All Forum Posts by: Ross Hoffmann

I live in Bakersfield and I see plenty of good duplexes to 4 plex properties that are in your price range. You can buy a few duplexes in bakersfield in certain areas depending on what kind of tenants you are looking for. Are you looking to rehab these buy and holds or do you want turn key properties? Congrats on getting started in real estate investing!! Let me know if I can help in any way Ross Hoffmann

@James Stevens  Thank you for your input. I also hope that it will be the first of many!!! 

@Kumar Paj  Since it is my first flip, I have not setup a title account and I don't know if I will be working with these people in the future. It will be under my single name.

Hello Bigger Pockets!

I am about to start my first flip in Bakersfield, Ca!!! I have partnered with a couple that has been doing this for years, whom I trust and am excited to be able to learn as much as possible from them.

We set it up to where I will be getting a loan for the house($150K) where i will only be putting down 20%. My partners will then put in the money for all of the repairs, which should be in the 20-30K range. I would obviously be the one carrying the loan and at the end we would split the profit 50/50.

My question is whether or not anyone on bigger pockets has done this kind of deal before, and if so, is there anything that I should be aware of? I do not have the capital to do the entire flip myself, and am wondering if anyone has any advice or insight into this kind of deal and if there are any steps I should take to ensure i don't get screwed!!! Even though my partners are my friends and I trust them, this is business and business can get ugly at times!

Thank You in advance for your replies!

Ross Hoffmann

Are there examples of wholesaling contracts on BP? Or better yet, are there wholesaling contracts that can be used when putting a house under contract on the BP website?

Great post!!! I hope to have a success story like that in a couple months as well!!

CONGRATS