All Forum Posts by: Lokesh W.

@Anson Young
THat's a great deal that you have on funding! In Wisconsin there are not many hard money lenders so I know their terms are not even close to 100% financing.

I have thought about the nationwide hard money lenders. Any suggestion on the nationwide hard money lenders?

Yes, I know some good apartment deals here. I use a spreadsheet to calculate all the expenses. Based on that some deals seem pretty good. My buyer agent is experienced in multi-units. It is good to have potential buyers for apartments. I have a few buyers with budget ranging from 400K to 3 MM. Any suggestions?

Hard money lenders require huge down payment and points. Best thing would be to continue wholesaling. For Rehab project, initially do a couple of joint ventures with someone who has experience.

Originally posted by Johnny P.

Yes, Johnny.

Originally posted by Will Barnard

I agree. I could even ask for acquisition fee. THanks!

Thanks. I was just wondering if there was a way the buyer wouldn't know how much I make. I understand that after a few months after closing, he can find out by looking at the deed registrations.

Thanks Bill!

Regarding the first one, I'm not sure if I want my buyer to know upfront how much money I am making since I have not done a deal with him yet. Once I am comfortable doing business with him, I may use this technique.

I do like your second option with 100% seller financing. I could convince the realtor about this. This probably will not work with REO multi-units because the bank will have its loan qualification criteria.

I've had this situation 2 times. In one foI've had this situation 2 times on properties that I was doing short sale on. In one of them the non-paying tenant was prepared to leave.

The other one had a non-paying tenant who wanted to purchase the property so he was very difficult and intimidating to us when we visited the property. Even the owner lady was intimidated by him. We asked the current owner to send eviction notice. Until the sale is complete, the defaulted owner is still the owner so he/she can evict the non-paying tenant. Some people suggested that we put a clause in the offer to purchase that the sale is subject to removal of the non-paying tenant but we did not have to do this. A lot of times, the eviction notice itself make the tenant to cooperate and there won't a need to actually evict.

I have buyer for a multi-unit who will pay cash for properties with a limit of $3MM. Other than double closing, is there any way, I can close using his funds. For larger amounts, even double closing itself can cost a lot.

I have heard about opening an escrow with one company (company-A) and closing with another title company (company-B). During closing with company – B, we request funds from our escrow at company-A. Has anyone done this before? Are there any articles anywhere regarding this?

Any suggestions are greatly appreciated.

Hi,

Has anyone used this program of flipping commercial properties with Peter Conti and Jerry Norton using their financing? I have some experience with flipping residential properties (wholesaling and some rehabbing). I could make more money by flipping commercial properties so this is very tempting. They are charging $297 for the purchase of their program with 1 month of free mentoring, financing deals etc. After 1 month, there is a monthly fee of $297 per month if we want to use their mentoring and funding. THis has a 12 month 100% money back guarantee.

Please share your thoughts if you or anyone you know has used this course. Any suggestions on this or commercial real estate flipping are greatly appreciated...

Thanks

ok. Thanks for the tips on obtaining private financing... Just to clarify, these are not hard money lenders. I am talking about private financing who will get an annual return on their money...