All Forum Posts by: Robert Shelton

Welcome to BP and good luck on your investing!

6-8% Simple Interest only loan for rentals. 

For flips, I would recommend a 50/50 deal.  

I have not used a property management company, but in a networking event someone recommended Elite.  

This appears to be their site: http://www.rentalhousesokc.com/Property_Management/page_2584697.html

I would suggest listening to the Lifestyles Unlimited Podcast.  If you like them, I would sign up as a preferred investor and take their education courses on multi-family.   They're one of the top real estate investment education groups in the country.

For my private lenders I put them all in first lien position.

Ex: if one lends $75k and another $25k for a $100k loan then person A would have 75% of the lien and person b would have 25%.

You could do that for the second lien.

@Theresa Nicoletto also organizes a meetup with BP peeps.

@Jimmy Ogle has a meeting once a month where wholesale dealers present deals.

Quest IRA. https://www.questira.com/all-events/houston-events...

Go to their classes and mixers. They are a self-directed IRA company that hosts mixers that pair investors with lenders. Watch one of their classes online and at the end you'll see people get up and pitch deals or lending.

I live in Oklahoma and plan on driving down just to attend some of these events.

Since you are inexperienced I would not recommend borrowing money from friends/family/etc. for your first deal.

I would use a Hard Money lender. They have strict requirements such as the 70% LTV mentioned above that will keep you from getting into a bad deal. If you find the right deal you can still do it with no money down.

But, like mentioned above, you'll need some money to make repairs and then get reimbursed.

Good luck!

Great job!

Thats what I would recommend on a first deal because of inexperience. A hard money lender is expensive but they have strict criteria for lending. So that's why I would say they wont let you do a bad deal.  

Good luck!