All Forum Posts by: Andrew Nesbitt

So say there is a condo community that is affordable housing where the condos sell for about $170k.  Basically its income restrictions that keep these condo prices low as if it wasnt income restricted, these condos would be worth about $100k more.   Sometimes investors can buy these, but they have to be on the market for a long time (90 days i think) But I was wondering if these communities can ever lose their status as affordable housing and if so how does that work?  Does it just become a regular community after so many years, or what?

My Dad used to rent to nothing but people below the poverty line(rents from $200-$450) Had about 10 properties or so. Once they rented, they either stayed for multiple years(3 years+)or they would stay a few months stop paying rent for 3 months+ then when we evict them they made sure to trash the place as "revenge" for us being so unfair and kicking them out. Had TWO tenants that burned our rental houses down over the course of 5 years or so. Poor Dad had 3 heart attacks in 7 years no doubt due to the stress of those properties.

Are there HMLs that just lend for the purchase price and I can use my own money for the rehab? I'm pretty new at this and my biggest fear is that some guy in an office 400 miles away is not going to let me draw on the rehab money as I need it. I really don't like being tied to someone elses schedule as to when I can have the money.

Thanks.

How much money does a typical Hard Money Lender want you to have in the deal? For instance. Lets say a house has a $100k ARV. Purchase price is $50k and needs $15k of work. HML says they loan 65% ARV, but I don't imagine they would loan 100% of the purchase price and repairs for this situation would they?

I was looking for a transactional funder and a friend says she will fund our deal, but she has never done TF before and wants to know how she ensures she will get her money back in 1 day. So anyone familiar with TF can tell me what kind of contracts they use?

Ok...need some help with this one...Wholesaler came to me for help trying to unload a short sale he has under contract. He has it priced too high and needs to get a reduction of about $70k to make it a decent wholesale flip. I want to get in the deal to help negotiate, but I'm not sure what contracts I need. Do I just need a JV agreement and that will put me in as his partner and I will be able to negotiate lower with the bank? or Will I need more documentation to be able to talk to the bank. Property is going to auction in a week so I need fast answers.

trying to go in with another wholesaler who already has a property under contract. Need to get a reduction from seller, so I can't use a specified price meaning I cant use standard P&S, or a flex option. Is JV the way to go for this? Just trying not to get cut of the deal here.

How often do you get these types of calls and what the hell do you say on your postcards? :)

@Dennis Wow...I was hoping I was going to hear someone say 1,000, maybe 1,500 tops.

@Jeff I NEED to get a deal on the first mailing because I am taking money out of my savings to do this. If it doesnt work, wife is going to be upset I "wasted" that money and I don't need anymore stress in my life. :)