor?

Would you say once you learn the process from start to finish it's easier to pull the trigger on flips? I've been wholesaling but now I'm looking to keep one for a flip. Thanks BP

I use Podio. My guy built an amazing system for my wholesaling business.