All Forum Posts by: Copelon Kirklin

@Copelon Kirklin

Do you loan in Indiana or Colorado?

I was thinking of doing the same thing be cause I just this weekend gotten an invite to join a class for private brokering.  I was curious so I googled  Lee Anderson and was delighted to find out that I might get some answers from Bigger Pockets but it seems to me like these  are all very old comments.  Is Copelon Kirklin  from Kenner, LA still doing business with him?

@Brenda A.  Did you go to the Lee Anderson training and certification?  I would like to hear about your experience with them.

They are affiliated with Cogo Capital.  I went on connected investor and filled out and app and a few days later they called me about a property that i am putting an offer on tomorrow.  They do a great job of getting first time investor financing with private money.  I will update this thread if the seller accepts my offer.

A few days after they approved me for financing, I get a call from a guy with very bad manners, peddling the Lee Anderson Broker online training and the subsequent 4 day certification in June at an event.  I just may have tried it but the guy had a bad attitude, and was very pushy.

@Copelon Kirklin  who are you licensed with and what states do you loan in?

I am new to real estate investing, and had planned on financing a fixer upper, paying cash to rehab, and then refinancing 80% of the new value to recoup my rehab costs.  I spoke to a mortgage broker, who advised that I could only refinance up to the original purchase price within the first year, meaning that I could not refinance to recoup my rehab costs.  Does anyone have experience doing this, or is this just not possible with conventional financing?

 Thanks Braden, I appreciate it.  Yeah, this market is pretty hot right now...the numbers quoted recently in the media regarding appreciation over the last couple of years were pretty impressive and intimidating all at once. My goal is to be able to take the plunge within the next year or so.  At this point I am thinking I will look to acquire a duplex/tri/fourflex in Kenner or Metairie, but only time will tell.  

So this may be a dumb question but I'm going to ask it anyways....

I am new to investing and have done research for the past couple years. I have decided to make the jump this year. I have been looking at a few properties and am in the process of possibly putting in some offers. I want to go with private money and I can raise the money for a down payment from 2 (possibly 1) investor. 

My question is how do I pay them back. I see people talking about giving them 10% and paying them back in 12 months but I can't generate that type of cashflow from one property. I get that you can do that in a flip and pay them back but I don't see it in a buy and hold.

I also am aware of doing a cash out refi, but 1) I thought you had to have the property for a year before doing a cash out?? and 2) I won't have enough equity in the property to pay that investor off. Maybe I'm going about this wrong but that is exactly why I wanted to ask people that have done it.

Thanks for everything guys,

Marcus

I would like to know the best way to fund rental properties. How can I get private money ?

Found a multi family quad plex MI all rented out. I'm looking for a loan of around 20-25k dollar loan. Have 42% down on quadplex. Make around 160,000+ a year. Single. Not married. No kids. No debt besides personal residence with a house payment of 750 a month.

Brett

(541) 326-7086