All Forum Posts by: Jesse Reese
Jesse Reese has started 5 posts and replied 20 times.
Post: Reverse wholesale
- Real Estate Investor
- Portland, OR
- Posts 24
- Votes 2
Hello!
My self and my lovely girlfriend are investing our time into real estate wholesaling. We are new to real estate. She has owned her own small business previously and I have family who have been investing in real estate for over a decade. We are ready to get off the ground and we have decided to go with reverse wholesaling or traditional wholesaling. We feel that this is a good first move for us and we are now looking for a buyer in our area. Do you have any great advice for locating and weeding out good buyers from the bad?
Post: Short Term Hard Money Loan
- Real Estate Investor
- Portland, OR
- Posts 24
- Votes 2
Originally posted by @Teri Elmendorf:
We are buying it, that isn't a question, the question is what route we go to get the down payment. I would rather not run out and get married to get the gift of equity, especially with all of the planning and everything that has already gone into our wedding.
Our plan is to keep it. We live there half of the year now and have put between $300,000 - $400,000 into it over the last few years between paying the mortgage, taxes, insurance and all the repairs. Is that 12%-18% a month or total? $15,000 total while not ideal for 60 days is not that bad, but $30,000 for 60 days would be a no go. Another thought I had, is if we had my grandmother sign something showing that money was paid in, maybe like post dating a lease to purchase option, but I don't know if they would consider that suitable for a down. Thanks for your fast response.
Hi Teri!
I'm still new to real estate but my understanding is that hard money lenders charge you a annual interest rate in addition to "Points" if you are really truly able to pay this off quickly the main obstacle for these types of loans will likely be the points. I encourage you to look into this and ask the more senior members if you have questions about these kinds of transactions!
Post: Newbie in the Sacramento area. Saved up some money ready to start!
- Real Estate Investor
- Portland, OR
- Posts 24
- Votes 2
@Paul Timmins I have been using the tools and I'm still going through them but I had one important question about wholesaling. What is the typical cost of getting a home under contract to wholesale it? Also is hard money lending a viable option for this or does their cost make them a bad choice in most wholesaling situations?
@Jon Holdman thank you for this information!
@Jon Holdman undefined. Still getting used to the tagging, sorry about the extra posts!
I would be targeting a property that would need only some cosmetic rehab. I have a Duel income available to make monthly payments. My cash reserves are low only a few thousand. I have family that can assist with landscaping and other cosmetic things. As far as ARV and the rest go I have been looking at properties topping out around the 150,000 range but knowing where I stand with getting financing would help me to understand what i can offer for a property
As a new investor I've been looking into hard money and the California market. Could you tell me what is it you normally look at when deciding to make a hard money loan to a new investor?
Post: Do I have to set up an LLC?
- Real Estate Investor
- Portland, OR
- Posts 24
- Votes 2
Thank you for the clarifying!
Post: Do I have to set up an LLC?
- Real Estate Investor
- Portland, OR
- Posts 24
- Votes 2
I'm not sure in your state but for example in Hawaii you have to live in the state to rent property. One way around this is to hire a property manager here to do it for you