All Forum Posts by: Curt Davis

Tim, Welcome to the site. I hope you find it as valuable as I do. I am a wholesale investor in Memphis TN. Feel free to contact me anytime. Have a great day.

Bernie, welcome to the network. Sounds like Indianapolis is doing well. Thanks for posting.

Joseph, I understand what yo would like to do but here is what I know. I am a full time wholesale investor who does this for a living. If you just lost your job you will not be able to wholesale any property and here is why I think this. For our company or at least every bank we work with, in order to lock up the property once your bid is accepted they are going to want two things from you. 1. Proof of funds and 2. Ernest money, usually $1,000. If you do not have both you would not be able to put a property under contract. Also, what would happen if you were not able to sell the property after the 30 days are up? You will lose your ernest money and ruin the relationship with that agent. If I were you you should try doing some bird dog finding for a local investor. You should go to your local REIA and network with the local investors in your area. Hope this helps.

Hello, I am going to ask the question that Im sure everyone wants to know. I am looking for a lender who can approve investors to get refinanced who have over 4 investment properties. I deal with investors who have excellent credit scores and solid investment portfolio's and all are full documentation investors, no stated income. I do not need hard money, I have that lined up. If there are any lenders out there who can do these loans please contact me. I can bring you a lot of business.

Hal, I live in Memphis TN but am originally from South Dakota so I know what the cold is all about. I hope you find this site very helpful. There is a wealth of knowledge and experience al over the forums. If I can be of any assistance please let me know. Maybe I can point you in the right direction.

Caitlyn, My exit strategy for the hard money loan was simple. I made sure I was approved to finance the home at 80% with my mortgage lender so when the repairs were completed to the home I had it refinanced and was able to pay back the HML. I have a great relationship with my hard money lender. He will only do loans for the company I work for. There is a specific system I follow. I have never had a HML loan that was not paid back.
Thank you for your reply.

Arthur, Welcome to biggerpocketts. I hope you find a ton of helpful information here. I recently purchased my first two properties and have had great success so far. Please feel free to bounce any questions you may have off me. I would be happy to help you.

SS - When you lock up a property you usually have to put down ernest money. Also in most cases before you can even lock up the property you will need to show proof of funds, in case you do not sell it to an end buyer you will need to close on the property yourself with your own money. If you can not close on it yourself and you have no end buyer there is a good chance you will ruin your relationship with that agent/company. You can really destroy your investing career if you do this too many times.

Hello, I recently purchased my first two properties using hard money so I was able to buy them with no money down and I was also able to get cash back. I will tell you about the first property I purchased. It was a 3 bedroom 2 bathroom with a carport. The ARV was $84,000, it needed $5,000 in work, I purchased it for $52,000. The home is in the county so I do not pay city taxes. It was rented out before the rehab was complete. My estimated rent range was $850 but it was rented out for $950 with an $800 deposit. My cash flow will be somewhere in the $250-$300 per month( and that is after taxes, insurance and management fee). I was able to do all of this with no money out of my pocket. Hope you enjoyed my story.

Ramon,

First I would say to stay in school and get your degree. You never know about the real estate market and what it holds for the future. I have an associates degree in business. I feel it has helped me in some aspects of what I do but I also learned a lot from experience. You should be reading books about real estate investing and also go to your local REIA and talk with other investors who are doing what you want to be doing. Hope this advice helps.