All Forum Posts by: Nichole Ovens

Thank you @john warren and @geoffrey schnake. I like both for different reasons, but also because I keep looking and losing out on deals that have made it to the MLS. The $25k property seems a bigger risk to me, but seems right up my remodeling boyfriend's alley. I can't get both without a partner.

I would like to see if partial owner financing is an option on either. Trying to find out where I can get advice about making offers that include owner financing. I don't like all the fees, points, and restrictions that banks charge and it could minimize the risk between one deal vs. the other.

Hello BP community,

My money partner is out of town and I have two potential off-market deals that I will probably need to pull the trigger on or lose. 

One is rentable at $650/month in as-is condition for $55k. It is an 800 sq. ft 2 bd/1ba in a B neighborhood circle off the main street.

The second is a slightly bigger 2/1 that could be expanded. It is completely gutted all wiring pulled out and plumbing replaced. This one would be a cash deal at $25k.

The owners for the $25k house don"t have much wiggle room on price. The owners flipped the house next door and sold it quickly for about $84k. A nice new 2 bedroom could rent for over $900/month.

The $55k house might have some wiggle room, but houses under $100k in the area are swept up usually in less than a week on the MLS. The $55k house probably could use $10k to fix or $25 kto make it really nice (like an airbnb). Houses surrounding are in the $80-$120k range. It could also rent in the $900 range if it is fixed up really nice. If it is just decent it would rent for at least $750. The owner might be willing to owner finance some or all of it with a decent amount down. But I don't know how to structure an offer that way. I thought I could offer $45-$48k cash or $55k with owner financing.

Any recommendations or things I should consider? I am leaning towards the more expensive house because it would take less work to get it ready to go. My partner though has dreamed of doing a full rehab/flip...I am a little worried about the risks.

Thanks in advance for any wisdom you have to share.

Interested in what you are doing and will plan to be at the meetup on the 31st.

I assume you already sold this, right?

I had the worst tenant experience of my life doing something similar. Beautiful home destroyed, they never got a job, got obese and depressed in 7 months, clogged septic and backed up the sewage into homev, a bunch of animals unexpected, they threatened to sue me and squat a few months into the summer. I lost the home and $150k.

Screen screen screen and make sure that Dad is on the lease.

Thanks Rashard, for my first few deals I am looking for houses that are very close that my partner can work on. My focus is single and multifamily in Oak Ridge, TN.

Good luck,

Nichole

My partner is a rehabber. What areas are you working on flips? Maybe we can partner on something. Although I am more interested in buy and hold than fix and flip...but my partner likes the flipping thing.

Hi Peter,

I am most interested in finding wholesale deals that I can renovate or buy and hold. Preferred area is Oak Ridge, but might consider venturing further for the right opportunity. What kind of deals do you find? We should talk. I am back in town next week.

Nichole

I am looking for a CPA/tax strategist that can help guide me as I build a real estate portfolio and partnerships with friends and family on deals. I need to find a new CPA soon for basic accounting (as it seems my current accountant may be seriously ill and has not been returning my calls on an urgent IRS matter) as well as to help me plan for building a portfolio using my 401k and IRAs.

I would like to know who has created an operating agreement where one of the partners is primarily the money person (but might do some work), one might handle property management, one might handle the legal, admin, lead generation/BD, and one handles the rehab/project management. I loved @ianreeves podcast #237 about "Partnerships and BRRRR investing while working a fulltime job."

Ian's spreadsheet was a great help....thank you so much Ian! However, I am trying to find an operating agreement that might spell out how the profit split could work if there is a partner who primarily provides the upfront cash to purchase a property while the others bring the money for the rehab/property management costs.

Anyone out there with an example operating agreement that would show that breakdown would be a help. I didn't find exactly what I was looking for in the file share on BP.

Also, can anyone advise on how much to plan for legal/bookkeeping/accounting set up costs for a partnership on an upcoming BRRRR investment?

Thanks and happy investing!

Nichole 

The one bedrooms are $490/month and the two bedrooms are $590.  I think I could probably fetch higher rents though. 

We ended up in researching this deal finding another auction deal up the road that we are going to concentrate on right now.  Found it thanks to one of the Bigger Pockets members who responded...@zacherybuffin. 

Zachery, I need your Broker license #. If we win and I put in your # in I understand the seller will pay you a $300 finders fee.