Marietta, GA · Member since 2016 · 32 posts · 7 votes
Good Afternoon Everyone!
My name is Jonathan Tremblay, and I am a newer investor living in Cobb County Georgia. I'm a young professional in the Metro Atlanta area who works in anything Web Development related. Currently working as a Senior Web Analytics Specialist. I have always had a passion for Real Estate. Even became a Real Estate Agent, although that license has lapsed since I am more passionate about Web Development.
I enjoy everything that is related to investing and business. I have fun spending time with my family and love using the latest technology for everything.
About 3 years ago, I invested in one super lucrative deal when the market was down and essentially turned 0$ into 145k when I was broke and young. Since then, I have focused on my career, and now that I am at a level where I am happy with my career, I am ready to get back into investing in real estate.
I would be super interested in partnering with someone in my area, both experienced or newer investors. I find that I work better in a team and learn a ton from those that are more experienced.
I also would be interested in finding some private lenders who would be willing to help make deals happen. I have small reserves of cash, growing them with constant monthly income.
I can offer any services and help in return for partnering with an experienced investor, and my specialization in Web technologies allows me to provide info and services that most others can not.
Fantastic Julie! Thank you! I will see if my wife I can come out. I currently signed up for the Atlanta REIA down in Roswell, and trying to make some of those meetings! Thanks for the heads up!
Hey @Jonathan Tremblay and welcome to Bigger Pockets. It's great to see you coming back to real estate. What exactly are you looking to get into: rentals, fix and flips, commercial, multi-family, or something completely different?
@Marvin McTaw , my long-term goal is to create 10k monthly cash flow, so rental SFHs & multi-family are totally gonna play a huge part in all that. Unfortunately right now, I don't have a ton of capital to leverage down payments. I maybe have around 10k. I'm trying to save up at a rate of about 1k per month, but yea.
In the meantime, I will be using some other strategies to generate extra cash to build up my first downpayment faster. I'm super comfortable with flipping and rehabbing, so I'm actually looking at doing some of those deals on hard cash.
I also have an incredible experience with some of the leading marketing companies as a software developer, and web analytics. So I'm currently talking to a few folks that are doing DM to see if it might be possible to partner with them if I can help take their game online. I think in the end, that might be a super awesome and unique niche for me to generate a substantial amount of cash in the REI field.
@Julie Kern I actually ended up going to that meeting with my wife and I got some of the best ideas and advice I've heard so far from it! I didn't get a chance to meet everyone, and didn't meet anyone named Julie. Were you there?
@Marvin McTaw , my long-term goal is to create 10k monthly cash flow, so rental SFHs & multi-family are totally gonna play a huge part in all that. Unfortunately right now, I don't have a ton of capital to leverage down payments. I maybe have around 10k. I'm trying to save up at a rate of about 1k per month, but yea.
In the meantime, I will be using some other strategies to generate extra cash to build up my first downpayment faster. I'm super comfortable with flipping and rehabbing, so I'm actually looking at doing some of those deals on hard cash.
I also have an incredible experience with some of the leading marketing companies as a software developer, and web analytics. So I'm currently talking to a few folks that are doing DM to see if it might be possible to partner with them if I can help take their game online. I think in the end, that might be a super awesome and unique niche for me to generate a substantial amount of cash in the REI field.
Given what you've said, sounds like you would be a prime candidate for the BRRRR strategy. I highly suggest you listen to the podcast from this past week as the guest was in a pretty similar situation to you. The title "Starting with $10k and Buying 52 Units in 3 Years with Chris Heeren". Hope it helps!
Hey, @Jonathan Tremblay, glad you were able to go - it's a great meet up! I was planning to be there but was feeling a bit under the weather late yesterday afternoon so I ended up not going.
Glad it worked out for you, and hope to meet you at the next one in January!
@Marvin McTaw , my long-term goal is to create 10k monthly cash flow, so rental SFHs & multi-family are totally gonna play a huge part in all that. Unfortunately right now, I don't have a ton of capital to leverage down payments. I maybe have around 10k. I'm trying to save up at a rate of about 1k per month, but yea.
In the meantime, I will be using some other strategies to generate extra cash to build up my first downpayment faster. I'm super comfortable with flipping and rehabbing, so I'm actually looking at doing some of those deals on hard cash.
I also have an incredible experience with some of the leading marketing companies as a software developer, and web analytics. So I'm currently talking to a few folks that are doing DM to see if it might be possible to partner with them if I can help take their game online. I think in the end, that might be a super awesome and unique niche for me to generate a substantial amount of cash in the REI field.
