All Forum Posts by: Nick Campbell

Thanks for the advise, @Shiloh Lundahl I think they are focusing on a full time investment business, which I am not opposed to, but I was thinking more of a 5 - 10 year plan. I marked the box allowing them to contact me in the future where we will have a more in depth talk.  I am a teacher so the part time investing primary in my summers off is how I plan to get started. My plan is to do some flips to raise money to invest into buy and hold. I want to raise enough passive income to be able to retire from education 

I recently attended a bus tour at my local REIA. I learned info about different investing strategies & estimating rehabs and then jumped on a bus to tour 4 different flips. The speaker was very knowledge and was a valuable workshop. He was talking with some others who was in attendance as he coaches this newbies. I asked about his program. He give me details but was not a high pressure have to sign up now situation.

Details - I pay 10,000 deposit to sign up, which I can earn back over the partnership, I also have to pay $397 a month. 

1/3 deposit earned back on each deal we do

1/3 back on accumulated marketing expenses

We have a 50/50 split on deals. 

I graduate from the program after grossing 100,000.

They 

Help set up my business plan

Marketing 

Education - weekly, & monthly , double deal, provide contractor list, forms,

They pass on deals as well as funding ( haven't gotten details what the funding terms would be)   

I listen to podcasts @Brandon Turner and read books that highlight the importance of getting a coach, however terms and condition are not discussed. I don't think a coach should do this out of the kindness of his/her heart but I am wondering what others think of this set-up?

@Grant Rothenburger, Since your post, I read that the down payment can't be gifted or from another source, so he'll have to be on the title regardless of the bank. I am not sure if this is a WI law, or national rule. It looks like to be pre-approved, we will have submit our information together on the loan application. 

Thanks for the reply.

I am looking for clarity - 

I am a newbie looking to invest using the BRRR or buy and hold rentals. I've found a good agent and I've been looking at properties and analyzing deals, but the numbers have not panned out yet. I called a bank to ask about getting pre approved so when I find the right deal, I can act quickly. I have a partner who has equity to do a cash purchase (under 100,000) or provide the down payment for a larger purchase.

Brrr - I understand the financing - cash purchase and refi

Buy and hold - Can my partner cover the down payment and rehab and I use conventional financing for remain 80%. (the banker said no, that I would have to have the downpayment myself. Can I simply have my partner on the loan like a cosigner or do we have to form a LLC prior to purchasing a property. My partner and I planned on having each property be an LLC versus creating a LLC business because our partnership terms may vary depending on the type of property we purchasing.

Any information on the best structure of partnerships and financing options is appreciated.   

Is this property still available?

I am a new investor and this may not the the first project to start with but I am still in the research stage of this deal. There is a large SFH (2,400 Sq) listed for 80,000. It is in need of major repairs. I wondering about the possibility of turning this into a upper and lower rental. If it is a complete gut running the new plumbing electrical, & HVAC isn't as much of a problem. Projected rents for each unit would be 1,000 - 1,300.

What considerations do I have account for beyond that of a typical SFH rehab?

Zoning? 

Is a upper/lower rental considered a duplex if so would special code requirements be needed between ceiling/floor?

I appreciate any suggestion or concerns to further investigate 

@Michael HenryThanks Michael, I came across Rebecca Holmes and spoke with her on the phone. She was very nice and informative. I notice you both are involved with the Brew City REI. I am hoping to be able to make it to the meet up event at the end of the month, where I can introduce myself if your planning on attending.

@Tyler Smith Thanks for welcoming me and reaching out. I will be in contact as I go through a process of finding an agent. 

@Account Closed Thanks for the tip - that's a great question, and could be very helpful building a network,