All Forum Posts by: Jim Keller

Hi James

I have a couple of contracts going right now up the hill, and aways want more your welcome to call and pitch me any deal you are considering.  Sometimes a fresh pair of eyes on a deal can breath new life in it.

Jim

Hi James

Sounds like you see the team and effective people around you is the key to success, very smart.  We would like to through our hat in your ring, we buy for cash, add value, and sell for profit.  Our business plan includes operators just like you.

We have a good head start with all the service providers needed like agents, escrow, lenders, title officer, contractors, stagers and accountants.

We have 6 deals going right now and are always looking for more, call me anytime for a second opinion or an out right purchase.  Let's make hay while the sun shines.

Jim

Dominic

I'm 51 and when I was your age I dreamed of doing real estate investments.  Unfortunately Fear, marriage, kids, other responsibility derailed me.  3 yrs ago I just woke up and said enough was enough,  I do RE investment full time know, and have never looked back.  

I'm flat out telling you to not put this off one more day. your life is not a guarantee. Set a date, a goal for your ownership of your first investment property.  There are seasoned investors that will back you on a deal this afternoon if it's the right deal.  Simply put, stop talking about becoming and investor and just do it.  Find a club or investor meeting and at each club identify 2 or 3 investors you want to work with.  Ask them a simple question...... "WHAT DO I HAVE TO DO TO WORK WITH YOU?'. I have 6 new investors bringing me deals right now.

I can tell you from experience you can do this when your 17 or wait 32 years like I did,  I read in a book "you must be willing to do what others wont for the next 5 years, to do what you want to do for the rest of your life".

Good Luck

Jim Keller

Hi Jesse

I used to think there was some secret to "hard money" "private money" "equity finance" whatever the term.  The secret is there is no secret, most lenders will lend 65 to 80% on a first mortgage at 6 to 16% interest in my area.  I often add a second mortgage for the remaining purchase and fixing that needs to be done.  You just have to ask enough people and you will get what you want.  

As I was writing this I went to craigslist, from Los Angeles, California here is my hard money lender in OK City.  Hope this helps,  my best lender is a guy I met on craigslist, a wealthy man that just wants an honest business partner like myself.  My guy does 80% of purchase price @ 8% interest only no cost or fee with a 2 pt pre payment fee if paid off in the first 6 months or 1 pt between 6 and 12 months and zero after 12 months.

Updaesk.com is a great place to start, many real estate pro's like myself use them.  read through the adds that other investors have posted and copy away......

Good luck

Jim

Dan

I can think of many questions, is it in your rehab budget, does your competition have it, will having it increase the final sales price, will it add months to the holding cost, the list goes on and on. If there is no benefit financially why would you do it. If it hurts you to do it, why would you do it. By the way what is the average temperature in Hamiltion NJ during the months you will be selling this home, Mid 80's? My guess is if you missed including the air conditioning you may want to go back and look at your ARV, might be a real opportunity.

Good luck

Jim

Caribbean

Get business cards made that simply says "real estate specialist" and your contact info of course. Then go to every meetup, open house, chamber of commerce, coffee house, REAL ESTATE OFFICE and AGENT etc..... you can find, tell everyone you need to buy a home this week. 

GET READY BECAUSE THINGS ARE ABOUT TO CHANGE FOR YOU!!  I would be thinking of a better way to evaluate properties, a faster more reliable way.  You said you have a property your working on now, call that agent that helped you and use them as the area expert when it comes to determining value.  If they can't answer your questions about the exact value, your using the wrong agent.  Because your coming in contact with all these agents it will be easy to find another.

Best tip I have for you is to get a card form everyone you give one to.  Then send these agents and prospective sellers an update "every few days" about your latest deal or whatever you have to "brag" about. You want to be on the top of their mind as a "player" in your market, a person that is active and buys and sells homes all the time.  I use this myself and i know it works very well.

Good luck

Jim

I have an associate that sold a 20 + unit apartment building and 8 months before the listing was taken a drive by shooting occurred "2 dead" off the property about 50 yards or so from the building.  The building sold and my friend was both the listing and selling agent.  One month after the close of escrow the buyers attorney called for mediation on the fact the seller and my friend operating as a duel agent mislead the buyer, and should have informed him of the drive by shooting.  I told the agent that I would buy the units at the same price and pay the new sellers cost if she could negotiate that.   

The new owner was having none of that, he wanted to be cashed out of his position plus paid 1 million dollars in damages.  They left this mediation with no outcome and the listing agent paid $3,400 to be represented and mediation time.  Now fast forward to last month, the buyer wants back into mediation and I'm sure will just keep trying until the insurance company just gives in.

Death's on or in a property even a drive by shooting moths earlier can, will, and does end up in court every day in California and other Pro Buyer/Renter states KNOW YOUR RIGHTS, DISCLOSE, DISCLOSE, DISCLOSE

Jim

my guess is once you added in the points and fees and construction management cost for your 203k loan you could probably borrow private money for a very similar APR that's just one thing to think about you would have less restrictions working with private funding then you would working with a 203k loan good luck

When I did my first flip I had a few "team members" one of the most importaint member would be a contractor/advisor.  Find someone to bring to your potential flips that can give you a real hard rehab number.

This association will help you with your exit statugy, it will help you think more clearly on the other less clear details.  I read your plan on doing the work yourself and it may take 24 months to complete.  My question is what happens if you have to sell faster than that?  What happens if you find the perfect deal you just can't pass on.

Every project I start I have multiple exit points, just a idea that will help you sleep at night or possable make you big money when the next deal drops in your lap.

Jim