Given what you've said, sounds like you would be a prime candidate for the BRRRR strategy. I highly suggest you listen to the podcast from this past week as the guest was in a pretty similar situation to you. The title "Starting with $10k and Buying 52 Units in 3 Years with Chris Heeren". Hope it helps!
Yea, I listen to every podcast as they come out. I still gotta listen to the one for this week. But yea, I liked Chris, the main thing, is that I wanna stay away from borrowing from my family and friends which is how he got started in the brrrr strategy. I mean, I could get the money from my family, and actually, that's been my source most times in the past, but I kinda wanna see about doing this on my own. I'm currently applying to hard money lenders and trying to build a network of some private lenders. Once I start my first flip, while the flip is happening, I wanna hunt down some banks that will be willing to refinance. If I can't find a bank with a good interest rate before the rehab is done, I'll sell it, and repeat until I find the right bank.
I love the brrrr strategy. I just wonder if anyone has had success in finding banks. Luckly, with brrrr, if you dont find the bank, you have enough equity to sell and keep going.
Has anyone in the Marietta, Atlanta or Cobb Georgia area had success finding lenders to finance a property at 70-80%?
Hey, @Jonathan Tremblay, glad you were able to go - it's a great meet up! I was planning to be there but was feeling a bit under the weather late yesterday afternoon so I ended up not going.
Glad it worked out for you, and hope to meet you at the next one in January!
o gotcha. Yea, actually, that reminds me to add that to my calendar and RSVP! :D Thanks
Yep, I did cash out refi's on 2 properties with Credit Union of GA at 75% LTV (with 6 month seasoning)
Wow, AWESOME! There's my first bank I'm calling. I wonder if they would be interested without as much seasoning. Some of the lenders I know have stupid high interest rates. Faster I get out of them, the better! :D
Welcome to the group @Jonathan Tremblay congrats on the already solid start. Should you decide to expand into KY market shoot me a message. I as well thoroughly enjoying soaking up the podcast and seeing what strategies pop up to match my own.
@Marvin McTaw , my long-term goal is to create 10k monthly cash flow, so rental SFHs & multi-family are totally gonna play a huge part in all that. Unfortunately right now, I don't have a ton of capital to leverage down payments. I maybe have around 10k. I'm trying to save up at a rate of about 1k per month, but yea.
In the meantime, I will be using some other strategies to generate extra cash to build up my first downpayment faster. I'm super comfortable with flipping and rehabbing, so I'm actually looking at doing some of those deals on hard cash.
I also have an incredible experience with some of the leading marketing companies as a software developer, and web analytics. So I'm currently talking to a few folks that are doing DM to see if it might be possible to partner with them if I can help take their game online. I think in the end, that might be a super awesome and unique niche for me to generate a substantial amount of cash in the REI field.
Given what you've said, sounds like you would be a prime candidate for the BRRRR strategy. I highly suggest you listen to the podcast from this past week as the guest was in a pretty similar situation to you. The title "Starting with $10k and Buying 52 Units in 3 Years with Chris Heeren". Hope it helps!
Yea, I listen to every podcast as they come out. I still gotta listen to the one for this week. But yea, I liked Chris, the main thing, is that I wanna stay away from borrowing from my family and friends which is how he got started in the brrrr strategy. I mean, I could get the money from my family, and actually, that's been my source most times in the past, but I kinda wanna see about doing this on my own. I'm currently applying to hard money lenders and trying to build a network of some private lenders. Once I start my first flip, while the flip is happening, I wanna hunt down some banks that will be willing to refinance. If I can't find a bank with a good interest rate before the rehab is done, I'll sell it, and repeat until I find the right bank.
I love the brrrr strategy. I just wonder if anyone has had success in finding banks. Luckly, with brrrr, if you dont find the bank, you have enough equity to sell and keep going.
Has anyone in the Marietta, Atlanta or Cobb Georgia area had success finding lenders to finance a property at 70-80%?
I totally understand the desire to not borrow from friends and family but if they are willing and able to do so, why not simply borrow from them? Just treat them like you would any other private lender with proper documentation and set of expectations (e.g. timelines, interest rates, fees, expected return on capital, disclosures, potential for loss, etc.)?
If you can't get funding from those sources, you can shoot for some seller financing to at least fund the purchase price and then borrow from a HML (as long as it's below their thresholds) to fund the repairs. Just make sure to factor those costs into your numbers and also be sure to subordinate the debt so the HML will feel more protected.
