All Forum Posts by: Julian Buick

@Jake DeAtley if you are willing to look a bit further afield you should consider Eastern Washington. The cash flow is a lot better and the market is more stable. @Enrique Jevons manages a lot of properties over there and could easily find you a 4-plex that would meet your criteria. He quite often goes to the South end BP meetup which is in Olympia I think. Just a thought...

@Brad Nelson east side funding, veristone, Builders capital are three that immediately come to mind. All are located in your area. There are plenty more but I would start there. 

@Phillip Chumley I suggest you talk to @Rich D'Agostino about this project. He deals with this sort of stuff daily and should be able to help you out a lot. He's also a kirkland resident. 

@George Blower I wouldn't own any real estate. I would only own a note on it. The rehabber would be the owner. Regardless, I think @Brian Eastman provided the answer.

Let's say a friend and I create an LLC and fund it using funds from our own bank accounts. The LLC makes a loan to a flipper (non related) for the acquisition of a distressed property. Would it be possible for my SDIRA to make a loan in second position for the rehab costs on the same property? The rehabber is unrelated so not a disqualified person. I nor my partner plan on doing anything other than provide funding. Would that be considered co-mingling funds? Both loans would be separate, with their own promissory notes and trust deeds.

I'm just looking for an opinion, not legal advice.

Thanks,

Julian

Any thoughts 

@Mark Nolan @Dmitriy Fomichenko 

@Nicholas Caldwell I just moved here a few months ago from Seattle. There is no bigger pockets Meetup here but the Savannah REIA is decent. It's pretty small, only about 30 people show up and most of them are newbies or wannabes but occasionally there are some seasoned vets there. The organizer is a really nice guy and quite a character. It's always a fun time.

@Jay Hinrichs It's like Charleston lite. SCAD (Savannah College of Art and Design) is doing amazing things for the revitalization of the city. They are buying up old historic landmark buildings, remodeling them and turning them into college campuses. Consequently the surrounding areas are getting rehabbed and turned into college rentals. Neighborhoods are gentrifying rapidly. If you ever make it down here hit me up. I will happily take you out to lunch. 

@Marc V. talk to @Rich D'Agostino at Builders Capital. They specialize in this type of thing and will be able to help with advice and possibly financing. 

@Donald Torrence I wouldn't necessarily agree that private lenders are cheaper than HML's. HML companies have a set of lending requirements that they generally adhere to and are unwilling to deviate from. Private lenders are lending their own money and will lend at whatever rate and terms they are comfortable with. Some are comfortable to take high risk for high return, some are not, i.e. the ones you are referring to. The biggest difference between a HML and a private lender is that one is a company that is in the business of lending. It is the sole purpose of the company and how the company turns a profit. The other is not a company and is generally doing it to supplement their primary income, or they could be retired or whatever. But they are putting their own funds at risk for the purpose of making a return for themselves, not for a company.

@Jesse Kindra I JV'd with @Bob Malecki on a NPN deal and it worked out great. He is a great guy to work with and completely transparent. I've also invested in his note fund. Only been in it for a few months so too early to tell what the performance will be. Communication has been excellent though. It always is with Bob. I've also done a deal with @Kevin Moen that is working out great. He is Bob's partner in the fund and is also another great guy to work with. Both of these guys are very genuine honest people.