All Forum Posts by: Howard Manning

Great to hear from you Mike, and this is very new. [Solicitation Removed]     The responses have been tremendous so far and the BP community may want to consider such a joint venture is other regions as well to pool resources and talents.  I have to get busy with charters, articles of org. and so forth.  Will research the Rocket Lawyer web site tonight.  I hear that it is a good one for setting up legal entities.    

Yes I would.  That would be super.  I'll be reaching out at the next RE Meet up in Raleigh but I'd love to explore this with you.  [phone number removed].  I've gotten a couple of responses already.  I'd also love to fill you in on a house I'm looking at that would be a great one to start with.  Another idea is to use the specialty of each one in the group to handle certain areas, such as tracking tax sales, wholesellers, buyers, rehabbers, tax advisers, grant solicitors (I have a partner that does that).etc.  It could be mutually beneficial all around I believe.

Thanks, I'll seek potential members at the next RE meet up in Raleigh and discuss this idea.

As an experienced rehabber with about a million in equity on paper I'm finding it hard to get either private money or hard money funding to fix and flip.  Newbies must find it nearly impossible.  So I like to explore ideas to jump start newbies in RE investing.  A thought I have is to set up a Joint Venture with a group of 5 or 6, primarily newbies and maybe some experienced investors, to get the first property to fix and flip.  After 3 or 4 properties the members could start drawing out cash from profits to start their own individual deals.  Each would need to kick in about $5000 to qualify for private lending, rather than the full $25,000 to $30,000 which for most of us is nearly impossible.  

Any ideas on how to structure such a group and how to hold title, and the funds.  I welcome your input.

What areas are you interested in.  Do you have buyers for the Raleigh, NC area.  I frequently see good properties at the right price that I can't handle at the moment.

Oh, another thing Rachel is that you might check with the city for city held properties that they would give away or sell for about a $1000.  I just looked at a couple and waiting to check on grants first.  Also, ************** has a lot of houses starting out at $1.  Basically in depressed but historical areas.  That would be a fast way to get hands on experience with restoration.

Oh, another thing Rachel is that you might check with the city for city held properties that they would give away or sell for about a $1000.  I just looked at a couple and waiting to check on grants first.  Also, ************** has a lot of houses starting out at $1.  Basically in depressed but historical areas.

Hey Rachel. one thing you might consider is reaching out for city, state, and federal grants.  There are tons of them out there and they love historical properties, community improvement projects, training un- and under-employed people.  All these can apply to rehabbing.  I looked into a block improvement project in Wilson and got lots of potential partners such as Habitat for humanity, Bk of Am, BB't. and city preservation society.  I have not followed on it yet, been too busy rehabbing.  But inner cities have plenty of guys that would love to work on rehabbing and get trained too.  In Wilson there are plenty of guys willing to work for $9.00 an hour and some have experience with painting, carpentry, roofing, etc.  good luck with it

James, I'm planning on attending also.  My main interest for this year is to fix and flip and rise above the manufacutred home level, primarily in the greater Raleigh area.

Howard of Manning Real Properties

Hey, thanks Jeff.  I also found your response interesting.  I had not heard of "listing book" even though I know of a lot of online sites, such as one that lists properties all over the country starting at $1.  It would be nice if we had a spot on BP where we could post auctions, both online and off line, including tax sales, etc.