All Forum Posts by: Allen Tucker

Looks like an excellent project!

@Jay Hinrichs

I just got off the phone with RE Agency. I asked them specifically about transactional funding. He said, obviously prefaced with " I can not give legal advice", that they have no jurisdiction over the lending portion and would not be able to regulate on that. So, according to him, he didn't see a problem with it. I gave him a hypothetical of me funding a double close for a wholesaler. I'm sure its like anything, the devil is in the details. Interesting topic for sure. 

I am however checking now with the state lending agency to hear their opinion. I'll also check with my attorney today. 

@Jay Hinrichs see above

Jay,

I was surprised to hear you say that transactional funding is illegal here in Oregon. I've never participated in one but I do get petitioned for it semi-regularly. Who was your contact that said "No way"? 

Just trying to make sure I stay on the right side of the law. 

Thanks Karen for putting this together. Sorry I couldn't stay for long last night but it sounded like a good group. I'll plan better next month so I can stay for the entire event. 

Sounds fun. I'll be there. 

I live in Bend. Good luck following the 70% rule here. There are a lot of savvy investors that gobble up any of the great deals that pop up. If you are buying in Bend, you are playing the appreciation game. Bend historically is a rise/fall market so you need to be in a comfortable position to withstand that when the next correction comes. With that being said, I own 1 vacation rental here in town and it is cash flow positive. Best of luck! Hope to see you in town soon! 

Those are great terms @Marques J.. Nice deal. 

There are definitely hard money deals out there with 2+ year terms. I have trust deed investors who buy longer terms all the time. The bigger question for you is your exit strategy. If refinance today is not an option, then you are taking a risk by getting in to a deal with the hope that your credit will be improved by maturation. 

My recommendation for you would be to consider other options other than buy and hold to try and gain experience and capital. 2-3 successful flips could really improve your ability for financing. Reach out if you have any other questions. Happy to help. 

You can get all of those questions through a quick call to your city planning department. They can give you ballpark costs of permits and can for sure answer the zoning questions. 

As for the consultant, I agree with others above, the GC should be doing all of that. Thats the whole point of partnering with him and giving him half of your profit. Otherwise, just hire a GC and you take the whole pie.