All Forum Posts by: Amir Khan

@Charlene Livers I get such newbie investors buying properties from us all the time. There is someone teaching them to buy homes that require some updates, do the updates and convert to section 8 and boom!

I would understand if they were provided proper training, but looks like they weren't. In addition, these newbies don't have any prior REI experience, usually don't have enough reserves. They end up losing the property after spending thousands in updates but unable to finish the project.

@Erik Estrada in our specific niche/asset class/price point, there are no brokers who can offer funding. We had no choice but to create our own advance systems and strategies to find private money lenders. Therefore, now we exclusively work directly with private money lenders. 

Congratulations! 

I first learned about assumable loans through Carton Sheets "No Money Down" course. Unfortunately, now it is very rare to find assumable loans. There was a time (as Carlton suggests), there were tons of such loans and almost anyone could take over them easily!

@Christopher D billik from your posting I am assuming your strategy is LTR focusing on SF?

If that that is overall strategy, before you even setup your criteria, I would suggest be a bit more specific on your goals:

1) Property location: where are you planning on investing? This would drastically vary and will affect all other goals/criteria.

2) How much are you willing to afford: what is your price point that you are willing to borrow?

3) What kind of returns are you expecting: do you have realistic expectation knowing a LTR has ongoing expenses: property management, maintenance/repairs, property tax, property insurance, vacancy factor, turnover cost etc.

Once you have answers to above, you can then go into specifics of criteria. Hope that helps..

@Tua Fualautoalasi depending on the complexity of the project, sometimes taking the traditional bank or lending institution route might be a better option. But there is always a need for private money lending specially because it generally offers more flexible terms, better interest rates, no additional fees and lot less paper-work. Our entire REI model is based on borrowing ONLY from private money lenders.

@Ellisa Riddick I am not a lender, but I can say that our pool of PMLs are absolutely lending. In fact, they are lending more often and more aggressively. 

@Steve Balinski we prepare the mortgage and promissory notes for all our PMLs. Drafts are sent over for their review, and adjustments can be made if necessary. 

So perhaps you can put the burden on the borrower to prepare the docs, and then simply have a flat fee agreement with your attorney for "review" of docs.

@Fallon Gilbert I raise private money in a variety of ways using systematic tools and strategies. One of my main ways of raising private money is doing free online educational workshops. I do this in partnerships with SDIRA custodians/administrators. 

Another way is by creating my own PMLs. Because of my systems, many "want to be" PMLs approach me and I do private money lending crash course for them. They then invest with me.

And yes, you can absolutely borrow $30K from PMLs. Feel free to DM if you have any questions...