All Forum Posts by: Lisa Kohl

Most "disaster" cleanup places are a good start. You may even have crawl space repair companies in your area. I would reach out to atleast 3 different companies and have them give an estimate. 

Best way to start is to let everyone know you're a real estate investor so you've got that part taken care of. For potential lenders who have not been involved in real estate investing it's important to put together a portfolio of deals you have already done or if you're new put together a professional looking portfolio of what the deals would look like, property specs, ROI etc. In most cases you may need to court some of these lenders as they will need to feel comfortable and confident.

In our industry no matter what you're doing, buy & hold, rehabbing etc. We are all in the business of selling. You'll need to sell what it is you can do for them, better returns on their cash etc and you cannot be afraid to ask for the business or in this case the funds. If you were to wait for potential lenders to come to you, you may be waiting for a while.

Submitting an offer on a HUD property is not like a traditional offer. You are not able to submit a list of repairs or estimated costs. All they want to know is what the net amount to them will be. So submit your offer accordingly.

In regards to the hard money loan, if the numbers work & that is your only means for paying for the property then go for it. Just be sure to have a back up strategy in the event you're unable to refi.

I would suggest offering a "per house" fee on comps if you do not plan on using an agent. In some states folks can also use Redfin but it depends on whether or not your state is a non disclosure state.

Seasoned partners help because they've already faced and dealt with the hardships that come with a first deal making it much less painful for you. You may make "less" money on the deal but gain valuable experience to be able to go out on your own. That's priceless.

You could become a private lender or if you would like to be more involved you could joint venture with someone who could use your capital and work it out that way. In the past, I've done deals where one party brings the cash for the purchase and rehab, the other would bring the labor. You can do the profit splits anyway you like. 

Check out the resources tab on BP, click on REI Resources, under Assorted resources there's a link for local Real Estate Clubs.

Also, I would check on meetup.com as I'm sure there are plenty of REI clubs in the Dallas area.

I feel your pain. We've been experiencing the same thing in my area with the lower priced inventory. It's a rat race out there.

Some banks will require you to sign their own purchase and sale agreement along with additional addendums. The bank will want current proof of funds for a cash transaction. Depending on what the terms were, your agent most likely is asking for the earnest money deposit. I would be sure to clarify all the terms of the offer before cutting any checks.

That's awesome! Private funds can save us investors a lot of $. Make sure both parties are clear on the terms and conditions. All docs should spell out everything and should be reviewed by an attorney or title company (depending on where you live) to ensure both parties are protected.