All Forum Posts by: Sherman Ragland

@Account Closed - two choices...

Mail merge outlook into Word.  There are several companies that will do a handwritten font, based on your own handwriting.  Just a Google it. There is a company in Baltimore called PDA Marketing that will provide you with yellow letter paper to feed into your printer, http://www.pdamarketing.net/shop/

-or-

Outsource the entire process to a company that does yellow letters. Hers one (note: it's an affiliate linking domain) http://www.realinvestoryellowletters.com

@Ted Scearcy - simply stated, a "Take Out" lender is any lender who is brought in to pay off an existing loan.

As an example: let's say you borrowed money from a hard money lender (HML) to fix and flip a house. But after completing the house, the market shifted and you ciukd not sell it, so you decide to turn it into a rental. Because the HML made you a short term rehab loan, you would need to find a new lender to "take him out".

Some deals are set up at the beginning, knowing you'll take out the short term lender.  A good (another) example would be using private investors to close quickly, then using Hard Money Lenders to take out the private inbpvstor (lenders).

Hope this helps.

@Josh Keeney willingness to work hard, and then ability to bring (good) deals are the 2 most important things a new investor can bring to the relationship at the beginning.

@Evan Bell you've probably heard the expression " you don't ask, you don't get!"

It's highly unusual to get a HELOC on a property held in an LLC. However, there is nothing that specifically prohibits it.

Worth asking your lenders. Would start with the folks you currently have banking relationships with, then branch out and talk to credit unions and local (regional) banks.  Every lender has their own rules when it comes to HELOCs, so why not ask!

My preference is REI Wise. It is the standard for most CCIM's. Now owned by a company called RealNex

Impossible to (normally) predict which way interest rates will go, HOWEVER, right now the deck is stacked against you if you plan to wait.  Here's why... most commercial loans are priced off US Treasury Bills/Bonds.  Right now the Federal Reserve has (publicly) announced two things which are putting upward pressure on interest rates: 1) They have announced that they intend to raise interest rates two more times, possibly three before year's end.  This would of course be short term interest rates. 2) in addition to these public announcements, the Federal Reserve also holds several billion dollars worth of US Treasury bills/bonds that they purchased during the Recession and have been eager to unload. They intend to dump massive Be amounts of these Treasury Bills/Bonds on the market this year.  Simple "supply/demand" economics states that any time you dump anything in mass quantities, the price goes down.  However, when the price of Treasurys goes down, the interest rates associated with them goes up.  If you can lock in a decent rate now, you should do it and not wait.  Just one guy's opinion on this...

@Derek Cozzolino - are you working on deals that are listed with Realtors/MLS, or are you working directly with homeowners/sellers? It makes a difference.

Get your estimate and add 50%. If you can live with your all in costs, go forward, otherwise pull the plug before your money goes hard.  You can always come back later and renegotiate if your not comfortable with where you are at 11:59 on 4/6

@Leo Maldonado - What's the cost to make the repairs?
Have you discussed a discount on the purchase price to accommodate the necessary repairs?
How much is your EMD (Earnest Money Deposit) and has it gone hard, or are you still in the due diligence (look) phase?

@Jillian Sidoti I'm ok with that...