All Forum Posts by: Alex Iverson

Hey Everyone,

I had a good conversation with Pete Reese last week about him and his land flipping deals. We are considering becoming a private lender with them and I am doing some background research on him and his companies and wondering if anyone has done any deals with them. If you aren't comfortable posting your experience, please PM me. 

In general, I have found everyone seems to recommend the Land Conquest free lessons and the Turning Profit podcasts. Both are great resources and educational. They seem honest and genuine, and have seen tremendous growth the last few years. Most of my network hasn't heard of them or done any deals with them, so I'm reaching into the ether to find out more than what Google can offer. 

Just trying to get as much information as possible since this will be a huge leap for us into this type of investment. 

Hi,

We are having trouble working with our usual Bank, Chase, setting up our HoldCo. We setup a holding company in Wyoming to manage/own our individual LLCs in other states, Nevada and California. The bank says our HoldCo needs to be a registered company in every state.

is there an easier way to set things up? We want the money to flow up to the HoldCo and for the HoldCo to make future purchases and leave our personal finance and credit out of the picture.

Cheers! 

So we just closed all cash on a 6-plex in Las Vegas. Its our first true adventure. Long story short the capital firm we were working with strung us along saying they were going to come through with financing and then didn't after our deposit went hard. We decided to throw everything we had to buy it all cash to continue with the deal. The rents were about 40% under market and is in pretty good condition (needs only 5-10k per unit to really make it shine and look nice). Our plan is to raise rents about 20% to see who stays and will bring it to market value with new leases in place Jan 1st 2023. Who ever moves out, we will renovate. 

Our problem is we put a 10k deposit on a pair of duplexes in KS that are new construction which we are set to acquire in Sept 1st. We don't have the cash for them now since we put it all into this 6-plex since we thought it was a real good opportunity.

So, we want to cash out refi ASAP. I have talked to a few lenders and they all say the property needs to be more established with a 6 month record. Does anyone know of a lender who can speed this timeframe up? Or have a more creative solution?

Cheers and thanks for you thoughts,

AI

Hey, this is cool on you. I won't be able to make it, but will try and make it to another one.

Cheers