All Forum Posts by: AJ Ard

Drew

Did you ever do anything with the nova msred?

AJ Ard

Hi Scott I am a private lender in the pompano beach area. Your numbers seem reasonable but a key issue would be your location. I don't remember the person who originally stated you should look at 100 deals before you make your first offer but that advice is still golden. If you have done that due diligence you will have your own answer. Also a lot depends on your abilities and goals before you can get a useful answer. Good luck to you.

I have spent tens of thousands on RE courses and hundreds of thousands on all types of educational expenses. In hindsight I have realized that cost and value can vary significantly. In the future I have been more selective in what I am willing to pay for and require a list of prior students to select a sample to discuss what the course did for them and their experience with the material. Many of the gurus will say unable due to confidentiality. That is an automatic reason to exclude them. I think the most effective way to utilize any educational information is to start small and boot strap the material and cost up if it is effective. If the material pays for itself than it has proven its worth. Additionally I think everyone should allocate a small percentage of income to educating themselves on their chosen fields. Maybe somewhere between 1-5% should be allocated to continuing education and consider like a marketing expense. Just my two cents!

Chris:

Welcome to the site. Hard money is typically loaned at 12% with 3 points and one year balloon. Loan to value is typically at 65%. From the lender side I find that most successful borrower are using the money for short term rehab and flip. Some have bought properties during the down turn that will still cash flow with these terms but that would not be a typical or prudent use of funds. Hope this helps and welcome to the site.

aj ard

I have been using a Fujitsu 6130 for a number of years and highly recommend it. Will scan up to 50 pages front and back at one time. I could be looking for a replacement if anyone has updated suggestions that would be appreciated.

I lend in Florida. Maybe I am missing something but it would seem cleaner to do each property as a separate loan at 12 and 2. Your closing costs are higher but you are not under the gun to keep the money working 24/7.

I am a lender and would assume that if you are taking me for coffee you also want something. It is great if you have a skill that will help him. Volunteer to help him. Recognize that if the you want or need financing that it should be win win. You have a profitable deal then he can win by financing the deal and you should profit also. He is not giving you money for free. He should be willing to advise you on the deal. If it's not a good deal he will advise you why. If he is in the business he should be happy to advise you on his criteria. The point to remember is that if you are bringing him a good deal you are bringing value.

Alicia

Ask for references. Talk to three of them. If he says he can't due to privacy then move on. He should also be able to show you closing statements from all his deals. The returns he is promising are a red flag.

Originally posted by @Max Kim:

His rich dad's educational company filed bankruptcy.  His ideas should be put in the same place.  It's a motivational guide that is like a lot of real estate ... Full of promises and risks...  If you buy at the right time, then you are a genius.  Otherwise, you can be left holding the bag.  I bought in 2008 and onward.  

 His books provide a lot of useful information. The key is what you do with it. Buying in 2008 seems like bad timing. Some investors will use that as a reason to quit others will use the lesson to go on to great success. Which one will you be?

We are on to Phase II. Will update on progress. Tanks are from 1985. Engineer thinks they would be double walled. We will see.