All Forum Posts by: Account Closed

I use pensco but they can't give legal advice. I'm happy with their service

How about hi I'm a first time rehabber I need $150k can you help me out? Oh and I live in (not California) Me: absolutely just send me your wire instructions I'll wire it to you ASAP why stop at 150k how about I wire you 1MM lol

@conor 

@Conor Colburnundefined

What you're asking for is a playbook where none exists.  I met the person I invest by happenstance. He was rehabbing a house across the street from my sons daycare.  He had a sign outside showing he flipped homes. I kept peeking in the windows and one day he saw me and invited me in to show his work. He was extremely nice wanted nothing in return and helped me with real estate questions.  I solicited him 6 months later to invest in his projects. The other rehabber I met was through my neighbor. 

If I were you I would start answering questions on the forum showing your knowledge.  Don't do it with an end goal of raising money but helping others. If your projects are good the money will come. I know personally I'm turned off by someone asking for money right off the bat. I think hmmm what happened to all the investors/ sources of money? What am missing as to why someone doesn't even know my last name but is asking for 200k?

@Andrew D.

I highly suggest reading millionaire fast lane. It talks about exactly what you're trying to accomplish.  It's one of the best business books I read.  It's available in audio version as well. I'm in the same predicament at 45 and I can tell you from experience there comes a time where you don't want to work anymore. Good for you for having the vision to take action now while you're young.

@Stephen Marshall

This is a solicitation and belongs in the marketplace. Also the returns are subpar. The rate of 8% is below market rates and the hold period of 60 months is a long time. I assume you're looking for rookies because pros will not go for this.

 Good luck

@Stacey Wilks

Sorry I have to agree with @Richard C.

You are asking to borrow 1MM and you don't even know market rates. That screams "I'm a rookie" People that lend 1MM are sophisticated investors and I don't know any that would lend in this situation.   This is an extremely risky investment and not even 10% would be  be adequate interest. Furthermore the advice was given by Richard was in order to be helpful. Real estate is  rough tough business. If you can't handle it seek another profession. 

And yes this advice is coming from a private investor.

Good luck

@Account Closed

Lmao

Chuck Van Court I use pensco. I believe they are headquarters out of Denver. Everybody is different but what I needed was competent customer service. I rarely call them but when i do I find whomever picks up the phone knows what they're doing. Even my Cpa was impressed which is hard to do! However other things like fees or cruises are not important to me. So if fees are important I don't believe they're the cheapest. I set up a check book account and use it for private lending. Again if you need it for rentals I have no experience in that arena. Good luck

Sarah Schlueter Welcome to bp and it's good to have an Angeleno on board! I would say you're already doing a lot of things right. You have your re license you're reading books and joined bp. I would say just attend real estate meetings in the area to network with other investors. Good luck

@Matt Bell

This happened to a rehabber I work with. The property was going to be sold to a retail buyer and escrow was opened.  The appraisal came in at $100k less than anticipated. The purchaser tried to force the sale at the 100k lower price. 1.1MM instead of 1.2MM asking price. The rehabber refused and canceled escrow. He then re-listed the house for 1.2MM and sold it (again) 5 days later. The original buyer got angry and refused to take back his earnest money trying to stop the sale from moving forward. To this day he thinks the buyer and appraiser where in on the low appraisal together.

However here are some caveats. The rehabber has done 100's of deals. He also took the classes to become an appraiser, he just didn't take the test as he wanted it only to improve his flipping business. Prior to purchasing a house he knows his exit price by analyzing comps inside and out.  Not just on mls but actually driving to the properties and taking pictures. He will go inside if at all possible (open house).  Therefore when an appraisal comes in too low he has no problem challenging it.

Good luck