All Forum Posts by: Phil Park

I am interested in the same offer that Jake Johnson is looking for. Feel free to send me a message or email!

Thanks for the information! I will probably make the January meeting and hope to see you there!

hello there and welcome,

I am a local aspiring wholesaler and looking to network. I am a newly licensed real estate agent and looking to attend REIA meetings, were you guys successful in finding local meeting around the capital region? @Adam Clark @Benjamin Brizzell 

I found a two unit deal in my local area and I am looking to do my first rehab project on this property. Basic facts about the property,

Property Price : 15k (I was told there is a LOC on the property that needs to be paid, not sure on amount)

Rehab Cost :50-60k? (Working on getting contacts give me bids)

Type: Two Family

Average Rent : $800-$1000 per unit

CRM: 100k-150k

Taxes: $5000 annually

Condition:

-First floor is fine, will need a new kitchen. 

-All copper in house has been looted

-Back addition is starting to separate

-Fire in second unit, looks like it did not reach the roof. The rafters are clean. The unit has already been gutted. 

-Could use new siding

I do have a investor lined up and they would like to do a 50/50 split on the project. I also have access to a hard money lender.

I would like to ideally hold the property for cash flow and to build a portfolio. 

My question is:

1) How can I structure this deal to buy and hold this property if I were to use a investor?

2) Is it wise to deal with project by myself? Should I use a mentor?

3) Should I start a company to partner with his to protect me personally?

4) Anything else I should consider if using a mentor?

I have a opportunity to purchase a two unit home for 10-20k. This would be my first project that is real estate related. The average comps give me a 100k sale price give or take and each unit can be rented for $850-$1000 per unit. The rehab cost will be 40-60k because there was a fire in one of the units and that is why it is such a deal.

I'm wondering if I should hold on to this property after it is fixed up or sell it?

Also for financing, it is better to go with a hard money lender loan (ideal for a flip) or get a partner for this flip?

A good source or guideline when making a REI presentation to a investor?

Thanks in advance!

First off I want to say thank you everyone for your advice! I am grateful that a site like this exist and being around like minded people will help me succeed. I found a rehab project since the last post so I am excited to start my journey as a real estate investor!

I also want to add that my long term goal is to become a real estate investor. I picked up a part time gig with a home insurance company as a field worker to hopefully lead into other opportunities such as working with a bank on their foreclosures. Thanks in advance!

I am a new agent that earned his license in March. Since then, I have had a few clients and submitted some offers too but the deals fell through due to unforeseen circumstances (Lack of funds, seller backing out, etc). I have since then started to screen potential clients by requiring them to get a pre-qualified letter by the bank. I have worked on a marketing plan and they have been spreading the word that I am an agent but I am at a stand still with leads. I have been sending monthly newsletters and drip campaigns but what else can I do to improve my business?