All Forum Posts by: Marcos Paulo Cerra

Attorney James J. Zaydon can help you out when it comes to forming an LLC if you are going to go with private or hard money financing.

@Yoni Rios

Try Lending One. I hear they do good work and they should help you out a lot!

Great meeting with you guys today. Keep in touch!

If I'm not mistaken, those tax delinquent properties go to a Judicial sale where bids are made on the properties. The date and location are determined by the county and I believe( at least in my area- it only happens once a year). Properties that are not sold at the Judicial sale go to the repository list.

In my area, the majority of the properties on the list are vacant land. Simply relying on google maps is not enough as Google might have a picture of the property from 2011 but the property was demolished in 2013. It is a good idea to take a drive to the properties that you are interested in so you are not buying a vacant lot. There is an app called Property Shark that helps out with this- I recommend giving that a try.

Hope this helps!

@Sharissa P. Glad I can help!

Hello @Sharissa P.

1st thing is to get your finances in order if you have not done so. Making sure you meet the requirements for a loan is super important. If you find a great deal but are not financially prepared, all that work finding the deal can potentially go down the drain. There are many ways to purchase a property. You can look into traditional banks, get an FHA loan, hard money or private lending, or a portfolio lender. There are pros and cons to all of this so doing your own research is important to find out which one best fits you.

Once you have figured out your financing, the next step is finding a deal. Getting a real estate agent is one way of finding deals. They can search what you are looking for on the MLS and send you properties when they go up for sale. Other ways can include driving for dollars, craigslist, working with a wholesaler, or attending real estate meetups and talking to people who might have deals.

There is a great book I read by Mark Ferguson on real estate investing. It is called Build a Rental Property Empire. You can find it on his website (investfourmore.com) or Amazon. Bigger Pockets also has books on getting started with your real estate investing as well as a Podcast with many great tips and information.

I hope this helps. Best of luck.

Hey @Mark Nickoson 

My dad was a contractor who did work for clients, the city and he also had his own investment properties. Safe to say, he had a bunch of tools. I'm not sure how big your toolboxes are but if they're easy to move or small enough, building a shelf might help keep things organized. In order to make room for his tools and be as organized as he can be (he's a very disorganized person), he built shelves to place his tools. They were about 3 stack shelves made out of wood. He was able to put things such as snowblowers, lawnmowers, gas heaters on the garage floor under the 1st shelf. The 1st shelf then consisted of smaller things like boxes for his drills, boxes of nails, paint and so on. We were able to fit one car in there, had bikes, a grill, two refrigerators, a riding lawnmower and so much more.

The following video on youtube somewhat shows what I'm talking about:

https://www.youtube.com/watch?v=VV_bAoaTmP8

Also, if you go on Pinterest.com, on the home page, type in "Garage storage" in the search bar there are tons of ideas on garage organization.

Hope this helps! All the best.

Hello @Uri Murdoch

If you feel comfortable enough answering these questions, I can probably help you out more. Is the other unit covering the cost for the mortgage payment on the property? Are you currently looking for another job?  The time frame to start a new job?

Typically a lender would expect you to live in the property for at least 12 months. However, things do happen and I believe from my research that you can turn a primary residence into a rental. I would recommend talking to your lender and possibly even a lawyer. You do not want to get in trouble with the law for fraud. I found a small little article for you to help you. I hope this helps!

https://mymortgageinsider.com/renting-out-the-home-you-purchased-as-a-primary-residence/

Hey Brock, 

From my research, private money lenders can come from several different types of people. Those that are close to you (ex: family and friends) or friends/ acquittance of those family members or close friends. One of my entrepreneur professors from college always said if you needed funding, remember the 3 F's to get the funding:

1. Family

2. Friends

3. Fools

(jokingly)

With private money, terms of the contract vary on a case by case basis. It is simply up to you and the person lending you the money to determine how much the lending amount will be, interest rate, and the maturity time of the loan.

I have never dealt with Private Money Goldmine, but it seems to me that they serve as a platform to connect real estate investors to people looking to invest their money into real estate without doing the work. This can be doctors, lawyers, or anyone with a little extra cash laying around who are looking to invest in real estate but don't enough time/ desire to go out, find deals, deal with the contractors and handle any issues.

Again, I have no experience using private money lending so far. All this information comes from my understanding of reading that I have done but I hope this helps you. If you need me to clarify anything, let me know. I found an article on  @BiggerPockets .com  that deals with private money lenders. I attached the link below:

https://www.biggerpockets.com/renewsblog/2012/12/3...

I always question when people offer mentorship for money. There are so many people in the community who are willing to teach and give back to the right person!