All Forum Posts by: Brian Davis

Greg is there something different you would suggest?

Daniel

As another newer investor I would think it would be a great idea to set aside 5-10 hours a week for a work for knowledge trade with your " big fish " from your local rei club. What I mean is if you are truely interested in REI call him up and explain that you are willing to pretty much do anything in exchange from some hands on training. I mean he might send you out to clean up a yard with a crew or knock out some drywall or cut some grass with a crew he has. For him it's free labor and for you its training since you can talk to his workers and will learn his cost for demo / rehab / yard work. Have him show you how to find potential deals at the courthouse and offer to go to the courthouse for him and find him deals. I know it doesn't sound ideal because of no pay but you will see first hand who he works with pay rates, time it takes to get things done, percentage of deals vs leads in your area. Once you have worked with him for a month or so ask if he would give you blank copies of his different purchase and sale, rental , work contracts that he had drafted up for his business.. This will save you money from needing to have them made yourself when you start doing deals. Once you have some money saved up and him as a friend find a good deal and present it to him as my friends parents have a house for sale that I am interested in but since You are my mentor I wanted to see what you thought or hey maybe we can partner on this deal. It lets you take the next step and keeps him as a safety net..

I know in my personal experience that I have made decent money over my life and I have wanted to do real estate for the last 10+ years but recently I took the plunge and sold my other business inventory off paid all my bills in advance through next January and paid off all my past debts and am working on fixing my credit currently around a 640 to try and get it to a 720+ by years end and I have a decent working capital of around 40k in cash now. And even with those things I would still jump at the chance to work for and learn hands on from a seasoned investor who has decent morals.. Who is willing to let me learn in exchange for my energy / enthusiasm / and willingness to do anything to better myself and chances of becoming the best investor I can be..

On another note I am friends with the manager of my bank and offered to help them clean out foreclosed properties for 250-500 plus cost of dumpster for entire removal of inside trash and as part of that service I will take photos of the rooms and house for them so they can put it on the books for sale.. Why would I work and do this for them. Simple it gets my foot in the door and lets me know about foreclosures first and I can bring in a contractor to figure out cost of repair etc and my pictures serve as a second purpose... If I do get a contract on the house from the bank I can post the house for sale to other investors with pictures I already took including a copy of the repair estate and an appraisel of market value of the ARV..

These are just my thoughts as another newer investor. I am sure alot of the other guys here have tons more advice.

Brian D
Shurlock Homes LLC

Why would no one mention Tax Liens and Deeds? Those investments pay back annually and with research can pay back in a month if you find liens that have set unpaid almost the full year. So if you invest properly you could compound interest . The best states from my understanding are Texas, Illinois and I think Florida is a good one especially if you want to buy property for the past due taxes. You don't have to be a US citizen to do this.. It will take you a solid 2 weeks of research to understand it and plan to do due dilligence on any tax lien or deed you plan to invest in. You don't want a alley or walkway, you want real property so if the owner doesn't pay you get the property and sell it cheap and fast to make good money. Thats my opinion.

Now on my end I want real estate and am in a similar situation having the money and wanting to invest it but I want the experience in buying and rehabbing. But in my area I can buy good saleable property and rehab it and be under 60% arv. Which I intend to sell at 80% ARV to move them quickly.

Brian D
Shurlock Homes LLC

OK Since BP is the Best site out there and we have the best investors with Tons of Knowledge. As a new Investor I get information Overload from this product and that product. Some are Ok parts of others are greatbut heck you could spend 50k buying products and courses. NOT ME but its possible I would rather take that money and invest it in a deal.
I am interested in a good overall management program. I recently was pointed to realeflow's openroad 3x. But doing some research I see people talk about Sims 2.0 and Freedomsoft... I know many of you have used different products... SO I am Asking for Help..

I am interested from what I saw about realeflow's open road 3x but want to know if anyone has a better option.