If you're looking for HML you should also be sure to ask about gap financing to help bridge any additional costs you may incur that go above their typical lending limits. You will have to personally guarantee it but from my perspective, it's just another source of liquidity if you need it and don't want to go to external sources.
@Marvin McTaw , my long-term goal is to create 10k monthly cash flow, so rental SFHs & multi-family are totally gonna play a huge part in all that. Unfortunately right now, I don't have a ton of capital to leverage down payments. I maybe have around 10k. I'm trying to save up at a rate of about 1k per month, but yea.
In the meantime, I will be using some other strategies to generate extra cash to build up my first downpayment faster. I'm super comfortable with flipping and rehabbing, so I'm actually looking at doing some of those deals on hard cash.
I also have an incredible experience with some of the leading marketing companies as a software developer, and web analytics. So I'm currently talking to a few folks that are doing DM to see if it might be possible to partner with them if I can help take their game online. I think in the end, that might be a super awesome and unique niche for me to generate a substantial amount of cash in the REI field.
Given what you've said, sounds like you would be a prime candidate for the BRRRR strategy. I highly suggest you listen to the podcast from this past week as the guest was in a pretty similar situation to you. The title "Starting with $10k and Buying 52 Units in 3 Years with Chris Heeren". Hope it helps!
Yea, I listen to every podcast as they come out. I still gotta listen to the one for this week. But yea, I liked Chris, the main thing, is that I wanna stay away from borrowing from my family and friends which is how he got started in the brrrr strategy. I mean, I could get the money from my family, and actually, that's been my source most times in the past, but I kinda wanna see about doing this on my own. I'm currently applying to hard money lenders and trying to build a network of some private lenders. Once I start my first flip, while the flip is happening, I wanna hunt down some banks that will be willing to refinance. If I can't find a bank with a good interest rate before the rehab is done, I'll sell it, and repeat until I find the right bank.
I love the brrrr strategy. I just wonder if anyone has had success in finding banks. Luckly, with brrrr, if you dont find the bank, you have enough equity to sell and keep going.
Has anyone in the Marietta, Atlanta or Cobb Georgia area had success finding lenders to finance a property at 70-80%?
I totally understand the desire to not borrow from friends and family but if they are willing and able to do so, why not simply borrow from them? Just treat them like you would any other private lender with proper documentation and set of expectations (e.g. timelines, interest rates, fees, expected return on capital, disclosures, potential for loss, etc.)?
If you can't get funding from those sources, you can shoot for some seller financing to at least fund the purchase price and then borrow from a HML (as long as it's below their thresholds) to fund the repairs. Just make sure to factor those costs into your numbers and also be sure to subordinate the debt so the HML will feel more protected.
If you're looking for HML you should also be sure to ask about gap financing to help bridge any additional costs you may incur that go above their typical lending limits. You will have to personally guarantee it but from my perspective, it's just another source of liquidity if you need it and don't want to go to external sources.
Really good tips! I will look into the gap financing for sure.
And yea, as far as the family and friends thing, it's more a matter of pride thing. I guess the way I see it, is family and friends is the kid stuff, and I want to put on my big boy pants and get the financing from someone who isn't just gonna give me the money because they believe in me. I feel like anyone can just get financing from family and friends. But I suppose when you think about it, if there's money to be made, why let pride get in the way of that, right?
There is the perspective though, that with family and friend financing, it's not really scalable to doing that on bigger and repetitive scales. I do want to grow my operation and scale it, so that's also another reason I wanna get the financing from other sources. I feel like if I rely on family and friends, it will be less motivating to get financing elsewhere. But I think I will keep looking for external financing, and if a great deal comes up and I don't have an external lender yet, I'll have to call my dad. hahaha
@Marvin McTaw , my long-term goal is to create 10k monthly cash flow, so rental SFHs & multi-family are totally gonna play a huge part in all that. Unfortunately right now, I don't have a ton of capital to leverage down payments. I maybe have around 10k. I'm trying to save up at a rate of about 1k per month, but yea.
In the meantime, I will be using some other strategies to generate extra cash to build up my first downpayment faster. I'm super comfortable with flipping and rehabbing, so I'm actually looking at doing some of those deals on hard cash.
I also have an incredible experience with some of the leading marketing companies as a software developer, and web analytics. So I'm currently talking to a few folks that are doing DM to see if it might be possible to partner with them if I can help take their game online. I think in the end, that might be a super awesome and unique niche for me to generate a substantial amount of cash in the REI field.
