All Forum Posts by: Kevin Griffin

Jaime - Go to your local REIA club and let them know you're looking for private money; quite often lenders attend these meetings looking for serious clients.

Jack - If you're a true private money lender (not a hard money lender calling themselves a private lender), you should be getting plenty of requests just from this post.  But if you would like to put you're shingle out a bit further, you can join these two groups and will have plenty of requests: Private Money Billboards, and Real Estate Wholesale deals.  They're Facebook groups.  And of course, I'd like to know your rates and terms. You can't email me here because Bigger Pockets likes to make it hard on their members, instead of helping deals to flow; but you can find me on Connected Investors.

I'm kind of curious as to why the SEC hasn't posted the relevant statutes which explain who and how this can be done; as well as an explanation as to why the particular rules were put into effect.  I tend to feel that the comment about them not looking to stifle the small guy is probably the truth, but it would be nice to hear it from them to get it straight.  Too much posturing on here to be able to know what is correct.

Gentlemen,

   It sounds in general like you are looking to buy your rental properties at market value, or just under.  Standard formula in the U.S. investing community is 70% of market value minus repairs.  An often mentioned idea here concerning buying property to fix and flip, or buy and hold, is that you make your money when you buy, which is true.  Off market properties at 70% or less is where you need to be looking.

Kyndall,

   You need to check out using Air BnB for short term rental, if your flight students are short term rentals.  Plus Air BnB would be a great system to use for your future international properties.  

Best of luck,

Jack Griffin

If anyone really is interested, I live in Vero Beach; and can pretty much say for a fact that property in the Vero Beach city limits will sell quicker, and for a slightly higher price, once FPL takes over supplying electricity to the town.  Vero has been supplying electricity to it's residents at exorbitant rates, in order to beef up the general fund for years.  A few years back when the rates were at their highest, some residents were paying in the $600 per month range, while I was paying around $200 per month.  The electric supplier to Vero has been coming up with any and every reason to stop the sale from happening, and the sale is currently at a loggerhead because of them.  The town government has had it's own members adding to trying to stop the sale through providing misleading information at times, too.  Haven't seen any current numbers as to the percentage of house sales inside the town limits vs. the Vero area (outside the town limits, but in the Vero mailing address area which goes to the border of the town's north and south of it.). My feeling is that the percentage sold inside the limits isn't all that big a deal because I doubt that anyone selling a house inside the limits tells a prospective buyer about the terrible electric rate.  Once the lawyer finds a way to get the deal. done, it'll happen fairly fast.

I didn't realize you were talking commercial.  What you say, does sound reasonable.  With a good chunk of your own money in the deal, I'm willing to bet you will find a partner.  Possibly get in contact with local owners of medium to large commercial properties to see if they are ready to use some of their money to make some passive income?

Gregory - Chances are very slim that you will find a true private money lender to finance a long term buy and hold.  After doing your rehab, you would then want to put a renter(s) in the property, and refinance using a traditional mortgage for the lower interest rate and longer term.  Of course you would let your private lender know this so they understand that it will take longer to get them their money back.

Joshua - I'm going to guess that a big chunk of that 23k went towards the purchase of a guru's program, with the rest being used to possibly pay someone to build you a website, and other miscellaneous marketing.  If this is correct, you've got a problem with the person you bought the program from, or you've far overspent before doing you're first deal.  Virtually any guru selling a program on the internet today, provides use of their funding as part of the program.  You need to have a serious talk with them.  As for private money lenders, that one is a bit tougher.  You can attend your local county auction, and watch to see who is buying properties (these are people with cash money), and approach them to see if they would be interested in having you supply them with properties in the neighborhoods they buy in.  You're saving them time, which is a very valuable commodity for them if they are busy.  This would allow you to make some money wholesaling, to save up your down payment money for your first property, as well as get those loans under control.  If you create a solid relationship with them, and choose a smaller rehab for your first project, they might just be willing to help you out with the funding, or know someone else who would.  Offering 15% interest is starting too high, even for a hard money lender.  I'd offer 12% and go up from there if necessary.  Bēst of luck moving forward.

K.F. (Jack) Griffin

Checked my website address - couldn't get it to send or receive an email using one of my other addresses.  Checked my LinkedIn notifications and they came up no problem, but your message wasn't there.  Not sure what's going on with that.  Don'tknow how you're going to send me your email address, as LinkedIn doesn't allow email addresses or phone numbers to be posted.  Unless you send it without the @ symbol, which is I believe how their software identifies an email address.