All Forum Posts by: Mark Smith

Does anyone have interest in, or know an investor with interest in, buying property that is raw land in metro Atl?

If so, please let me know.  I get people calling from my direct mail wanting to sell their lots, and so far I've just been saying no thanks.  If you are into investing in land, I'll be glad to refer leads to you and we can work something out.  

We have our first property under contract. Pretty sweet deal, 147.5 PP, 165 rehab, 450 ARV......we waited till we found a deal with a healthy margin, so when "things happen" we will still be profitable.

Haven't been able to get financing because we can't put skin in the game, so we gotta get creative.

Our plan is to talk to the seller about doing seller financing, with the seller paid their interest (and the principal, of course) when the property sells post rehab.....so that would take care of the seller.  

Question involves how to make it work with the contractor paperwork-wise.  We want the contractor to pay for the entire rehab upfront, with an agreement that the contractor will be paid in full, with interest, when the rehabbed property sells (my wife/partner knows the contractor from way back, so that's why we think we have a shot at convincing the contractor to do this).  Now, someone told me that I could create an Operating Agreement detailing the arrangement with the contractor, the idea being to give the contractor confidence that everything is on the up and up, and he is adequately protected.  However, when I searched online for "Operating Agreement," "Operating Agreement for Real Estate," etc., all I came up with were Operating Agreements detailing the structures of LLCs, and other agreements involving the trucking industry........not relevant stuff.  Has anyone heard of an Operating Agreement that would do what we're talking about doing with the contractor, or something similar? 

Thanks for your input, we are definitely open to ideas.

Bigger Pockets is great, there is so much to learn here! My much better-looking wife and I recently decided to make a big life change together and commit to building a REI business. She has done a fixer-upper before, and I have experience on lending side, for what that is worth. We will probably start out wholesaling, so I have been contacting people and just introducing myself and making connections in order to build a buyers list. We will probably start marketing this month for motivated sellers in the 'northern arc' of metro Atl. Very grateful for places like Bigger Pockets, looking forward to getting to know folks!