All Forum Posts by: Brandon Ingegneri

What are you specifically looking to do?

I have been investing locally in Rhode Island for over a decade now.  On occasion, in addition to my own real estate investments, I have provided some private financing to investors that I had an established relationship with.  This was never something that I pushed.  If someone that I knew and trusted approached me from time to time for a bridge loan, I would sometimes accommodate.  I am now looking to expand the lending aspect that until now has been on the periphery of my business.  I am curious what some of the terms are that people are currently experiencing in the market.  I have heard people recently discussing 12 and 2, even 10%.  I typically always loaned at 14% and 3 pts.  

Additionally, there are several attorneys that refer me to clients in need of financing.  Is there another avenue that I should be looking at to explore lending leads?  I have focused primarily on real estate deals for so long, that lending warrants a thorough evaluation of the new model.  Very curious to hear some thoughts from local lenders and borrowers alike who are actively involved with hard money in RI. 

Lastly, posting in this particular forum required that I select a sub forum that designated an area.  I would not be limited to the Providence area.  Ideally, I would be lending in Providence, Kent, and South County investors as a first position lien holder.  

Personally, just my initial read on the situation is that they live week to week.  The sense that I am getting from the superficial information provided is inconsistency.  PM me, and if your willing to discuss some more of the details, I will be happy to evaluate further. 

Welcome to the investing community.  

I wouldn't get overly freaked out.  First off, I don't know the ins and outs of NY, but depending on the severity of the situation you may need to encapsulate some existing flaking lead, or sometimes you may need to remove soil.  The best bet is to contact whoever in the Health Dept that issued the notice, filed the lien, whatever the case may be, and get a punch list of exactly what they want to be done in order to satisfy their needs.  9 out of 10 times, if you are on the up and up, and are a responsible and proactive individual, that is all that they are looking for.  Pull your permits, keep them in the loop, and put it behind you. 

In all honesty, I just do it old fashioned. Yellow legal pad, and then I start running the numbers. Price, renovations, ARV, taxes, estimated utilities, prospective rents, etc. Once you know all of those figures, you can reverse engineer the deal to see if the numbers make sense. It is something that doesn't need to be overcomplicated.

I would recommend having a RE attorney do your closing, and they will use whatever title company they have a relationship with.  I have had good experience with First American.

Hi @Lissette Deleon The best way to find these off market deals is old fashioned networking. Yes, some wholesalers in the area get some deals, but many of them are recycling the same deals that they do not even have a contract on in the first place. I have found that simply talking to people works best, and that will eventually lead to word of mouth referral. Just an example, I put 1 SFH under contract in Cranston this week. That person and I had a peripherally friendly relationship, and when it came time to sell the house, he called me first. No solicitation, just working your network.

Hi Austin. Could you please be more specific as to what capacity this local investor would serve in.

Spending the money on a CPA is money in the bank.