All Forum Posts by: John Silva

Hi Florian, 

I'm completing my first single family renovation in New Bedford and now looking at multi- families in the local area. If interested we can have brainstorming session. 

John

Rene I sent a request. 

Best

Probably correct...if it was a commercial loan but it is a duplex. Thanks for the reminder. 

Am completing my first flip with a JV. My partner had the purchase money and I have all the rehab money & real estate expertise. Fortunately, for me he is only asking a 3% interest on the loan not payable for three years. But I will pay him back within a year. No prepayment penalty. I keep all the profits. The next project will be bigger and I'm sure it will have different terms. My next JV is similar but a possible structure of 60/40 to JV and first 5% payout to the partner before I start taking my profit. Equity, cash out refi, selling etc.. is all 50/50.

Could you have purchase the whole duplex under a LLC ?

Hi Jeska, 

I'm new to the flip and BRRRR. I was in a similar situation, with a great credit score, however I had $50k saved and had a good steady income that being said. I was fortune enough to have a investor who lent me $150k ( family friend ) and two friends who invested $5k each for a small return. I purchased a single family flip it will be done this Sept. Bottom line. If you can get family & friends to invest and show them what they can make in investing in you it's better than a bank. You own your first property and you use that as leverage /  equity / BRRRR for the next property. 

Hello all, as my first flip is coming to a end and looking for the next opportunity. I have a few options to fund my next project one of them maybe Private Lending. Are there any good private lending out there ? I'm assuming they use the investment property as collateral or your primary home ? or a portfolio bank ? 

Cameron, that is a excellent point thank you. 

Jay Hinrichs, a true quote. Thank you. 

Thanks guys. Your transformations are amazing.