We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
May 17, 2021, 12:09:54 pm
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
May 17, 2021, 12:09:54 pm
Home Help Search Calendar Login Register

Author Topic: Investor Partner Needed  (Read 6336 times)

Offline vaddie

  • Member
  • *
  • Posts: 23
    • My Website
Investor Partner Needed
« on: November 30, 2006, 03:11:24 pm »
I am a new real estate agent in New Jersey, and have found a property that could yield much profit , but I have no money to put down.  In the meantime, I will accept any split that you offer me while I run all the errands, just to get my feet in the door.  Any suggestions/comments??

Offline mcwagner

  • Member
  • *****
  • Posts: 2102
    • Find me on Facebook
Re:Investor Partner Needed
« Reply #1 on: December 01, 2006, 02:03:40 pm »
go to your local REI club.  I'm betting someone there will take your offer.

otherwise, many programs are available that would not require any upfront cash from you.
Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA

Offline vaddie

  • Member
  • *
  • Posts: 23
    • My Website
Re:Investor Partner Needed
« Reply #2 on: December 01, 2006, 03:37:17 pm »
go to your local REI club.  I'm betting someone there will take your offer.

otherwise, many programs are available that would not require any upfront cash from you.

Really??  That will be wonderful.  This is a great investment property that I wouldn't want to lose.  Thank you very much for your tip.  I'll give you feedback.  

Offline markoarko

  • Member
  • ***
  • Posts: 108
Re:Investor Partner Needed
« Reply #3 on: December 01, 2006, 09:27:38 pm »
As a new agent have you engaged in any sort of formal or informal real estate mentoring program?

Offline vaddie

  • Member
  • *
  • Posts: 23
    • My Website
Re:Investor Partner Needed
« Reply #4 on: December 02, 2006, 01:57:37 pm »
As a new agent have you engaged in any sort of formal or informal real estate mentoring program?


yes, my office has a weekly program for all agents, especially the novice.  I've already closed 4 residential properties, and sold one commercial property (pending closure).  


Offline markoarko

  • Member
  • ***
  • Posts: 108
Re:Investor Partner Needed
« Reply #5 on: December 02, 2006, 03:08:15 pm »
My statement of you being a new agent was only from your post. No offense was intended.

I think its valuable for even the most experienced agent/entreprenuer to engage in some sort of mentoring.

Tell me (us) about the deal, and what you have done so far in putting it together?

What type of property, why you like the deal, Etc.



Offline CapitalProgression

  • Member
  • *
  • Posts: 2
Re:Investor Partner Needed
« Reply #6 on: December 03, 2006, 10:38:23 am »
Capital,

Please read forum rules on advertising. Feel free to sign up for our Real Estate Classifieds or Investor Network Ads. Good advice from the rest of you.

--DeeinAustin

--------
Classifed Ads...
http://www.reiclub.com/cgi-bin/suite/classifieds/classifieds.cgi

Networking Ads...
http://www.reiclub.com/networking-ads.php
« Last Edit: December 03, 2006, 11:19:56 am by DeeinAustin »

Offline vaddie

  • Member
  • *
  • Posts: 23
    • My Website
Re:Investor Partner Needed
« Reply #7 on: December 04, 2006, 04:55:15 pm »
My statement of you being a new agent was only from your post. No offense was intended.

I think its valuable for even the most experienced agent/entreprenuer to engage in some sort of mentoring.

Tell me (us) about the deal, and what you have done so far in putting it together?

What type of property, why you like the deal, Etc.



Are you kidding me?  Do you think I am offended?  I will never be offended even if you made any harsh comment, since it may help me.  thank you very much for your question.

Offline vaddie

  • Member
  • *
  • Posts: 23
    • My Website
Re:Investor Partner Needed
« Reply #8 on: December 04, 2006, 05:52:32 pm »

Tell me (us) about the deal, and what you have done so far in putting it together?

What type of property, why you like the deal, Etc.





1.  2-family duplex with 4 bedrooms on each side
2.  Large EIK
3.  Spacious Formal DR
4.  Full basements on both sides (Owner's basement has summer Kitchen)
5.  3 Baths on owner's side and 2 baths on tenant's side
6.  Den/Sun room


Asking Price is $465, 000, but sellers are very motivated
Current Property value = $490,000
ARV = $550,000
(Brand new 2-family construction next to this property)

I've researched a lender (thanks to this forum) and have received a breakdown of funding

I'm taking a contractor to the property tomorrow to do the estimate the renovating cost.  I'll give you feedback tomorrow.

Areas that need upgrade
4th bedroom is so spacious that it could be converted into a full bath and a walk-in closet
Both sides need to be identical so a little additions and subtractions will be done on both sides

Lender has already offered $440,00 at an ARV of  $550,000
Contractor has offered to place a Construction Lien on the property and get paid after it is sold (will provide construction cost tomorrow)

I'll provide more info when available.  Now your comments:-)

Offline markoarko

  • Member
  • ***
  • Posts: 108
Re:Investor Partner Needed
« Reply #9 on: December 04, 2006, 11:33:10 pm »
Couple of initial thoughts on my end:

1) I like that they are big 4 bedrooms units. I always do well on these.

2) I like the fact that you seem to have negotiated the contractor to put his skin in the game. (by doing the work, and putting a lien pending close). Even if you dont utilize this, remember it as a tool in your back pocket. *By design the contractor will often upcharge a bit for this, but hey, he is taking a bit of a risk to and its probably worth a little more to not have to go out and raise funds.

3) In doing this with no money (and from what I am reading you may be able to pull much if not all of this off by yourself), the next real step is an exit strategy. Even if your temped, it would not be my advice to look at this as a buy and hold, so early on in your investment career.

4) Is it possible to condo this unit. (not that it will be the highest and best use, but may create some opportunity if you simply look into the idea. (costs of condoing a duplex are sometime prohibitive when amortizing it only among two units, also some areas are harder than others (geographic wise) to pull something like that off)

5) You said there is a new construction nearby (next door maybe), what else is going on the in the neighborhood.

6) Is there someone, or some situation in the neighborhood whereas you could sell this as a multigenerational home, instead of the traditional method of an investment property?

7) What are the rents that it would bring as an investment property?


Offline vaddie

  • Member
  • *
  • Posts: 23
    • My Website
Re:Investor Partner Needed
« Reply #10 on: December 06, 2006, 11:56:12 am »
Capital,

Please read forum rules on advertising. Feel free to sign up for our Real Estate Classifieds or Investor Network Ads. Good advice from the rest of you.

--DeeinAustin

--------
Classifed Ads...
http://www.reiclub.com/cgi-bin/suite/classifieds/classifieds.cgi

Networking Ads...
http://www.reiclub.com/networking-ads.php


DeeinAustin,

Thank you very much for this great info!  I've already posted my ad there.

 




SMF 2.0.15 | SMF © 2017, Simple Machines