Given what you've said, sounds like you would be a prime candidate for the BRRRR strategy. I highly suggest you listen to the podcast from this past week as the guest was in a pretty similar situation to you. The title "Starting with $10k and Buying 52 Units in 3 Years with Chris Heeren". Hope it helps!
Yea, I listen to every podcast as they come out. I still gotta listen to the one for this week. But yea, I liked Chris, the main thing, is that I wanna stay away from borrowing from my family and friends which is how he got started in the brrrr strategy. I mean, I could get the money from my family, and actually, that's been my source most times in the past, but I kinda wanna see about doing this on my own. I'm currently applying to hard money lenders and trying to build a network of some private lenders. Once I start my first flip, while the flip is happening, I wanna hunt down some banks that will be willing to refinance. If I can't find a bank with a good interest rate before the rehab is done, I'll sell it, and repeat until I find the right bank.
I love the brrrr strategy. I just wonder if anyone has had success in finding banks. Luckly, with brrrr, if you dont find the bank, you have enough equity to sell and keep going.
Has anyone in the Marietta, Atlanta or Cobb Georgia area had success finding lenders to finance a property at 70-80%?
I totally understand the desire to not borrow from friends and family but if they are willing and able to do so, why not simply borrow from them? Just treat them like you would any other private lender with proper documentation and set of expectations (e.g. timelines, interest rates, fees, expected return on capital, disclosures, potential for loss, etc.)?
If you can't get funding from those sources, you can shoot for some seller financing to at least fund the purchase price and then borrow from a HML (as long as it's below their thresholds) to fund the repairs. Just make sure to factor those costs into your numbers and also be sure to subordinate the debt so the HML will feel more protected.
If you're looking for HML you should also be sure to ask about gap financing to help bridge any additional costs you may incur that go above their typical lending limits. You will have to personally guarantee it but from my perspective, it's just another source of liquidity if you need it and don't want to go to external sources.
Really good tips! I will look into the gap financing for sure.
And yea, as far as the family and friends thing, it's more a matter of pride thing. I guess the way I see it, is family and friends is the kid stuff, and I want to put on my big boy pants and get the financing from someone who isn't just gonna give me the money because they believe in me. I feel like anyone can just get financing from family and friends. But I suppose when you think about it, if there's money to be made, why let pride get in the way of that, right?
There is the perspective though, that with family and friend financing, it's not really scalable to doing that on bigger and repetitive scales. I do want to grow my operation and scale it, so that's also another reason I wanna get the financing from other sources. I feel like if I rely on family and friends, it will be less motivating to get financing elsewhere. But I think I will keep looking for external financing, and if a great deal comes up and I don't have an external lender yet, I'll have to call my dad. hahaha
If you're going to a lender, it helps to have a track record of accomplishments you can point to. If you finance your first deal with friends and family, it will be easier to convince lenders you are a worthwhile risk for them. Additionally, if you're just going to be flipping, why do you even want to have to deal with institutional lenders, hard money lenders included? You can likely get better rates and terms from friends and family, help them make money and build your portfolio of flips!
That being said, HML's will generally keep you out of a bad deal so there is that...
@Marvin McTaw , my long-term goal is to create 10k monthly cash flow, so rental SFHs & multi-family are totally gonna play a huge part in all that. Unfortunately right now, I don't have a ton of capital to leverage down payments. I maybe have around 10k. I'm trying to save up at a rate of about 1k per month, but yea.
In the meantime, I will be using some other strategies to generate extra cash to build up my first downpayment faster. I'm super comfortable with flipping and rehabbing, so I'm actually looking at doing some of those deals on hard cash.
I also have an incredible experience with some of the leading marketing companies as a software developer, and web analytics. So I'm currently talking to a few folks that are doing DM to see if it might be possible to partner with them if I can help take their game online. I think in the end, that might be a super awesome and unique niche for me to generate a substantial amount of cash in the REI field.
Given what you've said, sounds like you would be a prime candidate for the BRRRR strategy. I highly suggest you listen to the podcast from this past week as the guest was in a pretty similar situation to you. The title "Starting with $10k and Buying 52 Units in 3 Years with Chris Heeren". Hope it helps!
