All Forum Posts by: Account Closed

Alright guys, question of the day!!

I've been searching for days trying to find a source to get appreciation rate history for a town I'm interested in investing in. I've only been able to hunt down two sites and that gave me this year's rate and last year's. Is there a source that will give me the last 5, 10 even 20 year rates to compare? I tried checking my county's website and struck out there as well. Or are RE agents the best way to obtain this information?

Thanks!!

@Brandon Hix start meeting with some people interested in what you're doing, ask what exactly they want in return and tell them straight up what you're willing to give. Talk about what they'd like to see in an operating agreement and get a lawyer to draw it up for you just in case the deal turns sour, you've got it legally backed up to protect your butt... you won't be having to fight a he said she said battle in court. Other than that, it's just figuring out what works best for each of you and what you both want out of it.

@Joe Fairless Didn't see your post prior to writing mine! Great ideas though. I'm in a similar situation as @Brandon Hix is, looking for ways to fund my deals. I've noticed that when you find a good deal, the money typically comes to you. If you want to make it happen badly enough, you have to start getting creative!

@Brandon Hix One way a lot of new investors get their foot in the door with things like this is doing a JV (joint venture) partnership. It's a way to build experience and fund a larger project and also allows you to find future business partners. Just a thought :)

@Amy Prosser Very detailed and helpful post! And what a wonderful rehab job it turned out to be. From the sounds of it, everything was pretty smooth sailing throughout the whole process for your first project, that's great! As far as the LLC is concerned, is that a necessity in order for them to fund you? Or is there something you can set up with the bank and show them proof that the funds are there in a separate account?

Thanks, @Antonio Esquivel for the suggestion, I'll certainly check it out! The first book I read on investing was "Rich Dad, Poor Dad". It get's you into the investor mindset which I think is a crucial element for being successful in this business.

@Jean Norton thanks, sending you over a PM now :)

@Eric Griemsmann Is the 3.9% fee on all funds or is that above and beyond they're interest rate? At 85/15 with 100% rehab costs seems like a decent deal to me.

Hey guys!

I'm in the middle of reading "Buy, Rent and Sell" by Robert Irwin and I'm about halfway done with it. I've only had it a couple days and I plan on reading it a second time after I'm through with it. It is full of great tips and strategies, especially for the new investor confused by all the financial jargon that goes along with this industry. It's also only about 250 pages long so I'd consider it a good quick read. Anyway, had to share my enthusiasm about it, hopefully others can benefit from it as well. I just checked out @Brandon Turner's top 20 real estate books that every investor should read. I'm exited to dive into that list as well. Anyone have suggestions for other books that aren't on Brandon's list or even movies/documentaries that they've found to be helpful?

@Suzanne Griffiths When you mentioned bank statements and credit reports, it was my understanding that HML's don't require this kind of information from you in order to obtain a loan. Or is this lender specific?

@Eric Griemsmann What sort of terms does bridgewell offer? What fees do they charge for their services? And what did you have to give them in terms of bus. plans, financial documents, ect., in order to obtain the financing?

Thanks @Suzanne Griffiths, lots of great information! In terms of fees that the HML's charge, what have been typical costs that you've seen associated with the loans that are legitimate?