All Forum Posts by: Michael Moikeha

Thanks @Manolo D. for sharing that information! Im trying to find the right balance of trust/motivation for the contractor.

Shoot me an email to the email listed in the document.

Phoenix is a market we plan to expand to at some point, so I would love to stay in contact.

We are located in Portland and are currently working to expand into Texas right now. Maybe Arizona will be next on the list!

Would either of you be willing to share a copy of your contract with me to review?

We are looking to create a strategic partnerships with contractors to share in the profitable investment opportunities in the Portland Market, and to mitigate the risk and tension that often exists between contractors and investors.

While the residential construction market often works on a 33/33/33 payment schedule, the commercial side uses Joint Ventures and vested interests to ensure that contractors are strongly motivated towards finishing the project at budget and on schedule.

With this investment model, we reward our contractors with profit splits, or percentage additions ranging from 15% - 25%+* return on investment. We have implemented this on our residential projects to relieve stress and offer autonomy to our contractors, and have had great success.

We provide design guidelines and product lists to ensure easy bidding, easy sourcing, and the ability to get in and get out quickly. 

If Interested click the link below to review our Contractor Partnership

https://goo.gl/j1G25G

Last year I had a contractor walk in the middle of a job with a few extra thousand dollars we had paid them, and it cost more than that to get another contractor in there to complete it.

I have a $150,000 project right now, and I am wondering what clauses, or what payment schedule people use to ensure that contractors are finishing projects and are motivated to do so through a draw schedule that ensures they are never being paid for work that hasn't been completed.

Thanks in advance for any advice.

Purchase Price; $237,000

ARV: $360,000

Rehab: $40,000

Profit split or set terms.

77% ARV less Expenses

4 month estimated timeline

We've completed multiple projects.

@Ian R. Thanks for the referral.

Hey @Diego G. & @Carlos Mendez,

Thanks for reaching out! I love connecting with like minded investors!

Hello San Antonio!

I have a partner who lives in San Antonio and we are looking to do a couple projects this year. I have been flipping and buying rentals in Portland Oregon for a few years now and am looking to expand my network.

WHOLESALERS

Calling all Wholesalers! But not the big box type wholesaler who usually charge too much, don't give 100% of the information they know about the property, and usually prey on the newb who doesn't know what he doesn't know.

Im looking for those down to earth honest wholesaler types! Im looking for deals in the 70% - 75% ARV less expenses range with budgets based on actual Contractor bids.

REALTOR WANTED

In the past I have struggled to find Realtors who know what an ARV is and to give me calculated conservative numbers, rather than the inflated "I can get you the MOON!" numbers they give to people to lock in the contract before lowering the prices after the property sits.

So, I am looking for a realtor who knows the market, knows the neighborhoods, knows how to accurately provide ARV's, and wants to be my man agent!

We would be looking to blast short sales every other month, get ARV's on potential projects, have access to pocket listings and intracompany listings pre MLS to make offers on fixers. 5% listing. You will get all our business.

CONTRACTOR

Im looking for a solid contracting partnership. In Portland, I started having my contractors parter with me on flips instead of just paying them to do it. They bring the funds for completing the project and on the back end they get their bid price +10% of that bid for bringing the money to the table.

Its the way business is done on the Commercial side to ensure vested interests and timely completion, and it has been working for me in Portland. Contractor must have at least $30,000+ in credit or capital. 

Example: Rehab Bid: $45,000. Cash needed to complete job: $15,000. Extra 10%: $4,500 = 30% return on cash invested. Total price $49,500.

PRIVATE or HARD MONEY LENDER

I have completed 7 flips, have 3 currently in the works and have 3 rentals since I started in 2015. I am looking for rates in the 8% and 1% range, or as close as you can get to that. 10% down and first draws provided at closing.

If you were at all offended by the voice or approach of this post, I apologize, but we probably wouldn't have been a good fi anyways. I like to be straight forward and if you have been doing this for any amount of time, you know exactly what I mean when I said the things above!

I look forward to networking with some of you guys and growing a partnership with you guys!

@Margaret Grigsby first off, making money off of the necessities of every day life is so normal. Food costs. Shealter costs. Health care costs. Even water isn't free! Doctors are "rich people" often times protected behind legal processes like insurance. 

You seem stuck in the mindset that rentals are all crappy homes. This isn't the case. I only got into being a landlord 3 years ago at 27, and my rentals are in the $2000 - $3,000 a month range. $300,000 - $450,000 homes. 

If I'm slumming, I'm doing it bad! Ha ha. But it would suck if for some reason, an issue at one of my properties allows someone to come after all my properties. 

You put money in a bank right? You lock your doors right? Are you not also trying to protect yourself and your items? 

My item is to large to lock in a bank vault, too large to lock behind doors, the security comes from LEGAL processes.  Not illegal, but legal process. 

I coming from a family who has bankruptcies and rented houses for most of my childhood. I came for that side. I can see how in your situation, this "protection" isn't fair to you  

If you have a closed mindset and can't see the other side of coin, then we can just leave it at that, I'm sorry you are dealing with a slum lord that makes everyone in my profession look bad and I hate it.