All Forum Posts by: Kyle Myers

While searching for properties have come across several listings with descriptions detailing property as normal and ending with “Seller will be doing a 1031 exchange”

Having not been through an exchange like this how does this affect the buyer of property?

What’s easiest way to meet up? Will we have a section setup somewhere we can tell employees what we’re there for or just need to look out for peoples profile pictures?

Someone correct me if I'm wrong, but you should be able to setup an ACH with them so they can only deposit funds, kind of like a tenant can't just withdraw funds from you only send, and then you could write and mail them a check. Typically that how it works for my company. We provide a Request for reimbursement with the backup (invoices, receipts, etc.) and get check sent.

Edit

That said we also have large clients with shared operating accounts that we can deposit and withdraw from, but always provide some sort of back up documentation before a withdraw and then client reimburses the account to keep a balance. I personally wouldn't do this type of thing with a residential PM company especially one without a prior relationship.

My input here would be 

1) definitely narrow down your goals as far as do you want to fix flip, wholesale, rental income, etc. this could even be using one method as a means to build capital for the next i.e wholesale until you can afford a rental.

2) The stage I’m at. Reach out to realtors or lenders and be open about what your goals are and let them guide you and come to agreement on how much you can put into a deal to get some sort of pre approval. If you don’t have enough funds as downpayment to get sufficient loan then just go back to square one and try to save save save or partner with someone. If you have enough get the pre approval and start searching for deal.

3) then once you find one it’s probably going to just be a take it one step at a time. If it’s a fix and flip. If you acquire property what’s next step? Find a contractor? Then what; finish rehab and the get it marketed for Sale or lease. At anyone point you aren’t sure of next step just reach out on here or with other connections. 

Just make sure your numbers are correct (purchase, rehab, etc.) or can set you back quick. 

Bump. Interested in any answers I recently stumbled across blackhawk as well. On the face seems like good way for those less connected to reach accredited investors. Interested in any P2P lending advice or opinions in general. Many seem to only be small funding <40K options.

https://blackhawkcorp.com/the-borrowing-process/

https://www.personalincome.org/blackhawk-investmen...

To add $29K for property. Does that include rehab costs. I have to assume, tenants are not, a property like that which isn’t pure land will need some decent sized rehab.

@Isaac Owens

What’s method to present deals to investors like that without them basically stealing deal and cutting you out? Have to get deal as if it was yours I.e offer, get contract, etc and before making payment bring it to investors? I assume you probably need investors lined up prior to a deal like this?

Thinking of propertyshark?

@Aaron K.  Novice question I'm sure, but how do you get financing in place before starting? The few times I've looked at the pre approval process or what it would take to get financing seems they want to know the property or deal in question. 

I would be interested in attending.