All Forum Posts by: Austin Maginnis

I have an opportunity to get in on a flip property with a good buddy. It is his first flip property and it will be my third. He wants me on board as a 50/50 partner because of my experience, relationships, and construction knowledge. He is providing all of the funding as a first time home buyer and he plans to own the property for 2 years to avoid capital gains. Curious how to set up the joint venture agreement if he will be avoiding the capital gains tax but when he pays me my share I will be taxed. Is this something anyone has any advice on?

I feel as though the deal is really good for me as I am providing mostly consulting services as well as accounting and management while my partner will be providing most of the labor and also the capital. I just want to set the deal up so it is fair to both of us as we are good friends and I don't want a bad taste in either of our mouths when all is said and done.

Thanks in advance for any advice!

@Travis Bovy - The meeting was scheduled to be at Kick Stand Cafe next Thursday. However, that cafe is now under water due to the floods so I'm not sure if the meeting will still take place. I will keep you posted if the site is moved to a different location.

Austin

Welcome to BP Travis!

There is a great RE Meet Up in the Cedar Valley that usually takes place the first Thursday of the Month. Let me know if you're interested and I can send you further info and get you connected with the right people.

I am currently doing my first flip in Waterloo as we speak and it has been thanks to the people I've met on BP!

@Jonathan Towell

You say you've never heard of any real deals being found there because any real deals would have been auctioned during the foreclosure process. Is auction.com not auctioning properties that are in the foreclosure process? How does one go about getting the deal prior to it hitting auction.com?

I am a newbie to the process and am planning to try and get a property off auction.com within the next week. Any further insight would be helpful.

Thanks!

I am planning to participate in my first auction coming up in the next week. It's on auction.com and I've done some recon work with driving by the property and investigating it from an exterior standpoint. Looks like a good buy. I am not able to get into the property as it is currently occupied.

Any tips or further due diligence I can do before the auction? Anything I need to know about auction.com as a first time bidder? Should I be going to the courthouse to see if I can find anything further about the property?

Any info provided will be greatly appreciated! Thanks!

@Rick Mapes - Thanks for the advice! Got my alerts all set up and ready to rock. Appreciate the info.

Thank you everyone else for your input as well - glad to get a couple hits on my first post! I hope to meet some of you in person and potentially work together on projects in the future!

Hello all!

I am a new investor to the site. Looking for some properties to flip in Iowa. More specifically the Cedar Falls/Waterloo area and/or Mason City area.

How many people on this site are in my area? Looking to connect with some local people in the business to connect with!