All Forum Posts by: Will Barnard

I suggest reading this thread here on BP:

https://www.biggerpockets.com/...

It is important that you understand your market and its conditions. Knowing how to accurately estimate rehab costs and exit values (something many fail to do correctly) is of vital importance. If those numbers are wrong, so is your offer usually.

Next you will need to know contracts and disclosures and how to structure your wholesale deal. Finding cash buyers is the easiest part of this and can be accomplished by getting a list of all cash closings from your title rep, then locate the entity names that repeat in one year, there is your proven cash buyer. Make contact and ask what they look for in a deal and where, then go find it.

Sounds like you are looking for a private investor money partner in which you can do debt financing or equity. Try attending RE investing events/meetups and network with others. Telling everyone you know what you do and what you are offering is another means to build up private money. An internet campaign can also assist with this too. Finding people who are tired of the volatility of the stock market who are looking for alternative investment options is what you need.

If it is property taxes and the lien is against the property, then title cannot transfer without it being paid in full but if you are the buyer, this cost comes out of the seller's end, not yours. If you are the seller, then it is your cost and can't transfer title to another without paying it off in full. If you are not selling it and hold it, then yes, you can arrange a payment plan.

 Agree, free market setting appropriate pricing. I wanted others to be clear that having a % lower than 6% does NOT necessarily make the seller greedy or the agent a discount brokerage, different rates are set by different price points.

If you were to front the entire $35k-$50k, then you should expect a much higher % as a 50%/50% split for you putting up all the funds and the other partner managing the rehab is not equal. At most, the management is worth 5%-10%. Perhaps more (but no more than 20%) if they have all the resources booked too, the rest of the return should be yours in such a financial arrangement.

Additionally, as mentioned by Taylor above, any and all cash flow above costs should be 100% yours until your investment capital is returned before your partner gets a dime.

It depends on the asset and the strategy. If your asset is owner paid electrical and it is an apartment in an area like SO Cal or AZ where sun is year round, then it makes a lot of sense. If tenants pay utilities, it makes little financial sense unless you can get higher rents for that privilege to your tenants that offset the cost and the net result to you is cash positive (or equity positive).

On other commercial assets where electricity is paid by owners (like self storage as an example), then you need to look at costs vs savings and see where your return comes out. It is all about the numbers and these hell no or absolutely answers are not really the correct answer as one size does not fit all! Solar has come a long way now, especially with generator and battery back up systems.

You can also check out the local real estate forums here on BP, search for Dallas and find other like minded individuals in your area right here on BP.

First, your house may require termite treatment so definitely look into that. As to the framing repairs, it would likely be most cost effective to rip open the drywall from the interior and then remove and replace the damaged wood framing from that side. Any framer/carpenter can do this along with drywall guys to put back the drywall, then tape, mud and sand to paint ready. Ask your framer if it would be more cost effective to rip it all out (shore it up first) and then replace all, or pull and replace one by one without shoring.

Correct, inside file place are a loot of downloadable files for you for free. Two of the most downloaded are these:

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

 Any answer of YES to your question is wrong. First off, other than an appraisal fee, you should not pay anything upfront to any lender, private money or hard money, PERIOD!

Also, private money lenders are just that, private and not professional licensed companies or individuals. Anyone with a lenders license who is lending other people's money is a HARD money lender. A private money lender is a friend, family member, business associate, referral from any of your contacts, etc. who has funds and is looking for alternative investment options beyond the stock market. They are private money lenders and they do not charge points, fees, etc. The terms should be a straight interest rate or equity partnership. Plus, unlicensed individuals lending must keep their loan rate and fees combined under your state's usury limit. Here in CA, that usury limit is 10% so if a private money lender charged above 10%, their loan is usurious.