All Forum Posts by: David O.

@Susie C. It's true you need to be very careful about who you hand your funds over to. In any real estate transaction make sure there is a reputable title company involved. The title companies role is to facilitate that transaction, ensure that a clean title is being conveyed and hold funds in escrow. If you are working with a local hard money lender they will generally have a local title company that they have done multiple deals with. The title company will open an escrow account once you have a deal under contract...you will fund that escrow account with your earnest money deposit and eventually with your downpayment money. The HML will be cutting checks/ sending there funds via wire to that title company as well...

It's tough accessing cash so quickly. I know of a couple options at 6 months. Let me know if you want those. The other options with very little seasoning but higher interest that I have found: Lima one capital, Visio financial and there is one more that is escaping me.

It's true partnership can lower your individual returns. A good partnership should have a multiplying effect due to everyone bringing unique skills and strengths to the table. Make sure you understand each of your unfair advantages and leverage those.

So the math would work out like this at a 9% rate: $500,000 x .09 (annual interest) = $45,000 / 365 = $123.28 per day interest (assuming it is interest only loan) x 60 days = $7,397 in interest paid Keep in mind most hard money lenders charge 2-4 points. So if it is 2 points you will have another $10k in cost of money. Make sense?

This is a great turnkey rental on mission rd in Kansas City. Appraised for $138,000 with tenant and management in place. Completed a full rehab on property a few months ago. 

Strong equity capture and good cash flow. The last one we put up was under contract in 24 hours. Don't wait! 

@Kevin P. Welcome Kevin. Have you laid out any goals for yourself? Mind sharing? 

@Steve Chu Congrats man! You must be a very deep thinker. What held you back? Do you regret waiting that long? 

sold

3 bedroom, 1 bath home in Raytown, MO We gave this home a full interior paint job, replaced drywall, totally remodeled the bathrooms and got it completely rent ready. Happy tenant in place with excellent property management. 

Hi @Robert 

@Robert Gorman . Welcome to BP! That is exactly how I started. Complete podcast addict. I found southern Maine really tough to find great deals so proceeded to look out of state. I have had a lot of success in Kansas City.  Best of luck!