All Forum Posts by: Donald Cooley

HML just said that I could move it myself if I wanted to, so that answers that!

Thanks for the responses, basically you go find the deal and get it under contract. They then send evaluators out to determine if it's a good deal, if the price, rehab, and fees stay at our under 70% they will 100% finance you. If not then you can continue with putting 20% down or they can find the buyer and you split the wholesale profits. Seemed easy enough. 

@Tom Olszewski hml is a hard money lender. 

@Micheal Webster Yes I have a emd on the place.

I have put a email into my account manager regarding trying to unload it myself, but haven't received a call back yet. I thought I'd feel out if any of you have dealt with this situation. 

Do Hard Money

Hey BPers,

Need some help here. I have a house under contract in New Baltimore in connection with a hml. They were supposed find the buyer through their network, but due to the fees and upfront costs they can't seem to find anyone to take it. Is it legal for me to find the buyer myself and get this deal closed? I'm in new territory here and am not sure what I can do. Unfortunately I only have till the 27th to get this done. 

Any advice or info you can give would be greatly appreciated. 

Thanks

Don

I agree with many of the responses above. Love both guys, following Ramsey for personal life and Cardone for business. Personally I don't want to have any excess consumer debt, but understand the necessity to use debt to leverage asset purchases.

My two cents

Don

This is our first flip so plenty of unknowns. I'm certain it will be a bit different then the ones on HGTV. But, we have a plan and this one didn't require a lot of major work. Hopefully it will go smoothly, I will post pictures soon as we close. 

Thanks David! I appreciate your kind words. 

One is a flip (St. Clair Shores) the other is being wholesalesd in cooperation with the hml (New Baltimore). Hoping to get them closed and start to get the work done on the flip. 

Mostly looking in metro Detroit. 

Nice work, looks incredible. Hard to believe the before and after photos. Have you sold it? If so how long did it take?

We have one rental property in Michigan with a great tenant paying on time. The property cash flows great. We also have two deals going with a hml, these deals are getting close to closing and becoming a reality. I'm praying that they come to fruition and really help to launch our business. 

That being said I've started to really learn negotiating skills as I got both properties under contract way under value, one I got them to drop the price almost 30 thousand dollars. I've also been learning how to get a good arv number, we were within 9 thousand dollars of the evaluators from the hml, we hit their high number right on the head. Our repair estimates are getting better as well.  I've also learned patience as no deal ever goes without a few hiccups, so far we've hit all of them in stride and the deals aren't lost. 

Overall I'm very excited and highly motivated to get more deals moving. Thanks to Bigger Pockets and all the others on here for posting and blogging great info to really help us newbies along. 

Blessings

Don

Welcome aboard Jason. Make sure you take advantage of all the content on this site, especially the podcasts and webinars. Good luck with your endeavors! 

Don