All Forum Posts by: Amy Solomon

Uh oh? NO answers on this one? Is everyone else as stumped as I am? I know some smart investors out there have created investment proposals. Can you please share with me? I need some info. thanks! :-)

Ok, good to know. That's what I was guessing. I am looking at a $90k loan, with a arv of about $135k conservatively. I was planning to try and have $15,000-$20,000 cash on hand and access to $5,000 as a back up.

Thanks everyone, any more thoughts?

I am thinking about using a private lender or HML and I have been told that the funds lent for renovations are held in escrow and are not released up front to the investor for use during the renovation. So what I am trying to understand is, first why doesn't the investor have free access to the money they borrowed for the renovation. And second, then what kind of access do they have? How do they get the money? Buy appliances, pay sub contractors etc?

Can someone help me with writing an investment proposal? I want to propose 3 options for investors. At this time, this is all family members that I am approaching.

1. second lien holder on my primary residence in return for $80-$100k loan at about 7%. I have $110k equity currently and am not a candidate for conventional heloc.

2. Unsecured personal loans in smaller amounts like $10,000, $25,000 or $50,000 for a interest rate of 7-9%

3. Loans secured by the property itself to cover purchase price, carrying costs and renovation costs. $100,000 to $200,000 at about 10-12% interest.

Are there samples out there, or can anyone give me any insight on how this should be written/structured?

THANKS!

My business plan is nearly complete. What's a good blurb/paragraph to add to the end of my market trends sections which will put would be investors at ease knowing that sure the market is good NOW, but what about in 3-6 years. I want to say something (brilliant of course) that points out the fact that there's always one side of the market that favors investors and so even moving forward in the years to come, this is a good investment.

As someone who closed 100 ameriquest loans per month in 2006 I'd say it was a cash out refi. My husband was a branch manager and his title company hired me to do their closings. In retro spect just another reason the shady company is no loner around and many of our district managers were indicted. I contacted the law firm if the attorney listed as the rep on the business jds. They knew who I was talking about right away. Called their Client and called me back to say its been vacant for years and the bank owns it. They said call the bank. I asked her to please call the client one more time and find out what bank to call. She said ok buy I didn't hear back. It was at the end of the business day though. Seems like either a really small firm or some client or employee well known in the firm because the woman who answered the phone knew exactly what I was taking about. Will try again today. But if this law firm has poa they should know who the bank is.

So basically if I see a reo looking property not on the market I can try and contact the bank. If I hit them during the period between auction and listing I have a chance at making an offer depending in the bank, correct?

So the property goes through foreclosure precedings.... Then to the court house steps for auction? Then only after a failed auction is it eventually listed for sale and put on the mls?

So if I contact the lender on a vacant property that has not gone to auction yet, I have no chance of making an offer on a property that is in it's foreclosure period or I could possible be able to if it's the right bank?

Ok, I found the person listed as the agent on sun biz, he has a law firm in clearwater...I called and they told me they'd give my info to their client to see if they want to call me. That's one way I might get to the bottom of this....another way is to try and figure out if a bank owns this property.

I found the company, in St augustine florida, with an incorrect address and phone number. I found their biz docs on sunbiz.org. It has the names of three individuals....still researching....the company at this point, not the property for a bank name but that's what I"m after in the end here...