All Forum Posts by: Mike Hanna

Chase, really sorry to hear that, especially since you just rehabbed the place.  Finding a solid plumber can be challenging as there is a shortage of them in North Texas.  However, you will need to get one over there ASAP.

Hey Chase, congrats on your new home and on getting your first deal done.  Regarding your comments about the construction work, I completely understand.  I am confident you learned a lot from this and the reality is there is no substitute for experience (especially in real estate investing).  With that being said, I think your lender probably needed to pay closer attention to the craftsmanship while you were going through the draw process with them (assuming they held that money back at closing). I am local and have been in the business a long time.  Feel free to reach out to me if you have any questions.

Hey Jeremy, we are a lender and get wholesale deals on a regular basis that we pass to our clients. If you are interested in getting on our list, feel free to contact me. Look forward to working with you.

Chris, I have some comments on this that I think might help you. First of all, I agree with several above, and think Dev said it best. Personally, I have had a few REI mentors that have helped me over the years (unpaid), but nothing helped me more than creating a mastermind group. We meet every other week and have for over 8 years. In my opinion, find some local, like minded people that you can trust, and put it together. It takes time to build it, but you will not believe the value you will gain from it.

I have been an active real estate investor since 2002 (doing SF and MF deals) and a hard money lender since 2005.  Altogether, I have completed over 1000 transactions. I would not be where I am today as a real estate investor or hard money lender without them.

Coincidentally, I have since added a paid for, business coach (hey, stop laughing), about 1.5 years ago for my hard money lending business.  I was very skeptical at first, but quickly saw the value.  He has real, big company experience, is wildly successful, and has a proven system for coaching.  With that being said, you don't need one for real estate investing.  By the way, I am very new to BiggerPockets.  I think someone above said that this site is a free guru.  I couldn't agree more.  I wish it was around when I got started :)

Hey Garrett, I agree with some of the other comments here.  However, that's really not okay that your hard money lender didn't get you fully qualified/approved for the conventional loan with their affiliate lender prior to originating your hard money loan.  We are a hard money lender here is Dallas and work with a number of buy and hold investors.  We would need to run the numbers on your specific deal and then would be able to give you our opinion on it, and the most we think someone will pay for it.  If you would like for us to do this feel free to contact me at [email protected]

Hey Don, if it's within our LTV, we absolutely would fund 100%.

Absolutely not if you are going to get Fannie Mae financing. They will make you deed it back to your personal name. If you use a small bank they are probably not going to care if it's in an LLC.

I agree with both responses. Also, keep this in mind when you are buying a duplex. The purchase price + repairs is probably going to be your ARV, so be prepared for that. It's not true in all cases, but most of the time it is. The reason is owner occupants don't normally buy duplexes for their residence (investors buy them), and therefore there are usually not enough sold comps to support a higher value. Of course there are exceptions, but in most cases you are going need more money out of pocket for one of these deals. I have a lot of experience with duplexes as I have had some built for rental, purchased many that I rehabbed/rented/sold, and financed many duplexes for my clients (including one in Bedford). Hope this helps....