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Message
re: Information for my fellow Real Estate Investors
Posted on 5/23/17 at 10:24 pm to Sho Nuff
Posted on 5/23/17 at 10:24 pm to Sho Nuff
quote:
I would be the 2nd lien on the property
who's first? How much are you loaning and for how long?
WHat is he putting into it? IS he putting anything down? IF this is a flip you need to charge more like a hardmoney lender. These are done usually within 8 to 12 months.
1
Posted on 5/23/17 at 11:40 pm to Fat Bastard
He's got a hard money lender first. I think it's to pay off the mortgage from the seller. I can do $50k or $100k depending on which property I want to lend on. The $100k property I like better and can see it selling quicker. He said rehab time is about 6-8 weeks. It's in a good area and the market is great in Oahu. He's getting the property at well below including the rehab. He says he can see it being a 4-5 month turnaround. As mentioned he's one of the go to rehab buyers here on Oahu. 11% not as good for this type of lending?
Posted on 5/25/17 at 8:42 am to Sho Nuff
quote:
He's got a hard money lender first.
usually a hard money guy is all you use in flips or a LOC from a bank. many private lenders just take the place of a mortgage and have terms like 5 to 10 years.
however, maybe with expensive prices in hawaii,and
Maybe due to HM guys only lending 65 to 70% of ARV he does not have enough to cover purchase price AND repairs so he needs extra private money to do deal. That is where you come in. SEll at ARV take profit and then he will pay you and HM guy back at rates agreed to.
This post was edited on 5/25/17 at 9:05 am
Posted on 5/26/17 at 10:45 am to Sho Nuff
quote:
Sho Nuff
keep us posted how it goes......
Posted on 5/26/17 at 11:08 am to Fat Bastard
This flip I am doing I got the following terms. 5 year @ 5% fixed that will convert to future rate with no prepayment penalty (I talked them out of that one). If I try to refinance at another bank (for example, turn it into a straight 30 year fixed) I'd have to pay a penalty. I won't have this specific property that long, probably a few months max.
Posted on 5/29/17 at 12:53 pm to thatguy777
quote:
One more question, when you buy a house all cash are you just using a title attorney to do title research or are you getting inspections and appraisals also?
You will need a copy of an inspection in order to get insurance. So keep that in mind, if you are flipping it and don't want insurance that is one thing. But for a rental you will need to get insurance obviously.
Posted on 5/29/17 at 12:56 pm to Sho Nuff
quote:
What do you guys think of private money lending as an investment? I've been looking for a house for about a year now and it's been tough. A guy has approached me a couple time about lending money and earning 10% while my money sits around
How does this work out tax wise? I'd talk to a CPA if you are doing this legit. If you are getting taxed short term rates on 10%, no way I'd touch that. No way I'm lending $50k to a flip guy to make 6% which is what it will be after expenses and taxes.
Now if you are talking long term, like a rental or somewhere. That's different. But I wouldn't want to inspect every project you are loaning him money for 10%.
Flipping is usually for 20%+ profit. The huge thing on rentals is depreciation and the tax benefits. Usually the profits can be good also, but the depreciation and tax benefits make it worth it. You would not get any of that on a strict loan.
If you are doing private lending as a 2nd lien, you are the last guy that's going to be paid. It just seems very risky for 11% imo.
This post was edited on 5/29/17 at 1:00 pm
Posted on 5/31/17 at 1:02 pm to stevengtiger
I'm putting up the bat signal for steventiger again. I've got my eye on a couple properties in Shreveport, and I'm looking for a good realtor to work with and possibly some advice.
rabidtiger1@gmail.com
rabidtiger1@gmail.com
Posted on 6/1/17 at 9:27 pm to RabidTiger
hopefully you got what you needed.
Posted on 6/2/17 at 9:30 am to Fat Bastard
rabidtiger1
Email sent. Accept my apologies man. I have been stupid busy and forgot to get with you.
Email sent. Accept my apologies man. I have been stupid busy and forgot to get with you.
Posted on 6/2/17 at 9:50 pm to stevengtiger
quote:
Accept my apologies man.
i am sure he will
Posted on 6/6/17 at 2:20 pm to stevengtiger
Thanks guys. I e-mailed you back.
Posted on 6/26/17 at 10:06 pm to RabidTiger
Questions for landlords: do you have a separate cell phone that you use for your tenant communications or do you just use your regular cell?
Posted on 7/13/17 at 4:52 pm to poochie
Anyone have any experience with owner-occupancy in a property before renting it out?
Posted on 7/14/17 at 10:25 am to jimbeam
As in converting primary residence to rental property? If so, yes.
Posted on 7/14/17 at 11:46 am to jimbeam
quote:
Anyone have any experience with owner-occupancy in a property before renting it out?
The bama RE guy does and should be able to help you. Not sure what it would take to send him a bat signal.
Posted on 7/16/17 at 3:50 pm to poochie
My property manager uses a service called eVoice. One phone is all that you need. But that service gives you lots of options as far as number porting, faxes, call screening based on caller, faxes, etc.
There are several cloud based services out there these days though, so you don't have to juggle multiple phones.
There are several cloud based services out there these days though, so you don't have to juggle multiple phones.
Posted on 7/16/17 at 9:17 pm to Jag_Warrior
I have a few new links i will share soon that have to do with sources of funding.
Posted on 7/19/17 at 11:23 am to Fat Bastard
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