All Forum Posts by: John Upperman

 Albert - my partner was the GC and helped estimate the rehab.  If this is not your area of expertise, then you'll have to bring someone in on the deal to help you.  Either by hiring a GC that you trust (you'll need to get recommendations from other investors), or partnering with someone who has the appropriate experience.  

 James - thanks for the kudos.  The Rocky theme started playing in my head after I read your post.  :)

My biz partner is the creative genius behind the redesign.  I helped with some of the initial kitchen design, but the really unique touches came from him.  He came up with the ideas, we would discuss, and then I would help make sure we were staying on budget. If not - we would discuss ideas around how we could potentially achieve the same creative goal with less dollars.  Just another example of how the right partnership really makes a deal work.

 Mia - my partner and I were 50/50 on all expenses and profits.  The loan was in our names jointly.

 Matthew - the profit is "gross" not net of taxes.  I'll let my CPA figure out the details.  That's what I pay him to do.  :)

 My business partner was the GC for the project.

 Scott - they charged us 6% and 1 point on the front end.  We had a warm referral to the banker, my partner and I have pretty strong financials, and the deal was pretty solid.  I think all of those contributed to the favorable terms.

Hi @Milan Mehta

Welcome to BP.  You're business model is very interesting...especially the MFH piece.  MFH properties are very tight in Raleigh right now, so that may be an opportunity for you. 

John

@Dmitriy Fomichenko - thanks for the tip.  :)

Details on the Triplex will come soon.

John

@Evan Kelleher

@Charles Johnson

@Ayse K.

@Mary Iou L.

My business partner and I developed all of the design ideas on our own.  He is the creative visionary and came up with all of the unique trim work on his own (including the bench seat in the kitchen).  He also acted as the GC and managed the subs, but did most of the trim work himself.  

 Nick -  this neighborhood is somewhat bifurcated.  You can still find homes in the low 200's that have not been updated, but the nicely remodeled homes are going for $350-$400.  The market in this area is super hot right now and finding additional deals is very difficult.  We're still on the hunt, but have not found anything yet.