All Forum Posts by: Account Closed

@Tom S.

I wish I could wait Tom!  I'm very fortunate to have this opportunity and I put it under contract shortly after it was listed.  There was a ton of interest in this property so I could not delay.  I was only able to get 60 days to close.

Hi All,

I'm an experience broker, property manager and contractor.  I opened up my own shop just over 2 years ago and claimed very little income on my taxes.   I am having a strong year and have an even stronger year ahead outlook.  I have descent crecit and 20% to put down.

I am looking to buy a home for my family.  We have one picked out.  I will qualify for a mortgage after I complete 2015 taxes.  

Is there any hard money available to bridge the gap between now and when I file 2015 taxes.

Thank you

You understood right!  Starting multiple businesses is pretty expensive.  Figuring out how to run it efficiently has been a challenge.   I am quite a bit wiser this year and am doing much better.  However, I do not have until next year to wait to file my taxes and still close this deal.  I am guessing that I will have to find some private money for a short term loan until I can qualify for the loan or pay for the house outright.

I was thinking about the possiblity of having someone else buy the house with me.  With an agreement in place that I occupy the house and have a maximum of 16 months to buy them out.  Of course I plan on accomplishing this much quicker. 

The benefit to the lender would be they get a great position for 80% the purchase price, around 100K, have a monthly paying "partner", and the house should appraise for around $150,000 on a bad day. 

Is that the approach I should take in finding a financeer?  I've never approached anyone about hard money type loans before.

Thanks for your input

Hi All,

I recently put a piece of property under contract.  3 bed, 2.5 baths, 2500 sq ft.  $125,000.  This place is awesome and fits my family perfectly.  I am at risk of not being able to close due to claiming so much in expenses over the past two years and showing a meager income on my taxes. In 2014 I claimed 10K but had over 600K go through my door.

My lender, a friend, tells me that even though I can put 20% down and the note will be less than rent that his hands are tied.  My credit is not bad, I have a strong income, and basically no debt.  Business is booming and it's time to get a home!  I do not want to miss out on foreclosure pricing! 

I need a plan B!  Any advice to save me?

In Mississippi it would be considered a month to month lease.  Not sure what the laws are in CA but 30 days notice for non-lease situations is a pretty fair standard. 

This is a little out of the usual arena here but I believe it still falls under real estate improvements.

Couple of questions.  

Does anyone know of any entity setting up financing for commercial LED lighting?

Would anyone want to get into financing commercial LED lighting?

I have a car dealer I'm selling LED's to.  They have been in business for 20 years.  They can buy these lights outright.  But what if they couldn"t?  There has got to be financing options right?

If they are currently paying $5,000 per month in electric associatied with their parking lot lights and after converting to LED they are paying $800 per month would someone be willing to finance them for 2.5 years, or as long as it took, as long as they were paying the same $5,000 they were for the term of the loan?  It would make the purchase net neutral and the lights would be under manufacturer's warranty for the entire term of the financing and beyond.  

This seems pretty beneficial for all parties to me.

Maybe a lease to own type of agreement since the lights would still have significant value?

Thoughts and input are appreciated.

In my experience fencing leads to better tenant selection opportunities and less turnover.  Helps to lease more quickly when vacant.  I think it is well worth the investment.

What is the best way to utilize a self directed IRA to purchase and flip homes?

I have a client that asked me this question tonight and I was stumped.  Please help!

Hi Todd

Welcome to BP.  I'm an active contractor and investment real estate broker.  Most of the jobs I get on the contracting side do not come from investors.  It would take a big-time investor to keep a construction crew rolling and most heavy hiting investors go into the business already connected and/or partnered with a contractor.  My company does quite a bit for investors at a rate of 3-5 re-habs a year plus maintenance.  Most of our work on the contracting side comes from renovation loan referrals from local banks who I have established a relationship with.  We also suppliment our customer base with leads through homeadvisor.  Homeadvisor is a good resource for us becaus our 5 star rating gives us an edge and I can turn off the leads whenever I'm booked up and back on again when I'm about 30 days from  finishing my last project.

Another tid-bit is investor's are generally looking for a deal on re-habs.  This makes surviving off of investor related work a job in itself.  If I wasn't making money as a property manager I wouldn't be able to afford performing maintenance at rates that would keep investors happy.

No offense intended investors.....I love you  :-)

Good luck man!

Andries

Hey Brandon.

I'm down here on the MS Gulf Coast.  Former military myself.  Here I deal with a lot of military personnel.  We have Keesler AFB Biloxi, NCBC & Coast Guard station in Gulfport, Camp Shelby, Veterans Hospitals, NASA.etc. 

We are also a good market to own properties in to service what I consider the best tenants available....Armed Service Members. 

My contact is below.  I have many military clients and tenants as of now, so I would be happy to have an in detail discussion with you.  Odds are I've probably answered your questions before.  Feel free to hit me up anytime.

Andries