All Forum Posts by: John Hamilton

@Brian Mitchell if you can find a buyer and put them under contract and get their POF, then provide that lead to the wholesaler for your fee/cut, but only after they sign a non-circumvent contract. Then you and they sign a purchase agreement with the assignment fee in there and you assign that contract to your buyer.

Proceed with caution. If you can get any referrals of their lending or any kind of business license, don't do it. They should have no problem providing you previous lending documentation, but they can write up anything.

Always treat foreigners with great skepticism. Never travel outside the US or your State for that matter, to meet anyone. You just put yourself in great jeopardy, especially in Northern Africa. Hell, Michigan I'm leary about, let alone anyplace outside the US.

IF you do travel for this purpose, go with trusted security and let your family know your intention. Still that will not protect your being from kidnapping, muggery, or worse. And don't bring any women, for goodness sake.

NEVER pay anyone up front for anything. Definite scam! Anyone who can't provide 24 hr turn around for money transfers you should also run from.

Fundee BEWARE!!!

p.s. JV partners would ask you to show them the numbers and provide pictures and any relevant documentation of the property. Although it's a good idea to view the house or have a trusted local view the house, paying for their expense is also BS.

I also am leary for a few of them on the site mentioned and another site where there is no validation of the lenders at all.

Any upfront costs for any reason is a scam.

It has to be a true real estate deal loan, meaning you have to provide numbers.

Also, protect yourself the best you can because they will be asking you for personal and banking information, as well. 

Talk to you banker if you're still not convinced. Anyone can say or write anything down. It's up to you to perform due diligence. I had this guy hound me for a day and finally had to block because I wouldn't pay the fee. He even lowered it drastically, which I knew right then was a definite scam.

Out of 10 lenders, no one provided one shred of proof for anything.

BEWARE!!!

Hi @Bryan H. 

I've heard that having a website to drive your audience to will help organize your leads. It will also give you a chance to limit your non-targets by stating what your criteria are. (However, wholesaling those deals to other investors, even though they don't fit your needs, may get you involved with deals in a small way and could generate some extra cash).

Then, you can call them one-by-one on your available schedule, based on their responses to your website. Prioritize the ones that fit your needs the best and go down from there.

Good fortunes

Congrats on getting the deal, @Kylann Griffin ! If the contract doesn't state showing any POF as a condition to the sale, and the seller signed it, too late for him. Hopefully, you were up front with them and stated an assignment clause in the PC.

Lots of folks on here and in this thread seems to be interested in learning more about the property, potentially to buy it. A great way to share and possibly get your buyer to provide what you need to close the deal, as far as your part is concerned.

Share the details and you're one step closer to cashing a check on your first deal.

There is plenty of information on here in understanding the costs of being a landlord for your situation. Read that first and present your questions that aren't answered in the Learn, Analyze and Forums.

As for the deal, ask him to see his books and take it to your accountant to see if he can run a quick analysis and give you the results on if this is a good deal. 

Next find a lawyer to over the contract to ensure you have protection and not getting taken for a ride, especially during closings.

Forget about the laundry as that revenue is paying for maintenance and servicing of your equipment. Is there anything owing on the equipment? 

The numbers seems decent at a glance, but with that much down, he sure is charging you a lot for interest, IMHO. How long is the loan for? Is the vacancy rate decent? Are there any immediate issues you are facing (evictions, damage, equipment, tax assessments, etc)? Are you managing the property yourself? Make sure you know what you're getting into all the way around before you just go off how much money you think you'll have come the end of the month.

Believe me, save that money for your first real estate opportunity. If you have that much money available, you can work with with most lenders, private or not, to fund your purchase, rehab and soft costs until you flip. Even auction properties are a good source for you have enough for skin in the game. That's attractive for most private lenders and what most newbies wish they had to start with.

Find a local mentor and make it worth their while like a JV situation where you risk little, gain the experience, make some return on your investment (for you and your mentor) and make a partner to help you seek/work the next deal.

Will you get that from Tim whoever? If you want to spend that much money to learn, hell I can tell you what to do for half that. Will that make you a successful REI? Maybe, more than likely not.

Do it right and at the right costs. Tired of making money? If that isn't a line from a true scammer, then you're swimming in the wrong pond, my friend.

Why pay when you can learn for free? Why give this guy your hard earned cash?

Mike, you don't know how far ahead of the game you are as a newbie. Honesty and integrity go a long way in life and business.

Good fortunes to you