All Forum Posts by: Jacques Cyr

I've been working with a good / knowledgeable lawyer in the area lately. http://www.kreisenderle.com/professional-team/david-c-hill/

Good luck...

Don't have the latest details, but would suggest reaching out to Brandon, or looking up on meetup.com

Yep... meet at buffalo wild wings. @Brandon Krieg helps run it. Perhaps he can provide you with details. 

Welcome to the GR REI game, and to BP. Both are great... Perhaps we'll see you a local REI Meet-up soon.

We have a current remodel underway for a property we'd acquired on south side of Chicago (suburb). Long story short, received an electrical bill for $232 for month of July. (acquired in June, and bill was $40). Contractor is stating they hadn't left the AC on while not on site. Even if they had... this bill seems extremely high for a basic SFR remodel, especially during the "demo" stage of the project.

I've reached out to ComEd (local power company), and they are investigating if possible 'read error'. 

Anyone have any experience recouping portion of cost from contractors for this type of thing?

thanks everyone for the response. Perhaps what I need to learn here's a bit of patients, as well as humility. Hope everyone has a great weekend happy Father's Day.

Thanks Michael... appreciate the feedback.

Fully agree on "2X closing" aspect. My goal when ever possible is assign at closing, but without a large investor list, etc... it may take a slight bridge to cross the chasm. Finding wholesale buyers, who are ligite, isn't always a straight forward game. Though I ask for earnest money, I'm a cautious person by nature. Just would need funds to finalize initial deal. Can worry about hotaling at a later date. 

For now, the original question still stands... what does it take to spark interest for private money folks? 

(Again... thanks for response... do appreciate it).

So it's Friday night, and I'm sitting here searching the BP forums for the knowledge I know should be here. I've had some recent success in getting a few residential properties under contract, with 2-3 more ready to go in the near future. The plan is to wholesale where possible (buying ‘at the numbers'), but when taking this route we don't "know" I'll be able to find an investor to wholesale the subject property to. So… covering my bases, the plan "B" on the exit strategy is to rehab, and sell for $X ARV.

Here’s the rub… the current hard money source I'm using, while providing good rates (8.5 – 10.9, plus a few points), limits even the most experienced rehabber to (2), and mayyybe… (3) properties at one time. This in the end, is throttling me back (which I understand – to an extent…) from putting additional properties under contract. Again… the goal would be to wholesale majority, and rehabbing every 3rd or 4th directly; however, I’d be looking for that bridge to carry me over the ‘from close date on the purchase’ to the ‘close date on the resale’ - buying me a little time to market and sell wholesale.

I've read several posts on how to find Hard money lenders (which I’ll continue to do); however, I’d prefer to build a relationship with private money lenders. On this front, I’m fortunate enough to have a few good ideas of the who I’d reach out to as a funding source.

Here are my questions (directed specifically to private money lenders, or those who have built successful relationships with such investors):

• 1.)When you’re approached, for this type of investment, what specifics would you suggest the individual approaching you ask, or provide?

• 2.)Best ways to structure the deals (again, hopefully a bit more economical than traditional Hard money lender path, and perhaps with less bureaucratic loop holes and paperwork)?

• 3.)What about approaching investors who haven’t traditionally invested in a Real Estate investor?

• 4.)What’s your biggest pet peeve, when approached?

• 5.)What are you most impressed by?

Being the “greedy bastard” I am… the idea of sharing 50/50 split of profits is driving me a little nuts. But then again… I simple don’t have the capital I need to make the additional deals happen without the private money. And 100% of nothing is… hmmm… oh yah… nothing.

Anyway, bottom line I’m looking for suggestions on how to speak the language of those I’d like to approach about providing private lines of credit. (Full disclosure, I have excellent credit, with ‘fair’ amount of cash reserves).

For what it's worth, I had worked for LinkedIn approximately 2 years, and our message to our client's is to ALWAYS personalize the invitations. Simple use the individuals name, as well as a quick "show me you know me" statement. 

Basic Rules:
- Personalize (use the persons name)
- Keep it short,
- But show me you've researched why you'd like to connect.
- On LI DON'T just sit there clicking on the "Connect" button from the "people you may know" page. You WILL get put into "connection" jail if the system feels you're a 'robot' automating the connection request. 

Hope this input helps.

Cheers... 

Very nice play... Great example of not just putting perfume on a pig, and yet having the vision to bring the building up to updated style with minimum(ish...) changes. 

Would love to see other examples of the 'transitions'. 

Cheers... and here's to continued success.