All Forum Posts by: Andrew B.

Has anyone used JTT funding? 

Just looking for a hard money lender who can do better than 12% and 5 points. I know everyone has points. Im working on deal with someone I made contact with this week at 10% and 2.5 points. Lets hold thumbs! Thats saves 7K on a 200K loan over 6 months. Will defiantly try local REI meetings. The trick is to find a hard money lender (company) using their own capital. Thanks for all the replies.

Im currently working with 3 Private lenders and 1 Hard Money lender doing an average of 7 flips a year. We are looking to expand that to 10 this year and are in need of more finance. 

It took a long time to establish a relationship with your first private lender, who bought the other 2 to us over the years.They only have a certain amount available to invest, which we have spread over 3 jobs at any given time, and use Hard Money only when needed due to the 4-5% points on top of the loan. I pay 12% to both, the private and hard money, but no points to private, as Im working directly with them as the lender.  

Ive always been thankful for "hard money", as its helped fund were there was a shortfall, allowing us to unlock equity in our free and clear properties with a quick turn around, but would like to find a new investor to work with directly, with all the same principles and protection.

We will pay all fees for setting up notes and mortgage deeds, title fees, closing cost etc, inspections and any other due diligence related cost. Just trying to cut out the points! 

Can anyone recommend good lead management  software for keeping track of potential reo's, foreclosure auctions etc. We mostly flip properties in our local area, but have started looking into other areas, as well as employing others to bring in potential leads, be it an abandoned property or keeping track of a foreclosure auction etc. Software where you can enter multiple address and info, and receive reminders to check the status of each one regularly. Many of the properties we find are in the foreclosure process and have no date listed as to when it will be auctioned off, so the court records need to be updated, hence reminders. The mls is good for updates on the reo's and short sales.

Anyone used "flipping junkie software"?

Thanks 

This is in FL BTW.

thanks

We purchased a foreclosure from the county auction 3 months ago and the person being foreclosed on left all his possesions in the property. We posted the door and tried to call him, with no response and now he has appeared out of nowhere wanting to know where his stuff is. He's claims to have been out the country for years! He stopped paying his mortgage and hoa dues 2 years ago ( with me having to pay the hoa fees of 14k) on top of the auction fee, which i had budgeted on doing anyway after we took title. 

We put his stuff in storage for the past 2 months which is more than most would do, but had to get rid of it in the end as its not my responsibly to keep it indefinitely. 

Does anyone have any advice on his rights after leaving it of more than 90 days and my rights to have got  rid of it? My attorney is away and was hoping someone on BP might be able to shed some light on the topic before i actually return their call.

TIA

Thanks for all the great advice. I'm defiantly leaning towards setting up a LOC, and will have 2 free and clear properties to tie them to, which I will hold and rent by the end of the year. My 2 PML are great people and friends, but a mortgage and note was the only real security I could give them. Im also going to mention just using a note/ personal Guarantee, but I'm certain in Florida you still pay the doc stamps etc, to record the note in order in to make it binding. I just need the flexibility. The idea of creating a Hold and rental portfolio will help support all the above suggestions too.

I

I run a real estate investing business in Florida, where we are acquiring properties through various channels, rehabbing and selling them. We started with a few per year, but have progressed to 1 per month at the moment. We currently fund 30-50% of all our properties and rehabbing etc, but do have 2 private lenders from whom we are lending from.

We are purchasing the properties and paying in full and then get them onboard after the closing to take a look and decide what they want to lend. We then record a note and mortgage for the loan and once we are done rehabbing and have it under contract, we need a satisfaction of mortgage from them and redo the mortgage to a new property.

The whole process doesn't really work well due to the increasing volume and was wondering if there is a better solution to structuring these loans with the lender feeling secure and a way of rolling over the money from one job to the next. The main reason it gets complex is due to the fact that each loan is only for a period of 3-6 months.

Is there any other type of loan or way they can secure their loan without having to do actual mortgages on each and every property. The fact they have never loaned before leaves me helping to structure the loans, but I just don't know enough about it.

They enjoy their cheque every month and the rates are better than HM and most other lenders, but I know they don't want the headache so any suggestions on doing this a easier way would help.

I have reached out to my attorney and cpa, but have not had a great response.

Thanks

Hi Robert

I ended up making contact with the owner occupier and set a date and signed a CFK deal. Took Pictures and did a walk throughout etc too. I also mentioned that I would be starting the eviction process to ensure if the CFK deals falls through Im ahead with option 2. She has been really co-opertive. Being sensitive and understanding as Wayne said above helped a lot. She leaves with some cash and I get the property with all we agreed to in a decent condition.

Thanks for the advice Wayne. My first buy on auction and I received different legal advice from 2 attorneys which made me reach out to the trusty bp pros. My realtor is going by tomorrow and chat to see what they intend doing and he too suggested cash for keys if needed.

@Chris, not sure what you don't get. I'm studying up on it right now. I was more concerned In the property itself before the auction than the previous owner who had supposedly already vacated the property. I'm sure when my bigger pockets status becomes "pro basic" I will know everything I need to.