All Forum Posts by: Jacob A.

If I'm not mistaken, you can go to the north Carolina secretary of state website and search for businesses. Once you find the business, you can click on it and it will tell you the names and addresses of the officers of the company. Then maybe try mailing to their personal address or looking the individuals up on the tax website to find any other addresses they may have. That's stalking at its best :)

@Bret N.

Is renting the house out an option for you? It sounds to me like refinancing with a bank at 5% is a much better option to get the private lenders off the hook and you could move on and either rent afterwards or try to unload it again once the market picks back up come spring time.

@Bill Gulley

I like the way you think. The only potential issue is there could be independence issues that arise if I take on clients as partners. However, co-workers and former clients could definitely be a possibility. I just need a few successful deals under my belt first and I will definitely explore those options.

Forgot to mention you @Bill Gulley

My strategies at this point consist solely of flipping/rehabbing properties. Buy and holds don't interest me too much at this point. I really enjoy the process of fixing up dilapidated homes. I am definitely not doing much of the work myself, I am GC'ing everything out.

Right now I work for a small, local CPA firm here in Raleigh doing financial statement audits. I have a little bit of background in tax but not much beyond 1040's and basic partnership and corporate returns. Only what was required to pass the CPA exam :)

@Brooks J.

I've been meaning to make it out to one of the TREIA meetings but just haven't had the chance yet. I'm making it a priority in the new year to get out there and meet some folks.

@Account Closed

I appreciate the response. My comfort level is pretty low at this point. Having only done one deal (which hasn't sold yet and is still on the market after 30 days) makes me a little weary. If it's possible to structure deals where I can defer all payments until I sell the house, that would be ideal. Making 10% payments makes me a little bit nervous, but hopefully after I get some more experience under my belt it will become a little more comfortable and I can really ramp it up.

Thanks @Bill Gulley

Ideally, after I get a few successful deals under my belt, I would imagine it's a little easier to find other parties interested in partnering up. I just can't convince myself to use hard money. Not yet anyways.

I was hoping to get a good discussion going from some of you out there that have been in the game for a while and doing it successfully. It seems to me from what I hear from newer investors, including myself, is that one of the biggest problems is getting over the hump that is financing multiple deals. It seems that everyone can find money for one deal at a time and go deal by deal but those of us that want to graduate beyond that need a bigger push. I was hoping you could lend some expertise on how you got over that hump and how you got comfortable with paying insanely high interest rates on hard money and private money if that is what you indeed chose to use? A lot of people like to talk about their current business structures that are very sophisticated but I was hoping you could start at the beginning and provide details as to how you were able to really start moving things along.

Semi good news, in fact the superstitious side of me feels like I'm ruining my chances, but we got a decent nibble late yesterday afternoon. We showed the house and the buyer came back very interested. According to their realtor the only thing holding them back was the fact that it had well water/septic and wasn't hooked into the city lines. They loved everything else. We told them we were flexible on price if they wanted to factor that in so hopefully today or this weekend at some point we will see an offer. I'm finding out quickly that there is nothing quite like the feeling of selling a home for a profit! Hopefully, I'll have some good news shortly, keep your fingers crossed for me.

Just like @Jon Klaus I just put them in both bathrooms in my first flip. We've had a lot of good feedback on them. The more I see them the more I don't like the feel of them, but they do look killer. Good choice IMO if you can afford it.