All Forum Posts by: Miguel Talamantes
Miguel Talamantes has started 2 posts and replied 4 times.
Post: Washer and Dryer in 8 plex.
- Posts 5
- Votes 4
Hey @John Leake, I just purchased two 4plex right next to each other. Using the BP calculator I will be netting 4,500 per month. 37% ROI. I flip properties in Los angeles i am a realtor as well. However i am learning now how to manage my own units.
However, i am looking to install my own washer and dryer. The units I purchased already have a service called "Wash" where they do what you recommended. However they have really bad customer service and i rather not deal with it.
Post: Washer and Dryer in 8 plex.
- Posts 5
- Votes 4
What washer and Dryer brand is recommended?
How much should i charge for the wash and the dry? (Currently at $1.75 wash and $1.25 dry)
How much should i invest in the new washer and dryer so my tenets can have a decent experience?
Post: Paying private money % to family?
- Posts 5
- Votes 4
Thank you very much. Great response!!
What I'm thinking of doing is adding them to the LLC as 1% and change the operation agreement to pay them out as investors.
I got them to agree to a 7.5 interest rate on their money per deal that I flip. With a goal of 4 and minimum 2 flips per year.
I didint know that the operation agreement on the LLC can be modified and changed to almost anything. You are right on the money. Thank you.
Post: Paying private money % to family?
- Posts 5
- Votes 4
Hello Biggerpockets family,
I am looking to raise money from family members to start flipping my own deals. I have three people that are willing to invest. I will be using this money for down payment of a hard money loan and repairs.
Questions
1. How much should I pay my private investors back in interest % per deal that I use their money?
2. Should I open a trust to hold the money?
Back story- I started as a realtor, turn wholesaler. The last deal I did was a wholetail deal. I purchased the property with hard money and just listed it without any rehab and made a great six figure return. However if i had more money i would have been able to flip it and make even more. I have a team and an LLC. We come across 3-4 great deals per year that i want to flip moving forward. However this market in Los Angeles is expensive and I need private money just to get 10% and repairs for a hard money loan.
How do i structure this with my family members / Investors and how much do i pay them?