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Scott’s House Call: Flipping Friends

 


Couples Theresa & Jason and Corey & Lisa are taking their friendship to the next level: they’re buying a house together. Both couples want to buy a rental or a flip and have realized that in a hot real estate market, pooling their resources will bring the best returns. The problem? They have no idea what they’re doing. They need Scott’s help to navigate the ins and outs of where to buy, what to buy, and how to come out on top.

Are you thinking of investing in a flip with friends? There’s potential for some great success, but it takes a lot of planning and a lot of dedication. Here are Scott’s top 5 tips for getting started.

Resources

Four Income Properties That Can Make You Money – One of the biggest decisions you’ll have to make is what kind of property you want to invest in. If you want to flip a property, great, but if you want to hold on to something and rent it out you need to consider what type of rental works best for your situation.

JV Agreement Checklist – A joint venture agreement is a great idea when investing in a property with a partner – no matter how good your friendship may be. There are no set rules about what needs to be in it, but there are a few things you should definitely include to ensure a successful project.

Mortgage Selector – When purchasing an investment property you’ll need to decide as a group what kind of mortgage makes the most sense. What one couple is comfortable with, the other might not be. Speak to a mortgage advisor, explore your options and weigh the benefits of each.

CIBC Mobile Solutions – With the CIBC mobile app you can open a joint checking account right from your phone. Each couple can have a debit card, and that way you all have access any time you want. Easy to manage, easy to keep track.

Scott’s Last Word…

“Theresa & Jason and Corey & Lisa are definitely on the right track. They know they want to invest and they have a pretty good idea of how to do it, they’re just not quite on the same page about what path to take. But these potential investors are determined to come up with a plan that will lead to a successful joint venture. And after our conversations about the different types of investments they can and should make, I’m confident they will come up with a successful strategy. With Theresa’s planning skills, how can they not?”

 

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