All Forum Posts by: Taylor Shapiro

We have multiple jobs going on at any given time. Our employees are given instruction on which job site to work at for the day along with instruction on what to do. I cannot be at each site to make sure each employee arrives on time.

How can we keep track of when they arrive and when they leave?

Does anyone here use software of any kind that lets employees sign in and log their time spent on a job site?

We currently use quickbooks, but I've done some research on easylocking.com (no affiliation) as well.

Recommendation?

Thanks

Hello all,

I've raised enough private money to buy properties with the goal of rehabbing and reselling. Depending on the details of each house, interest on the PM will be anywhere from 8-12%.

I recently started a business that requires a majority of may attention during the day. With that said, I've met with another rehabber in my area (a member on the forum) to discuss possible partnerships on a deal-to-deal basis, barring proper due diligence on both of our parts. This individual has rehabbed over 20 houses in the past 2 years along with extensive experience in BPOs. The quality of his rehabs is excellent.

We discussed using the PM to fund our deals while we each have our agreed upon tasks to complete. Once the property sells, our investors are paid off and we split the profits 50/50.

Ultimately, our investors get their return, my partner would get $ to fund more deals, we are both compensated for the work we do, then onto the next one.

Before speaking with our attorneys, I was wondering if anyone here had any insight as to what documents we would need to use, if you've ever worked with partnerships like this, and if there was a certain entity we would need to file the deal(s) under?

Thanks for helping

Hello all,

I've raised enough private money to buy properties with the goal of rehabbing and reselling. Depending on the details of each house, interest on the PM will be anywhere from 8-12%.

I recently started a business that requires a majority of may attention during the day. With that said, I've met with another rehabber in my area (a member on the forum) to discuss possible partnerships on a deal-to-deal basis, barring proper due diligence on both of our parts. This individual has rehabbed over 20 houses in the past 2 years along with extensive experience in BPOs. The quality of his rehabs is excellent.

We discussed using the PM to fund our deals while we each have our agreed upon tasks to complete. Once the property sells, our investors are paid off and we split the profits 50/50.

Ultimately, our investors get their return, my partner would get $ to fund more deals, we are both compensated for the work we do, then onto the next one.

Before speaking with our attorneys, I was wondering if anyone here had any insight as to what documents we would need to use, if you've ever worked with partnerships like this, and if there was a certain entity we would need to file the deal(s) under?

Thanks for helping

I think it was JScott who only sells his rehabs to those who qualified for conventional financing and not FHA. It was my understanding that he did/does this to avoid FHA's 3 month seasoning.

I could've misunderstood what I read. Please don't quote me :)

If this is correct, however, I was wondering if this was a regional stipulation?

I spoke with a mortgage broker today who shared with me that title must be held for 6 months before I can sell a rehabbed property to a buyer who qualifies for conventional financing.

Is this correct?

@Karen Margrave, I can't help but admire your (and others) perseverance in picking yourself up and continuing forward after a major setback. Just wanted to congratulate you for continuing on.

Thanks for sharing @Brie Schmidt. Keep up the great work!

@Brie Schmidt congrats on your accomplishments. If you don't mind, what was your strategy in going from 300K to 1.2M with an initial investment of only 12K?

For some reason my tags didn't work for @Douglass Benson @Jeff Greenberg

@Joe Fairless and @Scott Meyers

Great insight here. Thank you all for sharing.

@Dave Savage

@Dave Savage

@Dave Savage

@Dave Savage

Absolutely right, Will Barnard ll. 50% of something IS better than 100% of nothing. Congratulations Thomas Mitchell ! Do you mind sharing with us how you showed your investor how his money will be secured? BTW- I'm being introduced to a PL who's interested in investing in RE with the expectation of lending 100% purchase and rehab with the return of 8-10% on his investment. My point being- it is possible! Good luck!