All Forum Posts by: Paul Tanso

I have a question that may or may not have a one size fits all answer, but here goes. My partners and I are looking at a deal that will require us to round up investors. We are planning to target family and friends. We aren’t quite sure how to structure the deal, though. Assuming the original partners (me and two other guys) take x% and set aside the remaining x% that will go to our investors – what are the typical percentages for each?

Or is there a better way of dividing up profits when brining on investors?

I would love to hear people’s experiences, please.

Last night was my first time attending One of the Black Diamond events. So glad I finally did it.  Ann was the first BiggerPockets podcast I ever listened to, now I am hooked. 

Thanks for hosting a great event last night. I wish had the chance to chat with you a bit - next time. 

Thank you @Andrew Syrios I will be careful. The title search is great advise. 

Hello all, My partners and I are looking at a short sale action of a property that has been flooded by a pipe that burst in the second floor bath while property was vacant. I inspected the property, and it is a mess. The first floor flooring, sub floor, and dry wall need to be replaced. The joist under the floor are all mold, furnace is trash, hot water heater gone, all new paint inside, woodwork. We've not had it inspected, but we assume the mold can be remediated without killing the deal, if we don't pay too much for this place. 

The home is in a great area, and there seems to be decent upside. Starting bid is 90k, we expect $100k to $120k Reno costs, closing/realtor fees $22k and an approximate ARV of $340k.

If you've dealt with situations like this before I'd appreciate your advice. 

Thanks,

- Paul

@anchorrealtyllc

I have not participated in auctions yet, but I found a short sale I may want to bid on. What advise would you give?

I  had popcorn in the kitchen and dining room of a property we planned to flip. The realtor and my contractor told me to get rid of it - no one wants it anymore. I didn't realize how out of style it is. Not feasible for your repair, but  something to think about next times. 

Our first deal is almost in the books!  We are  planning to close early next month. As it turned out we sold the property without doing any work to it. We invited our realtor over after having come up with a rehab plan with our contractor, but the realtor told us not to renovate. He said he could sell it as is - for a profit. We gave him 30 days with the listing and 2 days and 15 showings later he had it sold for 30% more than we paid for it. Nice deal! The Andover market is very hot. It's a beautiful town, great schools, and great location. We would love to buy more there, if we can find something worth our while. 

Thank you all for your initial guidance. We are looking for another property, so if you know of one within 10m radius of Andover please let me know. 

Hello again all,

I'd like to hear other people's experiences in building their team made of up friends.

I am partnering with two friends on our first deal, which is going great, but I convinced the partners to other friends of mine to perform various other services, and that part isn't going well. It's not a major issue in terms of closing this first deal, but it's not what any of us hoped it would be.

Is it better to use friends or strangers?

@Brian Ortins, I will give him a call Monday. Thank you, Brian.

@Brian Ortins do you know of other trust worthy contractors in the area? I expect to start the project mid-July, if that helps.