All Forum Posts by: Account Closed

@Andrew B.

With a track record like that why not go to your local REI meetings? It seems like you've been successful so I wouldn't think it would be too difficult to attract investors. I agree with the OP I am a private money lender in the true sense. I need to have a relationship with someone before I invest. The internet doesn't count. I don't broker my money out but work directly with the rehabber. I also charge a point if it's debt financing. Sounds like your have ambitious goals this year so good luck to you!

I've had to sue against a company that tried to defraud me.  My litigation cost 100k.  Time out of my life about 1.6 years.  I ended up getting my principal back.  I had the realtors and brokers license stripped and another guy ended up getting arrested by the FBI and is currently facing prison time. 

@Melissa Klocksiem

This is a solicitation and belongs in the marketplace.

It's not so much the sub market as much as the deal if the numbers work.  I currently have a flip in West LA and like the area very much.  However my last flip was in silver lake.  

@James Ritter

First quite a few posters are looking to "advise" in the hopes of getting you to invest your 110k with them.  I don't know if you live in nyc but yes I don't think 100k is enough to get started.  However I would look to the immediate outskirts and I'm sure you can make it work.  I invest in LA another high barrier to entry city and here's what I did.  I found a local flipper and looked at his jobs both current and previous.  I chatted with him for about 6 months just to get a good feel for him.  I then became a private investor on one of his projects that we both invested together.  Since then we've done a few deals together.  He also mentors me and there's no conflict of interest.  I don't have rentals but if I wanted to go that route I would've looked for an investor in LA that invests in multi's.  

So in a nutshell stay local find a real estate investor you can trust and work with them.

good luck.

@Michael Strobel

I was able to roll my Ira into a self directed IRA without incurring fees taxes or penalties. Double check with your cpa.

@Andy Luick

I hope no other BP members have the "pleasure" of doing business with you.  

I guess I'm the opposite.  I've been involved in 4 deals and I still don't feel like a real estate investor.  I'm now at the point where I need to make business cards specifically for real estate investing and it feels a bit false.  Mostly because I've had mentors every step of the way.  I'll truly feel like a real estate investor when I can complete a deal from beginning to end with minimal oversight. 

@Grant Berthold

I never sold a house with asbestos but the last deal I funded had asbestos.  Here are the particulars.  Owners needed to fix the asbestos or take a cash offer.  Bank would not offer a loan to a buyer because the house is considered uninhabitable due to the asbestos.  We negotiated 60k off list price.  Original list price 910k.  Our purchase price 850k all cash 10 day close.  

Good luck

@Camille Joos-Visconti

I'm in a similar position as you.  Over 500k in equity 2 bedroom townhouse, no yard and the kids are getting bigger.  Here's what I suggest but again just my opinion.  I would first get exact numbers from a bank.  How much equity can I pull out and how much will it cost and what are the terms.  Also if you take a heloc on an owner occupied, the terms will change if your triplex becomes non owner occupied.  Also I don't own rentals but I don't think your taking all the financials into play.  You say 1 apartment covers the cost, however I don't know if that includes capex, vacancy, maintenance etc. Also you mention the other units will bring in 3k pure profit.  Remember if you borrow your equity there's a financial cost to it so your new loan may or may not be less than 3k per month.

As for out of state it's not for me it's way too risky.  I only invest in southern cal. 

Good luck