All Forum Posts by: Todd Fullerlove

@Mindy Jensen

Alrighty, thanks

Hello BP friends,

I will make this a long story short.

I bought a house from a motivate seller in cash.

I used private money to buy it. ( I know, I know, I should of did an assignment contract but we couldn’t in this situation)

The house isn’t selling. We have some interest but no takers.

I hired an agent. We have more interest but no takers.

I’m considering taking it off the market and getting a hard money loan to flip it myself.

Has anyone done something like this before?

 Come talk real estate while having a drink.

I will be at king Pho & Sushi bar Friday   October 4th at 5pm. I would like to invite others to come out to talk real estate while enjoying a good old fashion happy hour. 

BP friends,

My private money lender feels **** out of luck. Long story short, does anyone knows where to purchase “Colonial Wood tile, Walnut is the color.” I will be forever grateful.

Kyle,

What you said is gold! You're absolutely right. This new property's ARV is 80K so the bank will be able to lend on it. I'll take your advice and keep you updated on what happens. Is it common for you to finance deals with HML?

Hello BP friends,

There are multiply arguments I hear when I talk to folks about using hard money loans for rental properties. Some seems to love them, others seems to believe a person is ridiculous for using them. Regardless of our opinions, we all can agree that hard money loans are an options to fund a deal. Weather or not its a good option is debatable. 

We just purchased a home for 13K in Oklahoma. That deal was a crazy ride and I'll write a blog about that later. After we purchased the property, we found out the neighbors are wanting to sell their house too. They bought a house for their kids to go to college and now they are graduated and they don't want to be landlords so they started a conversation with us.   

Our lender only wants to fund one deal at a time and we only have enough to fund one rehab. The neighbors house came out of the blue but just like any person who wants to be a millionaire investor, we have to take advantage of good opportunities. So BP world, what do y'all think about using a hard money lender for a rental property? Is there good, great or terrible experiences anyone would like to share?  
 

@Charlie Harrison

Awesome! I just sent you a message.

Hello BP Friends,

My wife and I are moving to moving to Greenville South Carolina once are lease in at the end of February. I've search BP for agents in that area and I'm not coming up with much. Does anyone have a referral for an agent that can help us with the transition of moving from a different state.

Thanks

@Tom S. thanks for reaching out Tom! I believe the loan payment was an oversight and I'm in the process of disputing it. I wasn't contacted and no payment was due. That could take some time, hopefully not.

That's awesome that you have done deals like that. Is that how you got started in real estate investing?