All Forum Posts by: Andrew Earle

@Russell Hoelting What’s the 50% rule expense thing?

@Jesse Carlson Thanks, I’ve actually started looking into HML. That seemed scary to me at first but could be a really good option for some of these deals.

@JM Payne Never tried that type of loan and never had a banker or loan officer that suggested it. Have you? Did it work well? I’ll look into it.

Hello BP Community, As I am beginning to take on more projects simultaneously and moving away from micro-managing everything, I need to start putting some good systems in place. I’d love to take a look at some of the systems you have in place. A sample of what your scope or work document looks like and sample of your contractors agreement. How is your payment schedule set up. Do you have time completion incentives, etc.?

@Beverly Hinds Thanks, that does help. I was in the app and I don’t think they have that search bar in the app. Website is easier. Thanks again.

I am relatively new to this site. I thought I heard Bigger Pockets has a list of Hard Money Lenders. If so, where? I tried Google under “Loan Agency.” Should stick with an HML from my area or does that matter? I heard HMLs are being more competitive lately than they used to be. Is that true?

@Jesse Carlson Can’t use traditional bank. Foreclosure with all the systems shut down. I will explore HML a little more in depth. My fIrst preference is to rehab and sell if I can make the numbers work. As of yesterday though, I did set two appointments to meet with two different potential private investors. I was thinking of offering them 10% when the deal closes. 6 month max where I’ll either have to refinance it or hopefully itnwill have sold. Or 2 points if it sells super quickly which ever is greater. Think that’s a good offer? I also found a lawyer that can write up the paperwork fairly inexpensively.

@Cody DeLong You’re from Maine, nice! And just a town over. Do you know of any real estate investment groups that meet?

@Cody DeLong You’re from Maine, nice! And just a town over. Do you know of any real estate investment groups that meet?

I’ve never done any wholesaling. I usually buy and hold. However, I have a few irons in the fire and would like to wholesale one of my deals I have under contract. I have a 3BR, 1 BA 1600 SF single family house under contract. With about 25k of work, ARV is 180k to 200k. I wouldn’t mind keeping it but timing is tough. Can someone please tell me how to wholesale this? Where do I advertise?