All Forum Posts by: Account Closed

Hi Brandon - I'm a bit confused. What's the difference between purchase price of $62,000 and max offer of $1,300?

Hi Samuel - Welcome to the community. You'll find so many resources on here, you could be up all night reading!

I don't know much about the HLPR programs, but I would think about asking them if you can utilize this financing in another state and explain the situation to them.

I'm not an expert in credit report analysis one bit, but credit checks never have stopped me in my pursuit of getting financing for rehab loans. Would be interested to here how much of an impact they make on your credit but I would assume not as much as being chronically late on your mortgage payment.

Rich Dad Poor Dad is an awesome book! I was just looking at my copy last night. I've never played the cash flow game but I would like try it some time.

@Dion DePaoli - thank you. We haven't figured how much money each of us would be contributing yet, but this was very helpful.

Hi Everyone -

I've been approached by investors about doing a joint venture for a deal. I would be funding most (if not all) of the purchase & reno costs.

My question is, how do people protect that money? Is the investment deposited into the JV account all at once or as it is needed (meaning once for the purchase of the property and then as disbursements are required for the construction)?

Any practical tips or advice would be appreciated.

Hi Erick - For probate, just go to the county courthouse "Register of Wills". Every county is a bit different but essentially you want to look at the recent probate files. Then flip through each file and see if there is any real estate within the file. If there is, you write the property address down and the executors name and address. Then you mail to the executor. Happy to discuss over the phone a bit more if you would like. Send me a message with your phone #.

Hi Pavel - Thanks for the heads up. I will have to look into this with my attorney.

@Hawley G. - that's hilarious!

Hi Pavel - Great post.

Why not hire someone to drive for $? I'm going to be working with people in the next week where I will pay them the IRS mileage rate ($.55/mile) and $1/address (the $1 get me the full address, owner's name and owner's address).

Good luck!

Hi Cody -

Great post and question.

Not sure about your valuation ability, but being able to determine ARVs (and back it up with comps and other info) is huge. It takes time to aggregate and analyze sold properties and to summarize it in a easy to read format.

The other thing is assessing renovation costs. Again, it takes time going to a property, inspecting the property and then determine renovation estimates.

You could start off by hooking up with a local investor and bird dog for them. You could work out some sort of bonus or profit split per property bought/sold.

The other thought is cold calling/pre-qualifying leads for investors, thereby saving them time. You could do the comp in a similar way as bird dogging.

Lastly, I like the swap of "[...] I will drive you around, real estate investor/real estate agent/appraiser/general contractor (or whoever), saving you gas and automobile wear/tear. In exchange, I would like to learn you're trade [...]".

Good luck!

Hi JJ - Great post and I agree. It's better to get your ducks in a row with a hard money lender.