All Forum Posts by: Scott Hawley

Congrats!

Greg Routen I wanted to add that if the $35k is truly a gift then that is wonderful. But if they expect it back, I would do a note and deed in trust. That will protect their interest better. Oh, and one of our private lenders is using their SDIRA. You need to factor in a few extra days if you are doing a fast closing. Otherwise it is pretty straightforward. Scott

We were paying a hard money lender 2 points and 12%. Now that we are on property 7 and looking for number 8 we have a mix of hard money and loans from friends and family who got tired of making <1% in the bank. We just closed on property #7 with a Hard money lender and 3 private lenders. We paid our friends and family 7.5% and no points. We are doing flips so my target is 6 months. We write the loans for 1 year interest only. Preferably with payments at the end. We signed a promissory note and deed in trust and recorded the deed in trust to secure the note. I'm happy to share more details if you have any further questions. Scott

What is the rep of the HML? My HML doesn't use an appraisal, they use the ARV. If you are still concerned, increase the earnest money and remove the financing contingency. If they fall through, you keep the earnest money and sell it to the all cash offer. Scott

I'm not an expert, just a guy with an SDIRA and parents interested as well. I'm sure that you can't be in an LLC with your parents IRA. You can't commingle funds with your parents or children. I believe you could buy the home in your name and the SDIRA name. They would have to pay their ownership share of the purchase and all bills. You should have them talk to their SDIRA custodian. They can discuss these questions and officially answer yes or no. Scott

People post BRRR examples all the time. Just do a quick search.

Please add all the numbers like purchase price, repairs, ARV, refi amount, and cost breakdown like vacancy, mortgage, ins, repairs, etc. Scott

Riley Kuranishi which brokerage are you a fan of? Gustavo Munoz Castro what are your thoughts on the KWs in Bellevue and Kirkland? My wife and I both love real estate. She just quit her job to become an agent. She finishes the classes next week and will soon be interviewing brokerages. Thanks Scott

Have a long talk with your wife and figure out what exactly is troubling her. It could be many things: 1) Not enough quality time together with you working a full time job and building a real estate portfolio. Maybe setting aside more time together. 2) Maybe she doesn't like her role in the business and you should hire out those tasks. 3) Many other possibilities My wife and I have had long talks about this ourselves. For us, the unhappiness was fixed just by changing how we communicate with each other and making it clear on what she was in charge of (and letting her run point on it) so she didn't feel like my employee. Best of luck to you! You portfolio building skills look impressive! Keep it up. Scott

Dani Beit-Or which areas do you invest in? Which ones met your criteria? Do you fly down for purchases? How challenging is it to run rehabs remotely? Do you flip or buy and hold? Sorry for all the questions. I've been thinking about this as well. Thanks, Scott