All Forum Posts by: Andrew N.

@J. Martin - Hey J - Thanks for organizing another BP meetup and keeping me in the loop. It looks like I should be free that day so I'm planning on being there. Bummed I had to miss the last one but i'll make up for it in 2014!

-Andrew

@J. Martin - Hey J. Not sure if i can make it yet so I haven't replied yet on the thread. I'll do my best to make it and please keep me in mind for future East Bay Meetups. It was great grabbing a couple extra beers and chatting with you about your investment strategy at the SF meetup. Hope I get to chat w/ you again this week otherwise i'll see you at the next get together.

@Sarah Lam - Thanks again for Organizing this event. Hope to see you next month and hear how your Turn Key search is going.

@Troy Fisher - Hey Troy. Hopefully we get more of a chance to chat next time. I had a great time discussing investments with your partner. I'll keep you two in mind if I find a good rehab deal in the area.

@Andy Kaufman - It was nice talking to you about your co-working space finally and I am eager to hear how far your marketing efforts progress by next month.

@J. Martin - J it was great talking to you about your Richmond Investments. I am definitely interested in the Cash Flow you have been able to find in the Bay Area. I'm really curious what your expense ratio ends up being after a few years of operation.

@Andy Wong - Hey Andy, sorry to resurrect a month old thread. I was just wondering if any of the Virtual educational resources you have sampled would be strong enough for you to recommend.

Sam Magi - Welcome to BP Sam. It's exciting to hear you are closing in on your first deal. Your background as a credit counselor seems like it might give you even more knowledge and strategies to help distressed sellers when picking up SFR deals.

Hey all, I Just saw this thread but I am also interested in meeting up in San Jose (or Milpitas) as I am down in that area during the week. I'm not sure if I can make tomorrow (I will try) yet but I am definitely interested in future get togethers. Please keep me in mind when you set up your next dinner.

This is a bit off the topic of Big Box Credit cards but in case you were interested Pentagon Federal Credit Union has a credit card that gives 5% back for gas purchases. You just need to do a few things to qualify (ie. a one time donation to a charity to qualify for the CU and then open up a Money Market account and put $5 in it)

https://www.penfed.org/Platinum-Cash-Rewards/

Barrett Abel - Hey Barrett. Welcome to BP. There seems to be a lot of opportunity up in the Sacramento area. It's awesome to hear you are working with such a successful flipping operation. You must be learning a ton. How did you get involved with them (if you don't mind sharing)? Does your company venture outside of the Sacramento area at all for rehabs or do you mostly wholesale out deals outside that area?

@Bill Gulley - Thanks for another extensive reply.

You've definitely left me a lot to think about. I'll try to paraphrase your main points to make sure that I understood your message correctly.

• "Creative" terms are too complicated and nuanced to learn from one book and should be left to an expert (e.g. an experienced loan originator or RE Lawyer)
• Borrower's and Sellers are no longer allowed to devise terms in general OR Borrower's and Sellers are no longer allowed to devise terms that could be seen as predatory (I wasn't totally clear on your meaning because of the punctuation in the quote below) and the risks involved with fixing a predatory loan are limitless.

• The Note should be marketed before formation to make sure it looks like a marketable note. (How does one do this marketing?)
• Creative terms require experts but can sometimes solve unique problems
• Use a Loan Originator and/or a RE Attorney to draft the seller finance documents.

My biggest question has to do with the chicken and egg timing of negotiating loan terms with the seller and having professionals draft up the loan documents.

• How can I negotiate the Loan Terms or even sell the idea of Seller Financing if I don't already know what the standard terms are in my area?
• Should I approach these professionals before I've even convinced the Seller that Seller Financing is the way to go (to help determine what the standard terms will be)?
• Is there another way to discover what normal terms are in my area before talking to a Loan Originator or RE Lawyer?
• Should I draft up the Loan Documents concurrent with negotiations with the Seller? Before? After?

I guess then my main remaining questions relate to process of enlisting the aid of a Loan Originator and/or RE Lawyer

• What is the best way to find a Loan Originator that provides this type of service?
• What questions should I ask to make sure that the loan originator and / or RE Lawyer is qualified to draft a good marketable seller financing agreement (is there some sort of certification or experience I should be looking for?)
• What questions should I ask of the loan originator and / or RE Lawyer (whose experience I've properly vetted) to make sure I get the proper loan documents?
• Is there an established process or timeline that the professionals will follow to generate the loan document?
• How quickly can such a document be drafted in the best circumstances?
• Will the RE Lawyer fee generally be hourly or flat fee for this type of service? Ballpark price range I should expect?
• How will the Loan Originator charge for this service?
• What other things should I ask the professionals?

Thank you so much for your input and expertise. I very much appreciate the time you've taken to answer my questions. I realize I've listed a large number of questions yet again and I appreciate any feedback you may have on any of the questions I've listed above.

Hey All,

I am currently looking for recommendations for a good Real Estate Lawyer that is experienced with Investor clients and/or Seller Financing deals that is located in or around the San Jose California area. If you have any thoughts or suggestions please let me know. Thanks in advance!