All Forum Posts by: Steve Hodgdon

I was taught that if the property is in an LLC then 100% of income will be counted by underwriters. Individually owned rental income is treated as less stable

Are there any Northern Indiana brokers here? Listing just expired and we need new representation. Last broker only listed on CoStar and did a couple of email blasts. Address is 6400 Neighbor Drive. If interested, message please. Thanks

6400 Neighbor Drive looking for the right investors or broker. Listing just expired and I don't see why it didn't get action. Adjacent to SFR and apartment complex. Less than $100,000. Is there anybody building there or has the market frozen up? Any Northern Indiana folks here?

I have a lot adjacent to an apartment complex on one side and small SFR neighborhood on the other. 6400 Neighbor Drive. Looking for buyer/partner/broker or builder in Fort Wayne to either take the property or explore a partnership.

Quote from @Ronald Rohde:

Quote from @Adam Bartling:

@Ronald Rohde We just contracted 120 Lots to be built, and I have another developer going after 1,100 home development.  I will agree the luxury market will slow but the $250-400K is strong.

Now the biggest issue I see here is keeping up with demand. I know a few builders that are 6-9 months out.  

 who's building new construction for a $250k retail price? I agree demand is strong at that price point, but most communities are starting at $500s

We're the definition of "little guys". Doing a couple of small projects in Pensacola trying to be sub $300k to serve retired military. 1000SF single family, modular construction. Cookie cutter basic house but not much return. 

Blindly trusting an attorney isn't always the best answer. Most use good documents from subscriptions. Local REIA's are a good source of referrals. For general education, I like the California site called FirstTuesday.US they have a library of forms I review and compare to our docs. Have tweaked contracts because of things discovered there and from seminars.

HELOCs get called when rates go up.

@Aaron Smith We have been through training on both programs. Found that our real value is to provide capital and underwriting for land flipper/investors. I can tell you that it works. If you can price properly and have the cash to send 10's of thousands of offers. Land Geeks focuses on terms sales, which given inflation and recession risk is riskier than just a year ago. When you're ready to scale up, hit me on the LA discord channel. Great resource and info there

I'm in the @Ian Ippolito camp. Syndicated "safe" money with well experienced operators who outperform in big apartment value add. I can't take on a 400 unit complex as a lone wolf. 

But I still love the work in the small team world. I fund all sorts of small projects, buy and sell notes, build a house here and there, and coach people I partner with. All that takes effort, but, hey, I'm 66. Not ready to stop just yet.

Balloons often pop. During the crash I could buy an unsecured defaulted 2nd for 5 cents. Now its 75%. Doesn't take a giant correction to be out of the money. I'd have to like the house and be able to service the 1st.