All Forum Posts by: Ashley Russell

We are doing our first private money deal so we can pay cash for a property up front, renovate and then apply for a conventional mortgage in our names and pay our investors back. The investors are family. How should we structure the repayment? What is the going interest rate for private money these days? If they are loaning us 200k for example and we agree on 6% interest for a 12 year loan, how do we amortise or do we pay all at the end? Do they simply wire the cash to us and we purchase the property in our names? Having only done mortgages before, I know we always have to show where we get funds from but for a cash deal there are no such rules correct? Should we do some kind of contract or legal doc since it’s family?

Jeff Copeland tell me more about RP funding. I of course see the commercials all the time. Do they offer good terms and rates on cash out refis for investment properties? Do they really cover all the closing costs?

We are under contract on a new deal 3/1 for $115k in south St Pete and just had our inspections today. We knew it was a fixer upper that needed major work but the inspectors found more termite damage than anticipated and even evidence of a previous fire. Structural repairs will have to be made in the attic and crawl space. We planned to put about 30-40k into it to open up walls, remodel the kitchen and bathroom and possibly even add a bath. If we have to spend $15-20k on structural repairs, there isn’t much left for the ‘value add’ items that will bring up the appraisal. Should we walk away or will an appraisal pickup structural repairs?

We are under contract on a new deal 3/1 for $115k and just had our inspections today. We knew it was a fixer upper that needed major work but the inspectors found more termite damage than anticipated and even evidence of a previous fire. Structural repairs will have to be made in the attic and crawl space. We planned to put about 30-40k into it to open up walls, remodel the kitchen and bathroom and possibly even add a bath. If we have to spend $15-20k on structural repairs, there isn’t much left for the ‘value add’ items that will bring up the appraisal. Should we walk away or will an appraisal pickup structural repairs?

We are under contract on a new deal 3/1 for $115k and just had our inspections today. We knew it was a fixer upper that needed major work but the inspectors found more termite damage than anticipated and even evidence of a previous fire. Structural repairs will have to be made in the attic and crawl space. We planned to put about 30-40k into it to open up walls, remodel the kitchen and bathroom and possibly even add a bath. If we have to spend $15-20k on structural repairs, there isn’t much left for the ‘value add’ items that will bring up the appraisal. Should we walk away or will an appraisal pickup structural repairs?

We are starting a small direct mail campaign in our neighborhood, within 5 miles from our primary residence. We have already targeted about 60 single family homes and plan to send out handwritten letters within the next week or two. Looking for suggestions on the pros and cons of handwriting vs. typing and also whether or not we should put our actual cell phones numbers on the letters or use an out of state number created through google voice (no more local numbers left). We are also hesitant to put our full return address on the envelops. Lastly, debating on whether to put a real photo of our family on the letters vs. clipart. Since its our neighborhood and a smaller number of properties, we want our letters to stand out and be personal, yet also want to protect our family's privacy - we have two small children.

Any tips are appreciated!