All Forum Posts by: Payson Kelley

@Bryan Hartlen, Thank you for your insights. The way I am thinking to have it structured is that the contractor will do the work in return he will get is % of equity once the property is sold, so that there is motive to get the work done. We would most likely go with a private lender or hard money lender, which we would both be signing the note and jointly liable for repayment. I would live close so that I could monitor the flip and monitor every cost that is invlolved. What are your thoughts on the preliminary structure of this JVA?

@Alan F. Thank you for sharing your thoughts. I will be sure to clearly difine the roles in the contract. He is wanting to get into flipping houses rather than doing residential projects for customers. I bring to the table sourcing off market deals and being familiar with the process that isn't something he is used to. He found that to be a high value add to the JV. I also have experience working for a large general contractor so I am familiar with the concept from his point of view. I would also be doing some project management to assure the project fits our budget and timeline. Is there anything specific that you can think of that I should include in the JV agreement defining our roles?

Hey everyone,

I just lined up a contractor who’s interested in partnering with me on a fix and flip. The setup we talked about is: I’d source the deal and get it under contract, and he’d handle all the renovations. We’d split the profits 50/50 through a joint venture.

Has anyone else here done something like this before? How did it work out for you? Any challenges or things you wish you set up differently?

Also, where’s the best place to actually get a JVA contract? Should we just download a template somewhere, or is it better to sit down with a lawyer and have our roles/responsibilities clearly defined in writing?

Appreciate any advice or lessons learned you can share.

Thanks!

@Garrick Allen, Thank you for your advice. I am planning to invest in non "owner occupied" properties soon after my first personal investment. I would love to learn more about your DSCR products. How would you suggest making the best use of a DSCR loan in the future for my situation?

Hey Jaypee,

I really appreciate the insight. I'm definitely looking into FHA, conventional, HomeReady, and DSCR options, especially since I'm going the off-market route.

If you know any lenders you'd recommend for DSCR, I'd love to connect.
Thanks again!

Hey BP community!

I’m a full-time college student actively preparing for my first real estate purchase and looking for lenders or creative financing options from those who’ve worked with similar situations.

I’ve saved over $60K through self-employment and on-campus work, and I have an additional $20K in reserves. I also have student loan debt, but I’ve already set aside the funds to pay it off after graduation — so that’s not part of my down payment or reserves.

I’m planning to buy an off-market multifamily, live in one unit, fix it up, and rent out the others. I’m also open to a single-family off-market property, living in it for a year, rehabbing it, and then selling.

My credit score is 750, I have no consumer debt, and my fiancé will also be on the loan. She has stable W-2 income and two years of employment history.

Looking for advice on lenders that are investor- and student-friendly, or any other creative financing routes I should explore.

Appreciate the help!
— Payson

@Dylan Blair, thank you for sharing your experiences! Now that you've gone through a multi-year live-in flip, how do you evaluate whether a property is worth your time or better off wholesaled or flipped faster? Also, any lessons you'd apply differently if you were working with private or hard money instead of FHA?