Dean's Quick Start Letter

You could use a hard money or private lender, or bring in a partner. OR, depending on the handyman (and what you plan to do with the property and how much repairs would cost) you could offer to pay him a percentage of the profit in addition to his charge for the repairs. This is assuming he can wait for the money and you are able to flip or refinance the property to bring in his share in a timely manner. Just a couple of options.

btw, welcome to the DG site. It's nice to have you join us.

Rina

I must agree with Rina.No money for your rehab guy could pose a problem for you, especially if he can't wait for the money, likewise some rehabers require a downpayment before they even start. If you do not have a history with your rehaber or handiman, you should consider a HML (hard money lender). But you should know up front, a HML will charge you a higher rate of interest, usually in the double digit range for the use of his money. Have you tried going partner with this guy for the first deal, until you get up and going. MY rehab guy goes with me on every house that I have looked at except one that was 200 miles away. He really feels like part of the team, which he is. A very important one. Keep us in the loop on your progress and ask questions. Now go learn and make money.......Jan

I would offer a percentage of the sale. I bet you could find someone who will be interested. Make it clear they will make more this way. Treat them like a partner.
Zeek

Hi Zeek,

Thanks for your response to my post. But how much should that percentage be? I am new to this and I don't want to hurt myself or rob myself.

Dennis

Hi Rina,

Thanks for your response to my post and warm reception into the family of money makers. I plan on turning this property over to an investor since I don't have any money to buy it right away. I am a little scared because this will be my first attempt at trying to make repairs and to flip this house so I am a little hesitant to move forward. Any suggestions?.

Dennis

Hi Jan,

Thanks for your response to my post. Bringing my rehab guy as a partner is not a bad idea at all. My question to you is, how much of a percentage do you offer him without robbing yourself?. I live in the state of NY. Real estate investors over here are tight with their money. These guys are always looking for a way to rob somebody of theirs.

Dennis

I am from upstate NY myself, so I know what you mean about NY's being tight with the $$$. With my rehab guy, the deal we have is if I work on the project in my off time, it is a 75/25 split, 75% going to me. He is making a profit on the deal anyway. Believe me, I don't have a bunch of time to paint or pull shrubs. If he does the job on his own, without me it is 50/50. To get started I have realized that I will make concessions. I trust him all the way, since he is a close friend and I know where he lives!!!! By the way, what part of NY are you from....Jan

Hi Jan,

I am from Brooklyn, I am a big city guy. The price of houses out here is out of control and couple that together with the ripple effects of this bailout and you have an octopus of damages, both to people's psyche and the value of houses in the big city. I don't really know how to read this situation so that I can benefit from it. Any suggestions?.

Dennis

Hey Buddy, a couple tips for you. Take your time, don't drag your feet but take your time. Like I have told other DG members before, this re-foreclosure mess didn't happen overnight and it's not going to go away anytime soon. You have been a member for what, 3 days now. Get into the BARM book, read, read, read. If you haven't already, get the TALD (Think a little different) audios, they are great, and Dean has a way of calming you down and then getting you fired up. I have been in this for 4 months now, plus I am in the mentor program. I have worked on 3 deals, all went down the tubes, because now I know a good deal from a bad one, and I can walk away and go look for another. 4 months ago I probably would have signed the contracts and been in trouble up to my neck.
Just learn,listen, read posts and take action. It will all come my fiend...Jan

Hi all;

I am new to this REI thing and am trying to learn as much as I can in this forum and from Dean's book " Be A Real Estate Millionaire". I received the book yesterday and just starting Chapter 4 and found out Dean's hometown of Marlboro, NY is approx 15 miles away from my hometown, Walden, NY.

It probably would have been a great honor to have met such a person who is now inspiring me to new height to do Real Estate Investing. I just can't seem to want to put this book down.

Hope to be speaking to all you seasoned Investor to learn as much as I can to get this thing off and running.

Thanks you.

Welcome to the program! You have so many resources available to you and so many strategies. On this website you will find answers to just about anything you can ask and we're all happy to help. Again, Congrats!!!

I know three different guys I can go to as future handymen, and have imagined using them in the future, but I didn't think of taking them along to see a property before I even purchase it. That is a great idea. Thanks, Pas. Greg