All Forum Posts by: Sunny Malik

Hey everyone - thank you for all the comments and support! We've received a few offers on it already but haven't taken any yet. 

I'll try to start answering some of the questions on here. As for the financial information, I'm going to hold off on sharing details until after the close. But yes, it was a massive renovation budget. 

When starting a house like this, my advice is to not to demo the whole house down but do try to get it as bare bones as you need. We had an engineer double check the foundation and make sure we were ready to build before we did. The good thing starting with an open plate is that it allows the architect to completely rethink the plans. We spent a lot of time thinking through the new design without completely changing up the house. For example, in the original photo you can see that were were 4 windows in the front of the house, we kept that same patterns and just eliminated one of the windows to better frame it up and the living room. 

Once you have your plans in order, you have to start with framing this whole house up. Our teams were able to move fast with a clear plan and no obstruction to move fast. 

A tricky thing with this house was that the original owners but a metal roof on top of their existing roof. Once we took the roofs out we were able to create a little more of an arch to give the house a better aesthetic look vs. keeping it so boxy. 

Let me know if you have any questions on the above. I'll provide another breakdown of what we did after the framing and key things to look out for in the process! 

Hi everyone, 

Thought to share a little bit about a recent flip we did in Atlanta. 

Here's the finished house link, I just put it up today: https://www.zillow.com/homes/1...

The crazy part is this was the before picture: 

I'm posting to see if people would be interested to learn more about how we went about doing this flip as there was so much to it. It was a gut job so we covered every aspect of a flip you can imagine. 

I'm not always attentive on this site but will do my best to answer all and any questions on it! 

Best way to get ahold of me or to ask me questions is to shoot me a DM on instagram: sunny.side.uppp_

The BP community has always been helpful to me, so thinking of how to give back in the area I know well! 

@Hamp Lee III - thanks for sharing! How would it work in the mentoring program if I don't charge myself percentage on the listing since they are family investment properties?

Hi, 

I recently got my real estate license, though I'm primarily an investor. 

I have experience of closings from the investor side but not much from the agent side. I wanted to initially hang my license with someone that could really show me the ropes. I don't = mind what the initial splits look like, as long as they're fair and the broker is able to teach me the process through a house or two. I'm trying to make it work with our team's existing agent but it's difficult to say where that will end up given some of the conversations as of late. 

To be clear, I only attend on listing my own flips (~10 a year) and helping family out with no fee if they ever needed it. 

Anyone have suggestions on good brokers for that? 

Thanks, 

Sunny

Hi everyone, 

Does anyone have a lawyer they've used in the past that's good at explaining rights in an LLC (both for existing and forming new ones)?

I'm considering forming an LLC with 2 other business partners. I wanted to understand what it means to have a majority when ownership is split into equal ownership across all 3 members. In particular, I don't want to find myself in a situation where we buy real estate, the other 2 members then decide (through a majority vote) to sell themselves the real estate to another LLC (which they've formed) and I'm out of the loop. I trust these members but they have a family bond and you never know what can happen so just trying to make sure I'm protected before setting down a multi year partnership.

Thanks, 

Sunny

Great feedback everyone and thank you for contributing. 

I get in touch with Dave Foster and feel I'm in good hands moving forward. 

@Dave Foster - looking forward to chatting more! @Bill B.

@Bill B. - appreciate the insight there. Let me provide a little more detail on our scenario. 

We bought a property for largely the land. Pretty much bulldozed the previous property and built two duplexes side by side we planned to use for rental / long term hold. However, given the market and that area, we realized it would be better to sell the two duplexes and instead go and buy a multifamily (10+ units). 

Could I still proceed forward in that situation with a 1031 Exchange or would the first property be considered a flip? At what point does a flip become an investment property in the eyes of a state / tax (how long do I have to hold for it be recognized as an investment property)? 

Hi everyone, 

I have two properties that are under contract and will be closing in the next 20 - 30 days. 

We thought we may keep one as a rental but received great offers on both that we wanted to move forward with. 

We fully anticipate using the funds for further real-estate activity (flipping or long term hold). 

What's the best way to set up a 1030 Exchange? Anyone used someone in the past they would recommend? 

Hey everyone - wanted to let people know what I ended up doing. 

We ended up selling the properties as we had other projects where we thought they would be a better hold. 

I wanted to thank you all for your input and appreciate the community providing guidance. If anyone wants to talk to me about the rates and process I went through, please let me know! 

Hey everyone - just wanted to say thank you for contributing! I have a few things in the mix right now that I'm evaluating and doing my due diligence on. Once I execute and have everything taken care of, I'll provide a recap to the group so others can learn & add feedback on what they think was good and bad about the approach.