All Forum Posts by: Matt Pursley

Which part are you unsure of? 

The "Under Agreement" part? 

It means they have accepted an offer and are moving forward with selling to someone else. It's not a done deal yet but they're working towards it. 

Are you in NYC or is this somewhere else? You should first search you local county GIS. They typically have transaction records that show the full list of owners. If that doesn't work you could always pay for propstream and do some digging. 

Or lastly, you could go to your county courthouse to access historical records. 

I don't see why not. If the ownership of the house is different than the land owner then it functions just like a mobile home. You can buy the mobile home in cash, but still have to pay the land owner. As long as the land owner is collecting their income, I don't know why it would be a problem. Is there a lease that the land owner has that would need to be updated? Make sure the Land owner has all the legal documentation they need. 

I should say, I'm not an attorney and do not know anything about Utah law. So asking a local attorney would always be a better option for you. 

@Quinn Olivarez is right. There's no right answer we can provide. We can only help show the pros and cons of each. 

So much of this depends on your market and financial goals. A duplex is 2 doors but one house. That means 1 roof, 1 hvac, 1 water main, etc. STR are doing very well, but does the area you want to invest support STR? You have to decide what you're comfortable with.

One thing a lot of people don't consider are syndications. if you love the idea of being hands on and a landlord, then maybe syndicating isn't right for you. But if you've got 100k to invest, there's always the option of putting 50k into two different syndications that cash flow over 4-5 years with the proposition of a value add investment that will grow in equity over that time. SO when you sell you potentially (there's always risk) recoup your initial investment, plus the appreciation and value add, plus the money you made from cash flow. Then you do it again.

Some syndication projects can provide very high returns. If you're unfamiliar with this and are interested in learning more you can message me directly. You're asking good questions, so keep exploring your options.

Hey Wes,

I'm happy to chat with you. Some quick thoughts: Do you know this agent or is it a blind date? Your agent should be able to guide you through the process. Interview them and make sure they understand your goals, needs and are familiar with the commercial space. If you already have, Great!

Not sure how the financing will work - but if you have any lenders involved beyond your Investor, then they will surely provide you with the info you will need to provide. It will likely include, rent rolls, pro forma, personal or business income, bank statements, etc. 

You don't know your deal structure with your investor? I see you're a financial advisor, so are they a client of yours. Do you not already have a structure in place? Maybe i'm not understanding your question there. Happy to chat more. Direct message me if you'd like.

Hey Tadros,

Not sure what types of investments you've got or are working on. If you're a part of a syndication, you may know this so forgive me if you already do, but just being safe if you dont, you have to be careful advertising for investment opportunities. Unless you know and understand your 506(b) or 506(c) structure and have the proper exemptions, advertising to potential investors is against SEC law. 

I don't want to go into all of it in case you already know these things, but if you are unfamiliar and want to learn more feel free to reach out to me. 

As far as building relationships with Verified Accredited Investors, you simply have to network. Go where wealthy people are: Country Clubs, Gyms, Foreign Car Dealerships, Golf Courses, etc. Go to Dr meetups, Investing meet ups, business meet ups, etc. 

It doesn't seem you're a bigger pockets pro member. Pro members get access to TONS of tools that can run numbers. 

Instead of making up numbers, I would use actual properties listed on market and run those numbers. Do your best to see how well you can estimate renovations costs, research the tax card, make friends with an Insurance broker and have them quote you a house to get an idea of insurance costs. 

Become a pro member. It's worth it.

How far west are we talking? Upstate has lots of places with Sulfur water. Taxes in NY are brutal, so find a good CPA and keep good records, you'll need all the help you can get. 

I don't know where in NY you're from - but some of those areas can be EXTREMELY rural and low income. Being wise in your tenant selection will be important. Every place you invest will have similar issues that manifest in different forms. What I mean is In NY, you'll have to plan for snow more than other parts of the country. But you wont have to plan for tornados or hurricanes. But regardless you are aware of the weather. 

You have to get to know your market. The more you know your market, the more opportunities you'll have to be successful.

Hey - I also live in North Carolina. Not sure what your budget is or what services you use, but I use Propstream. They have a list of houses with liens on them. Very easy to find and compile data. The SOS has a search tool for liens but it's more cumbersome than paying $99/mo for Propstream. 

Sometimes in the foreclosure list, if you're personable and friendly you can find an attorney that's involved and they'll give you the information. Do you go to your courthouse regularly? If you make friends with people down there, you'll get much further. 

Luke, You might be confusing private money and hard money. They can sometimes function the same but in actuality are different. Hard money lenders vary on their terms. Typically they have a website with their terms and packages explained. They tend to look at credit, deal history, down payment, and income among other things. Some advertise they dont care about credit, some say they don't need income requirements, it just depends on the lender.

Private money on the other hand typically comes from relationships. You could think of this like a relative, or a friend who is interested in investing but doesn't want to do the work. Typically you can set your own terms and it can be much easier to get that money - of course a lot of it is based on trust. Private money lenders may very well act just like hard money lenders, but typically you don't pay as much fees with a private lender. You do however have to set clear terms if you are using a private money lender because the terms will be drawn up by the two of you. You'll need everything in writing for your sake and theirs.