All Forum Posts by: Corey Davis

@Steven J. two years is a typo. Supposed to be two months. My plan involves a turnaround time of probably two-three weeks before the property is back on the market, with buyer already interested, so my two months is just an example.

I intend to start selling my rehabbed properties before they are finished, on the premise that finishing touches are discussed with the buyer.

@Wayne Brooks I'm hoping to use a combination of HML for purchase costs and my own money/investor money for rehab.

The pre-approval isn't for a broker etc, it is for me to be able to know for sure I can get a purchase funded before I form an LLC with my contractor.

@Travis Daggett to clarify: I'm viewing about twenty or so properties, all of which fit a specific business plan, but the final say on which property we choose is based on my contractor/designer. Therefore, I can't give specific property details ie:address because one hasn't been chosen, and in fact won't be chosen unless I can provide my end, hence the HML.

I've connected with a broker, a contractor, and buyers in Portland, OR. I have numerous properties lined up and investigated by my broker and contractor, and if I assume I can finance via a HML at terms quite often described in the BP forums, (70% ARV, 2 year contract, 15% etc.) I'm looking at multiple flips that will yield a very good profit if I use a formula created by my partners based on local knowledge and connections.

My partners are very busy people, and to tie them into these projects is to take them away from other opportunities, so out of consideration I'm trying not to make any moves I can't be 110% sure on.

The only way these plans move forward is creative financing, as my credit is currently extended (happily, I might add) and unavailable. Therefore I will be using HML or equity partners, and time being sensitive in these deals, I don't think I have the opportunity to properly screen new equity partners.

So, I'm about to move forward, but before I go calling every HML on the west coast, does anyone have any experience in pre-negotiating funding without disclosing actual property details to make sure a lender is the right fit?

The best way to get the advice you need (which is specific) is to BE specific. Describe the deal you are structuring, and then ask how to best involve your partners/contacts.

@Steve Chaisson @Anna Ahhee I'm actually quite interested in what both of you are doing, as I am planning my personal wealth building to include positive public transformation. I see the ownership of land as a very empowering or very crippling position, dependent on the terms of ownership and quality of property. I feel the most positive changes in our society are easier enacted by those in urban development than our political and financial leaders, and as an investor it puts me in a rare position to play a part in the connection between the two poles of the equation.

I'm also very interested in all of the feedback from our BP community, as it seems there is more working knowledge here than on the shelves at Barnes and Noble, or through the corporate pipelines. (Keller Williams, Remax, Cent21)

"Open minded investors" translates to successful entrepreneurs in my mind, as long as said entrepreneurs are well informed and willing to utilize work ethic and good sense. While I believe good intention comes from the heart, good sense comes from the mind, and good ideas become great ideas when seasoned with educated feedback.

Have you considered any of the condos in Portland? I've been in Portland for a few days looking at properties, many of the condos I've looked at don't fit my criteria, but are VERY affordable. More so, in my opinion, than half of the apartment rentals I've priced for comparison. I completely understand wanting to leave apartment life, but as a starter, living in your own condo as a jump off point seems like a wise move in Portland.

Just landed at PDX, and would love to see some listings downtown. Looking for an agent that knows the Portland condo scene.

@Mathew Wray I was really hoping there'd be responses to this post...

@Ross Leavitt I'd love info on the Dec. 5th meet. And I'd love info on your student housing project!