All Forum Posts by: Gregory Emmer

Hi @Scott Winnie...living in Miami, I'll say don't let the bad experiences of the past sour your desire to invest here again...tell your Dad that too! The market is great here, and appreciating as each day goes by...that said, I agree with what other posts have said and you should consider a JV (Joint Venture), or consider taking our an equity line of credit with a private lender/hard money lender. Sure, rates may be higher than what you'd get from a traditional bank, but you'd close quickly, avoid the red tape of a bank, and they won't care about your daughter's trust. In fact, you could use the funds you get from the loan to pay off your dad and just have the trust removed entirely. That way, this won't prevent you from collateralizing this property with a traditional bank in the future (i.e. having them refinance you out of your private loan, which may/may not balloon). I think the key is you have to look outside the box, knowing that working with any traditional service probably won't be a match. Partnering with someone or hard money would seem to be the best bet. And you have a very crucial asset already at your disposal-your free and clear home.

Welcome @Luigi Ramirez to BP.  You definitely the right game plan.  Now it's about execution.  I'm sure everyone here can help offer suggestions when it comes to ways to raise the capital you need to get your business off the ground!

I agree with @David O. in buying at the right price.  I'm finding that acquisition prices for some deals are approaching market value, leaving very little equity after closings costs.  The last thing we should all do is expect market appreciation to continue at the current rate, even if this is a more conservative approach.  I'm always a bit more cautious, and won't speculate that prices will just arbitrarily go up when I'm doing my due diligence.  If it does, then there's just more profit to be had.  If not, you'll still leave the deal with the return you originally anticipated from the beginning.

-Greg

@Fernando Imperatori welcome to BP.  Hope you get a lot out of it!

We're EquityMax, Licensed Mortgage Lender and Real Estate Broker in Florida, based in Fort Lauderdale.  We've joined BiggerPockets to actively engage in the local and statewide real estate investor & alternative financing community.  Our company has specialized in Hard Money for real estate investors for over 25 years, lending strictly our own money...no investors, no bank facilities.  Happy to offer insight, feedback, and suggestions on financing and investment solutions for your purchase and refi opportunities.