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I have several pieces of real estate that I own solely. All of my properties are commercial, industrial, or vacant industrial. This is where I'm comfortable. I have had an interest in flipping and foreclosure but never had the time or comfort level to take it on myself.
I was thinking today about forming groups of real estate investors that would pool some money together for the purpose of investing in such ventures. I would like to have a lead with experience in the type of ventures the group is focused on. For example, I have a buddy that flips houses and seems to be very good at it. I also have other buddies that invest in real estate, have never flipped houses, but would like to try. I could see 5-6 of us forming an LLC, putting in equal shares of equity, and have Pat take the lead to find good properties and guide us in the rehab.
What do you think? Anyone have experience with groups like this?
Good idea. I've had experience with groups of 3 and it went well. I think if you can avoid the "too many cooks in the kitchen" dilemna, you could attempt to have more members involved. I think it would be a great idea for those wanting to invest in real estate, but do not have the time to hunt for properties, rehab, market, etc. Maybe this "Investors Guild" could be more of a capital source, financing the projects and making their money on the interest and a finance charge??
I like the idea, and Ronnie's suggestion. We could create something similar to Angel Investing groups I have seen where someone can find a property, pitch it to the group and interested participants can invest, with appropriate compensation/participation to the finder. The problem may be finding things with the appropriate deal size.
I may have a couple of resources for finding single family units for flipping or rehab and rent. One is a fellow I met a few weeks ago; he restores Victorian homes and said he finds deals in the $20k-$30k range but doesn't have the money to buy them himself. He would be interested in locating and restoring. We could pay him a finders fee or he could participate in the LLC as a sweat equity member getting compensated for his time, services, plus taking a share of the profit.
A buddy of mine does flipping himself. He finds the properties, buys them, restores them, sales them and is pretty good at it. I've sent Pat an email asking if he is interested but haven't heard back yet. I'll let you know what he says.
Everyone that knows my husband and me knows about our dream of owning a coffee house, however, not many know about our "real" job and how we make a living. We are estate liquidators and we haven't run into a single client yet that wasn't trying to unload their home.
We want to get to the point in our company where we can purchase our client's home, and flip them, but we aren't there yet financially. We may be interested in a joint venture, and can possibly provide leads with houses. We can take a house from the estate liquidation, to repairs and staging for an open house, but as far as purchasing and flipping, we lack in experience, but plan to try it.
Do you have your team assembled already? I'm a late finder of your post and we have been away from EOK for quite a while now, working on estates.