All Forum Posts by: Chris Howell

@Alan Nelson thanks Alan for the advice. And I totally get it I am a land contractor myself and have been in construction for 20 years.

Just one of those things that happens and I’ll move on.

@Alec Hilliard the company was John Vitale Construction LLC. Seemed legit all the way until it was time to send me the funds for my deal.

I hate that it happened to me like that but these guys are good at what they do.

Who did you find to use that’s better? I have a deal now with no funding so have to go to plan B.

@Jay Hinrichs no rate was normal and rates weren’t all that great as far as from the normal it was 10%

@Jay Hinrichs yes we did do term agreements and signed loan documents. Once that was done he was going to wire me funds.

I did have to pay a percent to him. Before funding

@Jay Hinrichs he sent over a contract that looks legit and he even sent over a wire transfer receipt this morning that he was at the bank wiring me the funds.

If it is a scam they took the time to make it seem very legit.

@JD Martin that’s the thing he started at one fee of 4340.00. Now it’s a 2,000 less

So I have been working with a private money lender on a deal and have exchanged well over 100 emails. But when it comes time to wire money he is now asking for more money.

More money than what was agreed on and signed on our contract.

He is claiming that the bank is requiring this fee for insurance on the wire transfer and can not complete the funding until I send more funds to him.

Is this normal? I have never heard of this and neither has my bank.

Has anyone had any success or failures with this Keystone Funding company? I am looking into them as a possible option but it almost seems to go to be true.

Also I don’t under stand how they can charge for a member ship but they take half or more of a profit from a deal.

What is everyone’s thoughts?!

We are running numbers on a potential single family and the numbers seem to be working out great for a flip and or long term rental.

It is our first deal and I'm wondering what everyone's option is. BRRRR or fix and flip?

I recently had a thought Can you do a half way BRRRR on raw land?

Here's my thought process I am a regular REI and go after single family and multi family like the rest of us do but I have an extensive back ground in land development. So I was thinking about a way to tap into the unique skill set to add another piece to the puzzle.

My May goal would be use private or hard money to acquire a tract of land. Clear and develop it and go to a bank and get a 15 or 30 yr against the land asset and sell off lots to home builders or build on them myself.

Has anyone done this and been successful or can it even be done?