All Forum Posts by: Peter Grange

A friend I have some previous experience working together on flips but never created a real partnership due to my corporate career. I have not retired from the corporate world and am looking to partner full time. I am going to talk to a CPA but was curious to see what others have done. I want to be set up to be taxed as an S corp so I can create a W2 income for myself and save some on taxes. I was thinking we both should have an LLC that are partners inside of another. Does this make any sense? What have you done in a similar situation?

@ Megan Templeton great tips on quesrions to ask, as well as the reference . Thank you!

Hi Chris.

Where are these meetings held and what is the frequency?

Thanks,

Pete

If they have a signed lease, you could work with them by allowing them to move out with some defined parameters and an amended lease. Stipulate that they will lose their deposit, pay for any needed repairs to have the property rent ready. You could also stipulate that for any months that the property goes unrented in the remaining 6 months, they will be responsible for half months rent for each of those months. Try to create a win-win as much as possible but make sure the amended lease is recorded legally.

Jerry that was a great strategy. I love that idea!

Matt, what type of project and how much are you looking for?

@Tom Ott Does your company also have financing for these turnkey rentals? Do you already have tenants in place before turning them to an investor?

Pete

@Salvatore Lentini. Time is my biggest obstacle. I work as an professional in the logistics field and love what I do. I have about 100k to invest but I dont have the time to manage a flip or rehab. I have the skill and knowledge to do most of the work, as I grew up in a construction business but available time is holding me back.

@ Frank Patalano  My wife and I recently relocated to Pascoag from the Clearwater area. There we did a couple fix and flips, as well as a live in rehab that is now a rental. What's holding us back is being new to the area and understanding the uniqueness of this market in regards to prices, available properties, which properties make sense in this market, costs of rehab projects, good vs. questionable areas, etc; as well as where the local meetings are so we can meet local investors to possibly partner with for our 1st few deals here as we get aquainted to the area. Our focus is buy and hold and based on the area MF seems to make the most sense.

David, do you have any more pictures, there is 9nly one on your listing. Are the units current rented and if so, how much? Thanks Pete