All Forum Posts by: Will Skillman

Best option there is to raise a small fund from private individuals.  Very tough assets to get funded.

Happy to help. We have a consistent deal flow of SFH and are working on ramping up our multi family wholesale business.

I am a wholesaler in Cincinnati.  In 2017 I want to grow my team to handle our increasing deal flow.  Anyone using Virtual Assistants?  If so, how did you find, train and manage them?

I have heard of real estate agents utilizing VAs from the Philippines, but I am a little skeptical. 

Any input would be helpful.

@Molly Bortz-Druffel Probably the reason that you can't find much information is that every deal is different. The old rule of thumb that builders used was the house would be valued at 5x the lot price (or 20% of the overall value).  

In areas like Terrace Park, where the cost of a tear-down is much higher, it is really difficult to hit those numbers.  A tear-down at $380k would require a house valued at $1.9m. Although in this market I've seen builders get quite aggressive, especially in areas like Madeira, and do really well.  

We recently built a house in Mt Adams with a lot cost as low as 13% of the overall value, however, the cost to build was higher due to the hillside.  

Really need to analyze the entire deal.  If the numbers work, the deal makes sense.

@Ayodeji Kuponiyi  I would contact @George Emmons

@Bryan Weschler In real estate nothing is ironclad, but there are things you can do to increase your success in a deal.  If you are going to use hard money, I would still recommend working with a bank from day one.  Meet with a lender and lay out your strategy.  Get their buy-in as early in the process as possible.  If the numbers are good, they will work with you.  They want to lend money on good assets. The last thing you want is to get stuck in a deal with a hard money interest rate.  Sure way to crash and burn.

Jason Timmerman I always assume the worst. If the seller won't cooperate, I typically walk away. That said, If your budget supports absolute worst case scenario it may be worth taking a punt on the deal.

Bryan Weschler ALWAYS have an ironclad exit strategy when you use hard money. It is easy money to get but can eat your profit very quickly.

Bryan Weschler ALWAYS have an ironclad

Thanks @Eric Sztanyo