All Forum Posts by: Shawn Ward

1. Go to every meetup you can find on Meetup.com in your area for real estate

2. Connect with agents on LinkedIn in your area

You'll find someone. 

Onward

Hello BPers!

As you guys know from my last update, the Jefferson Park HPOZ was our big holdup. Well...its still the same. I had to actually go over our representative at the city's head and contact her boss and her bosses boss to get a response. They finally responded, and told us what we needed to re-submit. Our draftsman was slower than wanted, so that cost us pretty much a week. We are now waiting for a response to let us know if they have everything they need. If to do, then we still have to go in front of the board. So, the waiting continues. 

I also had to contact the city inspectors who left us a notice to stop all work (even though we were working on non-HPOZ specific items) and had to nicely work my way through the different levels and was able to keep one of our fees at $300 instead of around $1200. 

We now have good communications going on and hope , in the best scenario be back up and running in 3-4 weeks. Sad. SAd. SAD!

Our saving grace may be the fact that instead of our normal 10 week timeline to finish a normal flip, we accounted for 32 weeks to complete this one since we are adding sqft.

REHAB (images below):

• Trenches done
• Steel framing set in foundation trenches
• Cabinets are being done off site and 50% done
• Awaiting approval with HPOZ for our plans

TIMELINE:

• We are in Week 17 of 32 in Rehab

BUDGET:

• We are on budget still and have only spent $54k of the planned $194k of rehab

SELL:

• Plan is the same to take the home to market with the agent we used for La Salle & Mercury, Nicole in April or May of 2018.

Thanks!

sjw

@Thomas Weidner

FLIP: Finish in 3-6 months; You have a foundation and structure; Less Money needed; Good profit

NEW BUILD: Finish 9-12 months; Build from scratch; More Money needed; Greater profit

To me it comes down to the holding period and the associated holding costs;;; can be good when more established and/or investors are open to waiting for return.

Onward!

sjw

@Charles Leon find some investors locally that do the exact same thing you want to do. 

Mirror them as much as possible. Ad value somehow to them. Learn real-world strategies from them. Learn the good and the bad.  Then see if you can partner on a deal or go alone. 

GO!

All the best. 

Good post @Brandon Jurczyszyn ! We have an internship program so if you stop by my website or use a DM, we can see if there is a fit. 

Thanks!

sjw

LLC or S Corp will suffice, a it will be taxed as regular income since you'd hold for less than a year, and it will pass through to the individuals.

Also, from a HML standpoint, the S Corop and LLC are preferred.

All the best!

sjw

@Chris Gordon with $300k, you can easily make $5k/month by just investing with a few trusted flippers. Most will pay 10% IR per flip; and can do about 20% IR/year.  On $300k that is $60k/year = $5k/month.

So, not to throw all your eggs in 1 basket, I'd find 3 trusted/established flippers and invest $100k with each. 

Onward!

sjw

@Ray Hernandez my suggestion is:

$100k into a 2-4 unit buy and hold

$100k into ETFs that can get you 10%/year

$100k into one or two trusted flipper(s) who can get you 20%/year

Onward!

sjw

@Account Closed I am exploring 'active senior living' or 'entrepreneur based co-living' homes in LA. As you progress, please keep me posted. 

You got it @Hunter Harms !