All Forum Posts by: Hudson Walker

@Greg Dickerson that is a good point. I hate to just role the dice and get lucky.

Hello BP,

I am starting to look at foreclosure homes or homes that are being auctioned off.

So when you look at these homes online you get to see the outside and never the inside. Plus, in the description it says do not disturb current occupants.

So if I’m looking to purchase and do a rehab/quotes how can I do that without seeing the property?

Hello fellow BP’s,

I have a novice question. I am looking to buy a single family home and potentially do a brrrr. I have capital of my own and want to partner the deal with a family member. Basically take a loan from them at whatever percentage and then pay them back at the refi.

My friends at the bank tell me to be careful because that would be considered a gift and that can be taxable.

So what does a real estate loan from a family member or a private investor look like it?

Are we setting up a joint account?

Are we both on the deed?

Are they just sending me the money praying to the gods I don’t rip them off, btw I would never do that.

Thanks in advance

Question I have regarding the transaction and use of funding.

I’m looking to buy distressed single family properties, fix and/or buy hold or sell.

Most of theses homes banks will not fund due to the work they need. So I need have either private/portfolio/hard money funding.

So if and when I find a lender willing to work with me how does the funding work?

Do we open a joint bank account?

Do they put money into my back account and then I go find a property?

Who’s name is on the lease?

Are we both co-signers?

In the market for my first door. I am connecting with a lot of whole sellers to find some deals.

Question I have is can I do a walk through before buying a home, bring in a GC, or even have it inspected?

Can I do any of this before making an offer?

@Matt Hurley thanks for the feedback. That breaks down the fees and the bottom line of finance that is expected.

@Andrew Postell. Also nice to meet a fellow Texan. Thank you very much for the clarification. That really helps me understand the process and what to expect. I also notice you are a lender as well.

My strategy is to start a rental property empire by doing the BRRRR strategy.

So I have been doing some research about private financing and had a few questions about hard money lending.

I know typically hard money is like any loan and they usually charge about 10-15% interest. However, I really don’t understand the points behind the loan itself.

Also, when talking to a conversation bank about refinancing they said you would have to hold any money given to you up to 2 months or that lender would have to be on the dead. Is this correct with any private lending you get?

So I am lucky enough to have one family member who is sitting a big lump sum of cash to invest.

I want to do a BRRRR property and I am looking to ask them for a loan.

So... how do you ask a family member for a loan?

What kind of terms do y’all use?

What kind of contract should I put into place?

Thanks BP

@Dave Foster thank you very much. So if my house sold after 2 years for $260k I would be paying taxes on $10k?