Yea, I listen to every podcast as they come out. I still gotta listen to the one for this week. But yea, I liked Chris, the main thing, is that I wanna stay away from borrowing from my family and friends which is how he got started in the brrrr strategy. I mean, I could get the money from my family, and actually, that's been my source most times in the past, but I kinda wanna see about doing this on my own. I'm currently applying to hard money lenders and trying to build a network of some private lenders. Once I start my first flip, while the flip is happening, I wanna hunt down some banks that will be willing to refinance. If I can't find a bank with a good interest rate before the rehab is done, I'll sell it, and repeat until I find the right bank.
I love the brrrr strategy. I just wonder if anyone has had success in finding banks. Luckly, with brrrr, if you dont find the bank, you have enough equity to sell and keep going.
Has anyone in the Marietta, Atlanta or Cobb Georgia area had success finding lenders to finance a property at 70-80%?
I totally understand the desire to not borrow from friends and family but if they are willing and able to do so, why not simply borrow from them? Just treat them like you would any other private lender with proper documentation and set of expectations (e.g. timelines, interest rates, fees, expected return on capital, disclosures, potential for loss, etc.)?
If you can't get funding from those sources, you can shoot for some seller financing to at least fund the purchase price and then borrow from a HML (as long as it's below their thresholds) to fund the repairs. Just make sure to factor those costs into your numbers and also be sure to subordinate the debt so the HML will feel more protected.
If you're looking for HML you should also be sure to ask about gap financing to help bridge any additional costs you may incur that go above their typical lending limits. You will have to personally guarantee it but from my perspective, it's just another source of liquidity if you need it and don't want to go to external sources.
Really good tips! I will look into the gap financing for sure.
And yea, as far as the family and friends thing, it's more a matter of pride thing. I guess the way I see it, is family and friends is the kid stuff, and I want to put on my big boy pants and get the financing from someone who isn't just gonna give me the money because they believe in me. I feel like anyone can just get financing from family and friends. But I suppose when you think about it, if there's money to be made, why let pride get in the way of that, right?
There is the perspective though, that with family and friend financing, it's not really scalable to doing that on bigger and repetitive scales. I do want to grow my operation and scale it, so that's also another reason I wanna get the financing from other sources. I feel like if I rely on family and friends, it will be less motivating to get financing elsewhere. But I think I will keep looking for external financing, and if a great deal comes up and I don't have an external lender yet, I'll have to call my dad. hahaha
If you're going to a lender, it helps to have a track record of accomplishments you can point to. If you finance your first deal with friends and family, it will be easier to convince lenders you are a worthwhile risk for them. Additionally, if you're just going to be flipping, why do you even want to have to deal with institutional lenders, hard money lenders included? You can likely get better rates and terms from friends and family, help them make money and build your portfolio of flips!
That being said, HML's will generally keep you out of a bad deal so there is that...
You bring up very good points. I think I have made up my mind to use family funding like you suggested. I think you are right, and I will offset some of my issues with family funding by making sure they make really good money from the deal. I'm gonna also make sure to treat them in a professional manner just like a lender. Thanks for all the advice!
Thank you Dmitriy. I have looked at all of those and they are great resources. I was wondering what people would recommend for Alert Keywords. I placed my city and zip code only for now. I wanted meaningful alerts, and not to get spammed with a bunch of different alerts. What works best for everyone?
@Marvin McTaw I thought I would update ya. So after we talked, I scheduled a meeting with my father and mother and showed him a nearly fool proof system that I found to flip houses and make a near minimum 20k per deal, potential into the 50k. The math is sound, and after all the education, reading, and REI meetings I have attended, if I had my own money, I would not hesitate to pull the trigger. I asked my father to make an LLC with me, 50/50. He could put his money and his credibility as an older male with credibility, and I would provide all the leg work and use my education in REI to do the deals. They even seemed to like the idea and said they would get back to me later. Today, they scheduled a meeting with me, and basically, they said, 'we like your idea, but we don't trust anyone but ourselves. If you have 5k, we will take your 5k, we will put 45k and that way you have 10% of the company. You can help us when we need you, bring us your deals and we will flip them, and you can just help us when we need you.' They seemed to be under the impression that they don't need me and that they know so much more than me in regards to flipping houses because my father is a contractor. We had a discussion which led to my parents talking about our LLC being referred to renovate a basement for someone as extra income. So somehow, our flipping business was going to result in us becoming contractors for word of mouth referrals? I had to take a step back and realize that unfortunately, my parents just don't get it, and trying to convince them otherwise is a futile point. While I am CONSTANTLY reading and educating myself to become a better person of character, better money manager, and better business man, my parents have never taken classes, and don't read anything. They take no risk in their lives and want to be in control of everything. Everyone who has ever met my parents has always noticed their incorrigibleness, and there is little that anyone has ever been able to do about it.
