All Forum Posts by: Joel Thompson

@Dae’Leon Flucas I am a lender and get inquiries from people on the regular. @Charles Soper is right, you want to have a plan in place so that when the right deal comes up you can move quickly.

I can't speak for all lenders, but I'd personally be glad speak with with someone that's using hard money for the first time prior to analyzing a deal with them. It will help the borrower understand the cost and specific usage for hard money, as well as the process.

@Dae’Leon Flucas good call running the numbers per worst case scenario.

I have a book by Frank Gallinelli titled "What every real estate investor needs to know about cash flow" and it has proved to be very valuable when assessing potential properties. I'd definitely recommend giving it a read through.

Great find! It's always nice when these opportunities pop up close to home.

Do you already have a tenant in?

@Dae’Leon Flucas is the 15% loan private money?

More details would definitely help us to better sort potential options.

@Kerry Boyle would be my first call.

@Travis Henry that's too funny!

What part of Tennessee?

@David Sawyers I'd definitely start networking at local REI clubs, some of the most valuable connections I've made have been there.

Find someone knowledgeable that you can bring value to and most will be compelled to reciprocate in one way or another.

@Kris Marmol there are bound to be wholesalers from that area on BP. If I was in your position, I'd search them out, get on their list, then make a long weekend trip out there. Drive the areas you're considering investing in, walk on to jobsites, meet builders, contractors, investors, maybe plan your trip while a local REI meet up is taking place.

That's just my $0.02, I at least like to know the lay of the land before I invest there.

@Damon James consider going to your local REI networking events (REAPS/REIA/BP events/etc.) and finding out what investors are looking for, then go find them deals. You're bound to find some excellent opportunities you want to keep that way, and connecting with other investors could open up JV opportunities or private money.

@Scott Schultz is right on point. Getting licensed is a great way to go, and being a realtor focused on serving investors will take you a long way.

@Christopher Pearson consider using the cash you have to put that down on the purchase & rehab cost with a HML. They will most likely order a fresh appraisal prior to funding and help you come up with an ARV based on the improvements that you want to make.