All Forum Posts by: Wes Barnes

This post is in regards to partnerships!

I did a fix and flip last year. It took me over a year to purchase, because the guy I originally bought the house from was NOT the owner. Lol However I had a Friend that wanted to get into investing and because the deal was only $4,500, I brought my friend on. We completed the project and it's rented. I approached my friend to buy him out we had a verbal agreement for $9,000 however a few days later he said that was not enough and wants more due to the market. Can anyone please give me advice on how to proceed? I'm currently going through a divorce in NM, so between my partnership and ex wife I could lose alot. Please any advice would be great!

@Jim K.

Can I ask you what Insurance company you are with?

I would make a claim with my insurance, let them pay for it.

@Austin Smucker

Good Evening Austin,

Which market are you trying to invest in? What is you're primary goal, cash flow or equity?

@Odie Ayaga

I was trying to do the BRRRR strategy but instead of renting out the property do seller financing instead. I will probably rent it out to the buyer until I can refinance for better terms then do a wrap on the new loan.

I recently finished with all my renovations and this time decided to Seller Financance, the issue I am having is I have a buyer however I have not reached my 6 month seasoning period to refinance and get out of my Hard Money Lender. What should I do. The buyer wants to close at the end of this month and I cant refinance until April.

Please Advise!

My partner and I do fix and flips however I want other investor's in the Lubbock TX area point of view. What is the best way of investing in Lubbock, TX Market. Buy & Hold, Fix & Flip, Seller Financing. I am interested as we have a few properties we recently renovated and cant decide on which direction to go.

What would you do?

@Eric C.

If we do a cashout refinance we would potentially split 35k, the rent for the property is $1800 - $2100 for that area.

@Oscar Flores

Is this for a fix and flip or you personally? Will you be using Hard Money or conventional. Anyway if the house is for you, I would suggest saving up for closing cost or you could ask the seller to cover the closing cost. Doing it that way you may have to increase the purchase price by a couple thousand dollars but you wont have to come out of pocket so much. I hope this helps. Let me know how it goes

My business partner and I purchased a SFH, in Lubbock TX for $100k, the Rehab is $40k, the ARV is $210k - $230k. The Issue I am having is my partner is an older gentleman and kind of set in his ways, he is accustomed to fix and flipping even if he holds on to the property for a year. I suggested we do the BRRRR method but he is very apprehensive. What should I do in this situation?

@Erin Deann Martin

Thank you! Can you provide me with your RE Agents contact information.