Anyway, the business part of me says, well, 5k buys 10% of a 50k company, and they are pretty much saying that they want to take all responsibility of the business, and the leg work. They want me to help supply them with the deals, which I have a system in place for that already, so really, not a ton of work. I know that with their need for control and security, they will miss out on a ton of great deals for moving too slowly, but hey, if they can make 10-20k and I am doing minimal work for those deals, then hey, that's fine. It will give my name the credibility since my name will also be on the paperwork. Even as a businessman, I think it is totally crappy that I brought them the idea, gave them all the tools to be able to start this, and they are basically taking the idea and cutting me out a lot. As a business partner,I believe that my resources and inside knowledge of the community of investors and constant education deserve at least 20-25%, even if they want to do most of the work, but I know that arguing with them is a moot point.
From the perspective of a son, I wonder how people feel when even their own parents don't believe in them and don't trust them. I mean, if your own parents, who have nearly 500k in savings and retirement funds don't trust you with just 10% of that, why should anyone else? I mean, with my parents, I should be used to it by now, but every time, it feels like a punch to the gut. Luckily, I've always been successful despite them, and I plan on doing so with this also. I will probably move forward with my parents at this point since I don't exactly have a better deal on the table, but I plan on selling my promissory note that I have.
I don't believe I have mentioned it before, but I did a live-in flip about 3 years ago and 2 years ago, I was finally ready to sell. The property was in Jonesboro, Georgia. I was in a bit of a rush because I needed to buy my house for my family, so I structured and negotiated an owner financing deal at 11% interest with a 15% down payment for a 15-year mortgage. The best owner financing deal that I have seen out there. The loan currently has no late payments and a 2-year maturity. At this point, the loan only has 55k in principal left, so if I try to sell it, I know I might be lucky to get 80% of the note's current principal. It hurts to have to get rid of such a great note, but right now, it seems to me that I can do more with cash in my hands right now since I have a lot of sweat equity to give.
Unfortunately, I don't have much more options if I want to hit the ground running right now. I just wonder where I can get the most value from my note. I posted it on the Bigger Pockets marketplace, but I haven't had a single reply or message from them, so I am doubtful that I will get a good price on it. We will see.
In case anyone gets interested, here is the link for the note... https://www.biggerpockets.com/forums/517/topics/373939-selling-safe--55-000-note---11-apr--30-eqty-2-yr-mtrty
Hey @Jonathan Tremblay while it's unfortunate that your parents weren't as supportive as you would hope they would be, that's completely fine. Ultimately, I think what that says is they probably wouldn't be the right partners or lenders for you. They are probably also underestimating the amount of time, energy, effort and resources required to locate the type of transactions you feel confident you are able to source. Their potential deal structure is just one bump in the road. Life without challenges would make for a pretty dull story!
I'm sure your parents are not the only people you know who might be able to help you. I would encourage you to simplify your pitch, especially with people who already know you. It might also be helpful to go out and find a deal and instead of having them as equity partners make them private lenders with secured returns (e.g. 10%) depending on the numbers.
To sell the note you generated I would recommend FCI Exchange. It is a note marketplace with Sellers and Buyers. You can also search for note buyers here on Bigger Pockets. One problem I see is that the interest rate on the note is too low relative to the yield performing note investors usually like to make. The way to fix this is to sell the note at a discount which you already know. Another thing is to make sure the note is Dodd Frank compliant depending on when it was originated.
In the famous words of Walt Disney and immortalized in the movie Meet The Robinsons: Keep moving forward.
@Marvin McTaw Thank you so much. I agree with you completely, I don't think they would have made for a very good partnership. Actually, I like to think that the lack of belief from my parents my whole life has motivated my rebel spirit to outperform myself just to prove their disbelief wrong.
And yes, I plan on continuing my search for either lenders or partners. I think I have a few good leads already.
And WOW, thanks for the info on the notes! That's probably the best information I have seen so far. I will look into all of those. I filled out some forms for a bunch of companies that buy notes, and I already have an offer at 90% of current principal, which is totally awesome. They have some strict requirements which means it may not go through, but I think there's a pretty awesome chance it will go through. Even if it doesn't, I'm happy to see that someone already sees the value of my note at 90%.
@Jonathan Tremblay - please connect with me if I can be a funding resource to you as you venture into this new and exciting world of real-estate investments: SimsCapital.biz and [email protected]