All Forum Posts by: Luke Texidor

Thanks for the responses guys. I also think it would be hard to be protected in a deal like this. Even with a tight contract she could take off with the money at closing. It most likely wouldn't happen, but knowing that this job would need 150k-200k, it might not be worth risking. This is a high dollar property and the carrying costs with private money are pretty intimidating. If she does decide to sell, it might be easier to partner up with another investor. I will talk with another attorney if she still seems interested in being apart of the flip. Thanks again for all of your input.

Hey BP,

I am looking at a possible deal in Los Angeles county that would be more beneficial to both the seller and I if we joint venture. The house will not be able to be financed conventionally due to the condition of the property. The sellers only options would be to sell the property all cash to an investor at a discount due to the condition of the property or fix it herself. The house will need a considerable amount of remedial work and money to get it up to code standards.

My proposition would be to put up the money to fix the property to code standards and rehab it to get top dollar on the market. The seller would be simply providing the property. After sale we would split the profits left over from the 75% LTV and cost of construction. We basically would be splitting the remaining 25% minus the realtor and closing costs.

My question is how to structure the contract. Would the seller still hold the insurance? How would I be protected in a deal like this? The seller is still not sure what they want to do, but I would like to be prepared. I am sure there is someone out there that has done a similar deal or an attorney to give some insight. Any help would be much appreciated. 

@Manolo D.

Renting a house has came up a couple times in our office and is now sounding like the better option. Not sure if I can get all my guys to come up, but we will see. I am trying to call as many Subs as I can, but like you said some just don't return phone calls or are already busy. We are still 5-6 weeks out on our start date, so I will keep going at it the best I can.  I will try Hayward lumber and Window People. Thanks for the suggestions. Working far from home is a pain in the ***, but it always works out one way or another. Just with more headaches. Thanks again

@Manolo D.

Thanks for the reply. I talked to a couple guys that were working on near by projects when I went to pick up corrections. They recommended other subs that they work with, but I like to get at least 2-3 bids per trade. You are correct in that there are not many subs out here. It's just gonna cost us to have our guys travel up there. I will definitely use our finish guys but will keep looking for some solid guys. Hopefully it will work out. Checking with the city is a good idea as well. Thanks for the info. 

Hey BP! 

I will be Managing a New Construction project in Paso Robles, San Luis Obispo county, California. We mainly operate in Ventura and La county and are not too familiar with the San Luis Obispo county area. If anyone has built or knows of any good sub contractors that they would like to recommend, I would greatly appreciate it. 

Thanks

Pandu Chimata Try Stoneville In north Hollywood. I have gotten plenty of slabs there big enough to fit your specs. I got my island slab there that was 117x68. Good luck.

Thanks for setting it up Jeff! See you there.

You can message me the info so you won't have any issues. Thanks

I'll take a look at what you have. Where in LA county?

To all of you Madison, WI investors! 

What is the typical cap rate in the Madison Multi Market? Mainly Verona, Fitchburg, and Middleton areas. Trying to get ahold of the market out there.