All Forum Posts by: Gloria Dulan-Wilson

Hi Kathy

Just tried to contact you in reference to the parameters of your private money financing - however, I reached a recording and then the phone went dead

Is there a better means of reaching out to and responding to you?

Have some income property opportunities

Thank you

Gloria Wilson 

Hi  Bryant - I hope you can give me some advice as to how to deal with realtors who want you to sign a buyer's broker contract agreement - I am in the Philadelphia Area - originally from Down State NY (Brooklyn) - just starting out and am interested in Buy & Hold properties - Duplex, Triplex, and Quadplexes.

I don't have the finances up front so am looking to do private money or perhaps even hard money to start out. The agent I have been dealing with is not only asking me to sign the contract, but to prove financials - which I can't until I obtain a Private Money Lender or a Hard money lender - so - what's the best way to handle this?  And which comes first getting the Private money lender and then finding the properties, or getting the properties and then finding the lenders.  I have headed up non-profit organizations that purchased and renovated properties for low/mod income families in Brooklyn and New Jersey - most of the funds were through the State or Feds - so I do nee some hand holding when it comes to getting my own financing - appreciate your feedback and your wisdom.  

I recently signed up as a PRO - ll/2/16 - And have been identifying properties that I want to BRRRR - BUY, REHAB, RENT, REFI AND REPEAT - Per Brandon Turner's formula. So far my sources have been via the MLS - but I run into issues with realtors who want me to sign exclusive buyer broker agreements, and want to verify my financial qualifications. I am currently looking for a private money lender or a hard money lender for my deals - but don't have one yet:

Questions - how do I get around the Buyer Broker Agreement?  How do I deal with the verification of financial qualifications if I don't yet have the lenders in place?

I will soon be posting the properties (duplexes and Triplexes) but want to make sure that my analyses are correct, but can't do so if the agent I am dealing with is not providing access to the properties.

What do you recommend? 

Thanks so much for your advice.

Gloria in Philadelphia 

Looking for an investor friendly realtor - who can work with a relative newbie; do some handholding; but won't flake out - there are some properties I am interested in but need a realtor to gain access; additionally, have a lead to parties interested in commercial properties. 

Hi Ethan:

My private email is [email protected]

Thanks for your response - I am primarily interested in Germantown, Mt. Airy, East Oak Lane, Olney, etc., but am also considering some areas of West Philly.

Look forward to hearing from you.

Thank you

I am in the market for a triplex -in Philadelphia - where is it located; when can it be seen - and is it "legal" ?  Please feel free to email me at gloriadulanwilson@gmail.  with more details. 

Thanks

Have a single family property I'm looking to purchase - it already has a tenant and good cash flow; the realtor is not investor friendly and is demanding a $1000 good faith deposit, which I do not have - I'm working on getting a private lender. How do I handle this if the agent won't present the offer without a "good faith" or "earnest money" deposit?

In one of your articles on how to get financing for the first time, you talked about drafting uo a sample deal package.  Is there a step-by-step guide or format for that?  I remember that wasn't the specific property the iinvestor was interested in obtaining, but a way of showing the financial backer what to expect.  Thanks for all this wonderful information. Gloria Dulan-Wilson

I agree wholeheartedly that the banls can be the worst slumlords - I've seen homes that have been foreclosed upon and held for years "waiting til the market changes to get a better price" that are now crumbling on the inside, full of mold, the floors buckling, all because the bank and it's agent are trying to go for a bigger nickel.  They end up losing more than they wold had they sold it a few months after foreclosure, because now it needs a total gut rehab.  They really make poor business decisions when it comrs to this market.  They'd probably have made their money back in a shorter span of time & built up considerable good will.