Thanks for your help
Brian D
Shurlock Homes LLC

Jon.
Thanks for the info. I have about 10% I can invest generally on a deal and to be honest I am finding houses that I can buy and rehab under 60%-65% and I am trying to stay in the 80-180k homes with generally 3 bd and 1 1/2 to 2 bath homes good for 1st time buyers most of the time not row or attached homes. My overall goal is to buy cheap enough that even after rehab and all cost I can still sell for 10-15% under FMV. I want my homes to move quick and look great. Even if I make less to start building the capital of my own and relationships is my biggest goal for the 1st year.
Does this sound ok? I thank you for all your post Jon they are very informative.
Brian D
Shurlock Homes LLC

I have read tons of forums and WOW. SEC guidelines all over the place.
So my question is this as a new investor am I able to try and find "funding partners" people to put up the money while I find the deal, get the repairs done, and get the property sold for a split of the profit equal share???

I have spent the last week just trying to find PMLS and HMLS.

Or am I better hiring a loan broker to go out and get me funds.
I am tired of walking past deals for such a trivial problem as not having money. LOL.
I am willing to do whatever it takes to start making the deals. I am not afraid of work but spending hundreds of hours reading and taking courses just doesn't seem to be the answer. I am more hands on.

So the summary is can or should I look for Private Money lenders at a % per 1 year or should I look for Partners to fund and split the profit or should I just hire a Broker and pay their percentage? In the long run even if a broker wants 5% to find me a loan at 10-12 per annum it is cheaper than a HML with 4-5 points and 16% RIGHT????

Any help is greatly appreciated
Brian D
Shurlock Homes LLC

I found lots of other threads about this. I should of searched first on the forums so just disregard this posting.. The agent I spoke to was very aggressive. I asked about the free info packet and he simply said I am pretty much explaining it to you now and I don't see what is holding you back from paying the 495 and becoming a member. So I asked about how many active members they have, how many deals have been submitted and approved and I was informed that he doesn't have access to that information and that he was sure once I joined I would be able to make deals quickly with my knowledge base. I said I would still like the info packet and he asked what is holding me back. So when something is getting pushed down my throat you better expect me to not swallow so I passed on this deal. I will find my own JV partner who wants to just put up the money and have someone else do all the work and we can split the funds.

Thanks to everyone on BP for posting such great info
Brian

HI BP.
I was searching through some online sites and came across a Finditandfundit Website called ameraco. They claim to have the largest investor network and in a nutshell you pay 495 to become a member and in turn they provide you with partners or other funding options. I think they offer 3 programs. 1 is Joint venture. Someone puts up the funds you do the work and you split 50/50 , They also offer a 10% assignment program. And I think they might have a HML program but not sure.
I wanted to know if anyone else has done this program ???? If so what do you think about it... I would love to get partners to fund deals I find and split the profit until I get my own finding etc in place and even then I am hoping to have enough deals to keep needing a partner. I have everything else I need except the funding. I would appreciate any info on the ameraco finditandfundit program
Shurlock Homes LLC
Brian D

I just offered a guy I know locally 10% per annum with a min 4% no matter how short the term was based on 100% loan amount on a 65% LTV of the ARV. I am expecting him to come back with 12% per year and 4% minimum which is fine by me since he doesn't want monthly payments so I guess it all depends on the investor and area

Hello to everyone here at BP.. I have been reading post for awhile especially reviews and think this site is great. Everyone seems to be willing to share experience freely. I have read and attended many courses but life always got in the way so This year I created SHURLOCK HOMES LLC and in the last month I have gotten my "team" started with a RE attorney, 5 Realtors in different areas, a couple contractor crews for rehabs etc.. I am still looking for more subs, Hard Money Lenders and Private Money lenders and trying to get a proof of funds letter so I can make offers. I have looked at and priced rehabs with 3 subs on over a dozen properties to get comfortable with pricing rehabs.... I am looking for help either by a local investor/mentor or just email help... I come from a Buying and Selling business where I bought and sold antiques and collectibles so the basics are very similar and from what I have learned alot of the real estate deals seem to be common sense... I look forward to talking to like minded individuals and making contacts as well as friends along the way... I am doing this ultimately for my two children who I hope to leave a knowledge base and investement portfolio to make their lifes better in t he coming future. I look forward to talking to all of you and being part of This great community.. Sorry this is so long winded just wanted to cover everything