All Forum Posts by: Dennis Dahlberg

Dont buy the homes, be the lender.....it took me years to figure this out.

I use to work very hard flipping homes. 

Late one, night writing checks for all the hard money lenders, my wife said “what are you doing?” 

Told her I need to make sure all the lenders get paid, I’ll be in bed soon...

She said “Looks like your on the wrong side of the business, don’t stay up too late dear.”

And she was correct.........

Always listen to your wife......

Possible, depends on location, value, cash flow, and YOU...

Address?

Value?

income.rent?

And your FICO...

Just had a call from a friend that is using EZ Funding for a construction loan.  

Their offer for financing seems to good to be real.

Anyone work with EZ Funding.... they look like.... what?  What is your experiences?

Google Hard Money Lenders VA......

Don't know PA law..but in AZ you can open an LLC and file DBA's under the LLC. Costs $10 in AZ to file with the Secretary of State for a DBA....the advantage is that all income is reported under one LLC (one tax return/K1) for all the DBA's.  

The disadvantage, is if one of your DBA's...... screws up......they will attack your LLC..not the DBA.....

Personally I have multiple LLC's for multiple companies.....and don't mix them up....

Get you real estate license first...

In Arizona you can take them to small claims court...but I had to physically file the papers.   

I've sued renters in the past..and I have always,, after some time,, recovered money.  

Its a lot of work..but don't know if you can file remotely...but you will have to physically appear in court (maybe).

The goal is to get money..if you get a judgment,,record it in the county..they will eventually want to buy a car...and won't get credit or sell their home, but won't be able to sell their house if there is an outstanding judgement....

Dont give up.   

My wife says,    "my biggest problem is thinking people are as nice as you...this is what always f***s up. "

had the same problem with a tenant that turned the house into a foster home for cats.

Pulled carpet and the poured Clorox on the cement.  Removes base boards, painted and re carpet.

Luckily it was in just needed in two bed rooms.  And yes the lease said no pets.

Sued the tenant and luckily she paid........

If you don't have a property its going to be on a unsecured note...  

You really have a nice friend to lend you money without a property backing up the loan.  

Usually  the lender will not fund without a property to lock up the loan.

Take a look at this blog for more answers...

https://www.biggerpockets.com/blogs/11346/78940-8-things-you-must-do-to-be-a-successful-flipper

The question is --- why are you not the real estate agent?

https://www.biggerpockets.com/blogs/11346/78940-8-things-you-must-do-to-be-a-successful-flipper