All Forum Posts by: Michael Elfant

@Tania Patch @Yavuz Bayram  @John Thedford  @Michael Lee  Thank you!  

@Michael Lee I see that you are an investor/wholesaler/rehabber as well as agent.  Do you practice what you preach?  

@Michael Lee That's absurd.. 

Thanks @Jeremy Taggart.  Has it affected any of your deals?  

Nicely done @Ross Denman.  Interesting structure.  Makes sense for the lender.  Sometimes 5 points upfront is prohibitive but you made it work!  

Hi All --  Specifically in New Jersey, does a licensed agent need to disclose to a seller that they are licensed when purchasing a property directly from them.  The purpose is not to make a commission but to act as a principal in the transaction.  

Also, how does this apply to wholesaling?  

Furthermore, if you do have to disclose, when should you do so?  During the initial negotiation or should it be a line item in your contract once you've agreed on price?

Thanks!  

Hi Guys,

As Hard money is becoming more and more competitive with their rates, what type of structures are you able to get from private money (non-institutional) $ these days?  

Trying to figure out how to structure my flips.  Are you guys able to get 10% money from friends and family via a promissory note?  Are you writing them a mortgage on the property as well?  Are you giving up equity?

Thanks,

Mike

Thank you @Ronak Shah

Hi All,

I am looking for a lender, preferably in northern NJ, that will refi me out as soon as my property is rented when implementing the BRRRR strategy. I know that most traditional lenders will want a full year of seasoning prior to doing a cash-out refi. That would not work. Can anyone recommend a contact?

Thank you in advance!

Mike

@Edward Verdel