All Forum Posts by: Chris Schoonhoven

Thanks @Rashard Alomari @Elizabeth Wilson @Curt Davis @James Martin the area is actually zip code 38122 and is on farmville just east of national. Is that still berclair; would your suggestions still be the same? Appreciate your input!

Ok thanks

Just wanted to get some feedback on the Berclair area of Memphis TN, specifically near Macon Rd. and Jackson Ave.

Was looking at rental rates in the area and wanted to know how it was.

Appreciate any feedback.

Thanks man! @Nathan Allen

@David Thompson @Nick B. @Samantha Klein @Jeff Wallenius @Cecilia Cobar @Rocky V. @Tamiel Kenney @Leslie Pappas @Bill Pate @Lane Kawaoka @Andrey Y. @Patricia Lowe @Patrick Martone @Brent Coombs @Joseph Scorese @John S. @Jon Q. @Steve Bracero @Lucas P. @Dan MahoneyHello - I just wanted to follow up on my thread here as I took action. With 45K, I JV'd with an experienced investor and bought a non-performing note deal in the Columbus OH area. Some might say this is a little risky but I looked at all of our exit strategies and liked the prospects of working the deal out. The details were that we bought a deal on a house with a market value around $80K and a loan balance of $75K. Since the owner had some equity in the place we liked the fact that she would probably look to work out a deal with us. Also, the house appeared in very good condition so we felt comfortable should we have to take the property over. In that case, we'd include the cost of foreclosure which would bring total $ invested to about $55K-$60K on the higher end. Leaving us with 20K in equity. And some funds should we have to rehab the property.

Anyway, that was 2 months ago and the borrower worked out a payment plan. Turned out she only missed a few payments and the bank just sold the note off. I received my first check in the mail of close to $700 (she paid past outstanding balance). Exit strategies now are to either wait til the note gets seasoned and then sell it for a profit, hold onto the note and buy my partner out in about a year and take the rental income (we'd pay for 2 appraisal's; I'd pay him out half of the difference of the profit), or we can get the owner to refinance and then we'd get a nice payout of her outstanding loan balance ($75K, which would leave me with a $15K return in less than a year ($75 - initial $45K investment = $30K profit split between me and my partner to come to $15K a piece).

Additionally, I got to partner with a respected, experienced professional and gained a mentor in the process. 

For the rest of the $100K ($55K) I'm looking to buy a duplex with the cash and get a loan to pay for rehab. Then I'm planning to refi out and try to get my money back. Looking in area's in the midwest if anyone knows any realtors, contractors, property managers, etc in the Ohio/Indiana area.

Just sharing my progress. Thanks,

Chris

Thanks @Mark Gallagher and @Anthony Dadlani

Anthony - I do buy and hold however and invest in 1st position notes. I work alongside a very experienced investor and I have a few already, now just looking to scale by ways of private lenders.

Thanks again

@Mark Gallagher

yes, I have money and have been spending. I'm just trying to think outside the box and say, "what if I had no money to find private lenders?"

You'd pull deed transfer info from the local court records? 

Hello, Does anybody have suggestions on where to find private lenders if you had no money to spend to do so? I've recently purchased a list and started to send brochures to them but this can cost money. So, I wanted to think outside the box on how I might be able to find private lenders and market to them without spending much. Should I go to county websites and look for investors? Just curious if anyone has suggestions. Thanks

Have you tried to reach out to your network to see if they'd be willing to give you a private loan? This seems like a great way to start to build your private lenders list. Show them the numbers on how it will generate revenue for you and how it's a secure investment on their behalf. Offer them 5-8% (see if they can get that kind of secured return anywhere else in the market!).

Then after a year you can refi the money out and pay them off.

Hello, I have a property that I need to make some renovations on in Indianapolis. I wanted to know if anyone had any suggestions of contractors that they've worked with in the past and would recommend.

Thanks,

Chris