All Forum Posts by: Amin Ali

We are looking for General Contractors that have experience in working with Investors and have some experience working on the South side. We are looking to fix and flip SFH's but in the future will move on to Multi units. I presently do not have a deal under contract but we actively put out offers everyday so I am sure I will get one very soon.

A good GC is the last component of my team that we need. It also seems to be the hardest one to nail down lol. 

If any one is interested or if any one has a recommendation please contact me.

Thank You 

@Crystal Smith ...The resale profits. I am trying to find creative ways to get some properties Rehabbed and sold at retail. I am trying to build a track record to attract private lenders. 

@Jason Hirko Ok, I understand. I will contact my attorney and see what he can come up with. I am thinking of giving both scenarios to homeowners once they say they are interested in partnering up on deals like these. Thank you for your help

@Andrew Michael Thanks for responding and you make some valid points. With owner financing, the property is deeded to me so I am the only one on title, therefore a seller really has no control over how we rehab and cannot walk in the middle of a project. They are protected by the note they carry which serves as a 2nd lien. Plus we would have some verbiage in the contract that says they will receive 50% of net profit. 

You are right in saying they would have to have trust in us to complete the job successfully. But just like wholesaling many sellers will say no but its the few that will say yes that can really make this a profitable venture. 

I am just trying to get through 3-5 projects so I can attract private lenders and show a track record. We have enough capital to get a traditional hard money loan but it would stretch us too thin and we spend lots of cash a month on marketing. We are trying to limit expenses but get deals done at the same time. 

@Jason Hirko Interesting way to structure the deal. The only issue is how can we be protected if we are not on title? Couldn't the seller just walk away with all profits or is there something in the JV agreement that would not allow that?

I am trying to find different ways to close deals as a wholesaler and I was thinking of offering sellers a way for them to earn more money than the discounted cash offer we initially offer. I have a few sellers who are open to owner financing where they will carry a note until the property is rehabbed and sold. We would then split the profits 50/50. They are ok with being in 2nd lien position as we all know hard money lenders will have to be in 1st. My question is would the hard money lender have a problem with there being another lien on the property? Is there a better way to structure a deal where the Seller and my company can partner to get these deals done? 

I believe it would be cheaper to just get rehab money from a hard money lender then getting money for purchase and rehab.  

Any help would be greatly appreciated

Welcome to BP. I also am from Chicago. There is a lot of great information on this website and you will meet lots of interesting people. Enjoy!

@John Horner I find that attorneys are the hardest part of my"team" to nail down. So many of them specialize in one thing and does not fit well with what I am trying to accomplish. That is why when you find a good one, hold on to him/her. I definitely agree with the part about Attorneys being conservative but I guess it is because they have seen involved, directly and indirectly, in many lawsuits on both sides during their career. It just makes them overly cautious.  

@Brian G. Thank you for reading my post. I figured it could help someone out in case they run into a situation like this, but I hope you dont.  And by all means share it with your attorney. 

Thank you