All Forum Posts by: Joel Thompson

@Kris Marmol if you buy the property with cash you can still use hard/private money for the rehab. There's a good chance you could get a "zero down" loan to fund the rehab in the case that you own the property as well.

What area are you looking at for your first project?

@Seth Rose there are a ton of deals out there. Any idea of a target locale yet?

@Seth Rose I'm happy to get together take a look at the deal with you if you'd like. @Jay Hinrichs hit the nail on the head though, many wholesalers oversell the potential profits to lure in new investors. Unfortunately that even happens at our local BP events.

@Dylan A Thompson from my experience, that's typically a no-go, but it's worth having a conversation with a lender about.

What type of investment are you considering?

@Chris Robinson no one should give you a hard time for asking FAQs. Congrats on getting this far with your own cash!

Since its your first time using hard money, I'd recommend getting a HML to do the rehab on this property, getting a tenant back in, then refi out of the HML and get the cash you need at that time. This way, you won't be paying the HML rate for the funds used to finance the other purchase and rehab. Plus, your lender will see this first success and may offer a better rate on the next loan.

I'm with @Michael Ohara, putting together a presentation of previous success will go a long way toward attracting private investors.

Once you have that put together, find 10 people you think might be looking for opportunities to put their capital to work and ask them to take a look at it and give you their feedback. You'll most likely get some comments and interest by doing that, then ask them to connect you with someone they know is looking for an opportunity to invest.

@Robert Tinker usually that is something a lender will be upfront about during the funding process, specifically on your first deal with them. It's unfortunate that they didn't explain it.

@Chris Robinson sounds like a good plan. Shoot for low/no down since you own the property outright.

@Chris Robinson as long as you don't plan on living in the property while you finish the rehab, that could be a great option!

@Siarhei Kholeva will shoot you a PM