All Forum Posts by: Mario Lowe

The best Cash +Labor partnership usually is set up where you split everything 50/50, this includes unexpected expenses. 

Since you're saying he only works on the houses part time, this makes things tricky. 

You need to sit down with this guy and state exactly what each others role is in the partnership (preferably with a lawyer present), every detail, every job your in charge of and every worst case scenario should be put in writing. 

There should be no confusion on who does what or if a person is contributing enough because both of you positions would be spelled out clearly this is why you should get a lawyer to write it up as a third party.

I'm also pretty new at investing, I think starting out I'd rather buy a multi frst just so I could move in one unit then rent out the others. 

I think it might more of your preference and much work you want to do. The beauty of an SFH is that you only have to deal with one set of tenants vs going with a multi where it's higher returns bt higher potential headaches.

You shouldn't live and die by those rules, if I were you I'd just subtract the repair costs from the asking price and maybe take 5 or 10k to start. 

Are these sellers desperate? How long has their house been for sale?

I'm thinking about purchasing a condo and was wondering if you needed to inspect the property the same way you would if you bought a multi or single family because its a connected property.

Welcome to BP Max! If you are willing to drive I'd suggest investing outside of the L.A. area since everything is mega expensive compared to other cities in your state. 

Now brace yourself. 

If I were you I'd start looking for houses that cost no more that 60k...I know that's saying something when an cheap house in LA cost 300k. I say this because you lower your risk financially but also have higher returns.. A great person to check out is Lisa Phillips she has great tips on finding good houses , you also have podcasts by members like Al Williamson and Dawn Anastasi.  I live in Wisconsin where finding houses under 50k is a dime a dozen.

Speaking of Podcasts... Start listening to them immediately! I learned so much just by checking them out.

Good luck man.

Wow thak you

My questions to you are these: Why not talk to a different realator? Is he the only investor in your area? 

From what you said he doesn't even match the style of investing that you are looking for. You're talkng about wholesaling and he buys ,holds, and speculates deals. 

My suggestion: Talk to a different investor in your area or even on BP that is doing what you are trying to do. 

Ever since I joined BP I have immersed myself in information to the point where I find mysef talking about real estate constantly with my friends and coworkers. 

I convinced a friend of mine that buying his own house would be way cheaper than constantly paying rent, he agreed but sad he'd rather have a loft/condo because of lower upkeep. We found a lot of great deals on condos that wouldn't cost him a fortune...

The problem is I don't know that much about condos besides the HOA horror stories I've heard on the site.

Do you have any tips/things to look out for when buying a condo? What makes a great condo?How do you vet the HOA (if they have one) and should you avoid them if the do have

Thanks for the tip Jeremy! I never realized the extra cost that came with being a Realtor

Hello @Ray Hill welcome to BP! I recommend listening to the podcasts under "Learn" they are packed with info from real investors interviewed by Josh Dorkin and Brandon Turner. Also check out "Ultimate guide to Real Estate for Newbie investors" it pretty much gives you the basics on real estate.