All Forum Posts by: Dave Spector

@Kayana Irby: we've used this firm very successfully for many years: https://www.biggerpockets.com/...

@Benjamin Hershkovich: There are good opportunities everywhere.... but it takes focus. There is an old axiom in marketing: "Concentration, penetration, domination." In other words, rather than focusing on an entire county, focus on a much smaller, concentrated area that has a significant number of properties in your target category. Communicate with owners, agents, etc in that area... and opportunities may arise.

@Sandra Canning: we have used this firm for many years, https://www.biggerpockets.com/...
which specializes in title/closings for wholesaler-sourced deals. 

@Constancia R. If you are seeking an actual private lender or direct HML (as opposed to a third party broker) for an investment property transaction (not a consumer loan), there are numerous ways to identify them... consider starting your search here: https://aaplonline.com

 Very happy with their speed and fees. 

@Landon Leon: My thoughts from a lender's perspective may not surprise you: If I understand your numbers correctly, you are asking a lender to fund approx $2.5M of your project.... with you contributing approx 10% of the funds required to complete the project. This will stretch most serious lenders' criteria on a project like this.
My suggestions:
1) Be ready to demonstrate that the as-is $1.75M purchase price is a significantly below market acquisition price
2) Try to get the Seller to provide all/partial Seller financing 
3) Be ready to demonstrate that there are relevant comps nearby to justify your projections
4) Have an absolutely airtight scope of work and detailed cost estimate with construction milestones
5) If you are convinced of the lucrative nature of this deal and your ability to make it happen, consider raising additional capital from friends/family or other sources to increase your equity contribution to the project
6) The lender's will want reward commensurate with their risk: expect double-digit interest rate and a personal guaranty. Again, if you believe in your numbers and ability, you should feel comfortable with these costs.

@Niv Nissim: consider reviewing lenders here: 
https://aaplonline.com/member-...

@Tabb Pitt: we use this firm for deals statewide in Florida, they specialize in private real estate investments.
https://www.biggerpockets.com/...

@ShaeLyn Harris: for attorney in Florida, we use this firm who specializes in real estate investments: https://www.biggerpockets.com/...

Your lenders will want security or collateral of some sort: a JV Agreement, Note with personal guaranty and/or first lien. You have to talk to them about what they are comfortable with....but in either case, it would be rare for any lender to invest significant funds when you are not contributing any.