All Forum Posts by: Tyreese Gadlin

@Bill S. Your saint and Scholar thanks Bill!

@Bill S.  the main man!  Thank you for your response, that answer is what I was looking for.  I know my wording may have been confusing, but you answered it with the detail I was hoping for from BP and why I felt this site was so valuable, especially for newbies like myself.  I am trying to take the leap, but I want to do it with knowledge and with as little mistakes as possible.  I try and ask any question I have on here because I do not have a personal mentor I look to BP to be my community mentor. 1 more question please, should I make and offer and wait for it to be excepted before looking for private or hard money, or do I find a lender than find a deal? Thanks again Bill!

@John Thedford  thank you for that opinion, but my question is not if it will work. My question is assuming a lender said yes.  How would the process go from there. How do you use a private lender and be able to close the deal.

@Jason Hirko , thank you for taking to time to respond to my question.  And yes that is apart of what I was asking.  So to be to clear I will just use some numbers and a fake scenario.

I find a deal, $1000000 for a 24 unit apartment and the down payment is going to 250000.

But I all I have is earnest money, so I need a either a hard money lender or private lender.  

Now lets assume I have a lender or lenders that are willing to help.

How would the process work next with me and the lender/lenders, in order to get the property closed?  Do I even go to the bank? Do I just deal with a lender.  How would I receive the money and then be able to use it for the property. 

What would be the step by step process of when to get a hard money lender or private lender, which i assume is when you can't afford to do it yourself.

And once a lender agrees how does the process work from there?

 Say, I had a just a great deal and you wanted to be my lender what would you do and what would I have to do?  Hope this makes more sense.

  Hello BP! I am in the process of working on what I believe can be a potential great deal in Colorado, Wyoming area, but I personally do not have the funding. I am reaching out because I am looking for further knowledge on borrowing money from private and hard money lenders so I am hoping someone can answer my questions.

When it comes to private money or hard money for an apartment or commercial building, multi family or even single family, what is the process you take in acquiring the money to close a deal? How does the structure work. For example, lets say I find a lender and they say yes I will fund your down payment. Then what I do? Do they just send the money to my bank account, do they wright a check or do I go to the bank and say hey I have someone to fund the down payment I just need a loan. Does the bank acquire the down payment and wrap it all together. I do not know the process what so ever I need step by step instructions starting from when I find a deal I want to make an offer on. Or maybe I find the lender before I find the deal, I just don't know.  I hope I worded this right, Thanks in advance BP.

@Dan Call Thanks for the advice! Pursuing those steps now.  And Dan if you ever need anything or have in questions about a product or ideas let me know.

I received this information about a potential deal, but it is not adding up to me. The broker is telling me that 2 units rent for $800 the other 2 for $750 the asking price is 350000.  But the rental owner statement indicates differently.  I have attached all the information I have so far, please let me know if I am missing something and whether or not you feel it is a good deal. Thanks BP!

This is what he sent me:

There are two buildings, each has two- two bedroom on and a half bath units with one car garages. The garages rent out for an additional $50 per month. Two units are currently renting at $800. Two have longer term tenants at $750 (ish). She is asking $350,000. They do not have an HOA. .

Values for 2016

Land ValueMarket ValueRateAssessed ValueEstimated Tax

$34,684.00$164,169.00$15,596.00$1,138.51

thank you much @michael lee! On my way now, I needed that.

Hello BP community! I have a meeting here in a couple of hours with a real estate broker and and the owner of a property management company. I believe this can be a really good thing. They have said they would talk about some properties they know of that landlords are ready to sell that are not on the mls and about managing any properties I have or acquire. I know that it is important to be professional and know the the real estate lingo but is there anything else I should do or bring or know before going to this meeting. I do not want to mess up this opportunity, but I'm only a newbie. Any advice is appreciated thanks in advance my BP friends!

Hello BP community!  I have a meeting here in a couple of hours with a real estate broker and and the owner of a property management company.  I believe this can be a really good thing. They have said they would talk about some properties they know of that landlords are ready to sell that are not on the mls and about managing any properties I have or acquire.  I know that it is important to be professional and know the the real estate lingo but is there anything else I should do or bring or know before going to this meeting.  I do not want to mess up this opportunity, but I'm only a newbie.  Any advice is appreciated thanks in advance my BP friends!