All Forum Posts by: Greg Georges

Hello all,

Well, I have a special story to tell you why I am currently looking for a hard money lender (bridge loan) for a condo I am closing on in about 2 weeks. I have previously financed my 3 investment properties with traditional loans, and thought might as well with this latest one before going other routes.

I live in Florida, and I specialise in mid-term vacation condos tailored towards the snowbird crowd. The rents in Sarasota have exploded, so much so that an asset class that I never looked at before all of a sudden is very interesting. I am talking about small condo studios of about 350-400 sqft. I found a deal in a complex where I already own, offered 70k for it and finalised at 88k. Should be able to rent it out between 1500-1700$/month after a full rehab (estimate around 20k total).

Here is the weird part of the story. The final document the bank needs with all condo loans id what's called a condo form to be filled out, which is then used in Fannie-Mae underwriting. Well 1 month ago before any current owners knew about it, the association decided to no longer fill out these forms based on wacky legal advice, without knowing it pretty much shutting down any conventional financing and pissing off pretty much all of the owners in the process.... There is no real reason for it, the reserves are great, no assessments in view since the plumbing and roof are all brand new). I am working with the board now to revert this, but unfortunately will not get that condo form filled out on time, current board members do not want to fill it out themselves.

So, I have reached out to the agent to talk about seller financing (might be good for me), but thought I might as well learn about bridge loans on this very small project which at the end of the bridge term I can pay cash. Honestly, just don't want to lose any leverage on the deal.

I am looking for hard money lenders who would finance a project of around 80-100k total after renovations. My goal is to begin a relationship and see how this works more, to then use it to grow my portfolio over time. 

Let me know if anyone out there would like to get more info, and looking forward to getting this done

Have a great day!

Greg Georges

Hello all!

I just passed my real estate exam last week, and did so mostly because I am a real estate investor here in west Florida and wanted to represent myself in future transactions. However, I also see this as a great opportunity as a sideline being fully employed in the IT sector working from home.

 I am in a special situation because I am a permanent resident of Florida but on a H1B work visa (Canadian citizen). My work visa thus does not allow me to actively use my real estate license until my green card is approved which should be around the end of this year.

What seems an inconvenience can actually be an opportunity for me, as I realize from reading these forums  that actually succeeding as a real estate agent takes time and putting in place systems to help you sell your services (database of contacts, lead generation, etc).

Thus, while I am waiting for my green card to be finalized I intent to learn the most I can about the subject, and that is why I am reaching out to all of you!

Have just started reading David Greene's excellent starter book called "sold" and intend to read the trilogy. I also plan on starting to set up my own personal CRM with all the contacts I have collected over the years.

Do you have any other suggestions, tips, books, podcasts, Youtube videos, etc that you all feel important to go through while I am waiting until the end of the year?

Once the green card does arrive, I will be REALLY ready to hit the road running

Thanks for all of you insight and experience, and looking forward to hearing from you

Greg Georges
New real estate agent
Brokerage firm to be decided soon :)