All Forum Posts by: Noah McPherson

@Jerryll Noorden 😂 okay. You're right. I can figure out how to show them I can close quick. Thanks for the input

@Mike Hern Okay, makes sense. Any tips on staying front of mind with an agent?

Sent to real estate agents: 
"Nice to meet you_____. My name is _____. I'm an investor from _____. Currently, I'm searching for houses that are in need of a lot of rehab and typically wouldn't be posted on the MLS. If you have any houses like this, let me know. I'd love to help get them off your clients hands and assist you in selling them."

Would appreciate any critiques or any additional value I could add to this message. Thanks guys  

@Will Fraser this makes a lot of sense. It's simple and organized. Also, without knowing it, I guess I was using Mike Michalowicz profit first strategy, where the money left over from paying yourself is used for expenses. I've also seen the same concepts in "The Richest Man in Babylon" and "Rich Dad Poor Dad." 

Here's a free resource (maybe illegal idk): 

Mike Michalowicz Archives - Audiobooks (Free) (fulllengthaudiobooks.com)

Hey BP,

I'm wondering. How do you guys manage your finances. Looking to see if someone has an organized system I can copy. Obviously, you don't ever wanna be dipping into your reserves or savings for maintenance. How do you organize that? Do you use separated bank accounts? I'm looking for a very clear cut system to make sure my reserves are only used for reserves, Capex is only used for capex, and maintenance is only used for maintenance. If anyone has a system that can scale up with me, that would be so greatly appreciated. Thanks

@Matthew Irish-Jones *BRRRR

And I agree it is risky. People afraid of risks should stay out of real estate, but I also think it's important for everyone out there to realize the amount of reserves they need and the importance of well defined exit strategies. With those, they'll be safe.

@Joe Splitrock Thanks for the advice. I'll definitely reach out to hard money lenders to see what their options are for both longer periods and extension payments. Also it's relieving to know I should only need 6 months on title.

@Jason Shackleton Noted! I just did the math. HML costs are much higher than I had thought. I'll narrow that down as much as possible.

@Ashley Cross Okay, thank you. I had been reading an article this morning that said the seasoning period is 6 months after a tenant moves in. Lenders will do 6 months on title though, right?

Hey BP!

So let me get this straight. The HMLs I've been talking to on the phone offer me loans for a 12 month period. I plan to do a lot of the rehab on my BRRRR, so let's say it takes me 6 months to get it rehabbed and rented and 6 months of seasoning period with the tenant living there. I wouldn't be able to take 6 months on the rehab right? If I took 4 or 5 that seems a little sketchy still. How would you guys recommend I manage the financing? Go for an 18 month term with the HML? Find a way to get it refinanced faster? Any advice would be great. Thanks!