All Forum Posts by: Sam Tright

A person reached out to me on facebook from one of my real estate groups (subto) when I mentioned looking for money. Made me wonder if it's a good strategy to seek out fundraisers for my projects. Has anyone worked with such individuals? How much do they charge?

Someone will say hard money lenders do just that. I agree but the hope is fundraisers can get me even better terms.

If not I may just learn the skill of fundraising myself.

I see that a voided check is being asked for. I don't actually have a check for the account I want to use. Will this be a problem? PS: I'm doing a remote closing.

Quote from @Caleb Brown:

Should be all. Do you have a local agent helping you through the process? 

No I do not. The seller does though

I'm in Houston TX and we are doing a remote closing. The closing agent at the title company is scheduling a time for tomorrow.

From what I've read online the closing agent will review a set of documents for me to sign, which includes: loan docs, deed, wire authorizations etc. I and the seller will e-sign and the key will be handed to the title company for pickup. Is that everything or did i leave something out?

My hard money lender made me create an LLC in a new state to satisfy their jurisdictional requirements. I thought about opening a new bank account for this new LLC.

Then I thought, it might be simpler for my original/main LLC to handle payments while the new LLC takes title. Less bank accounts and complexity to worry about especially if more LLCs are needed in other states in the future.

Will this cause any issues during purchase or sale though? 

Propelio which has MLS data is below. Going back 9 months I see only 1 sale in a 1 mile radius. 22 active listings with very high DOM.

If I wanted to list with an agent I'd be shaking at the knees. This is in St. Louis.

The planned exit is offering owner finance to a buyer who can bring a sizeable down payment. Would you guys even consider that seeing the below or just aim to avoid?

One local HML allows up to 3 loans on his own. So that's a useful floor.

If you have 10 hard money loans would that draw concern from most lenders? Trying to find out how they think about short term borrowing capacity for fix and flips.

Ok then. In case there was no listing agent would the appraiser have contacted me to get the seller's contact info?

My HML requested an appraisal. Cost $500 and I provided an itemized list of repairs, along with pictures. I was not asked for the lockbox code (i don't have it anyways, the seller's realtor does)

Curious how these types of appraisals can be accurate. Pics can be misleading or omit damages. The exterior can be walked curbside, but probably not the rear. Have you guys found them to general be on target?

From their fix and flip. I am in Houston and travel to San Antonio frequently, it's about 200 miles away. Will hard money lenders hear an explanation of my travels or want to see an address that fits their radius criteria? I do not stay with family, just motels. I'm sure I can rent something if needed though.