All Forum Posts by: Bob Reinhard

Greetings.

Unless I read this incorrectly, while optimistic, your plan is not reasonable. You have no experience within the type of properties that you are looking to borrow for and also, where is the risk that you are taking? It seems as if you are looking to dictate the terms of the deal with nothing to back up your position with. If you place nothing of your own at risk, why should any one else support your position.
Much success.
Bob

Hi and hello.

I am not certain if this answers your question but ...

Use your limited cash for as much as a equity stake that a hard lender requires.  Then, as you are flipping and this should generally be an under 1 year event from purchase to resale, get and hard money interest-only loan. This is generally a basic approach.
Indeed, if you have no cash, then you have not managed your properties correctly  as you have left yourself no reserve for emergencies. A reserve is also a basic requirement of smart management.

Much success.

Bob

@Idris Haroon

Greetings.

Well, it sorta works like this.

Either you trust his advice with your $ or you don't.

If you second guess him, either get another advisor or just do his job for him and save the fees. Just that simple.

Much success.

Bob

@Tim Sipowicz

Howdy.

Likely it is a fix and hold hard money loan with the conversion option after the property has been seasoned.

Just because someone may not have heard of it does not make it shady.

Do your homework. Ask questions of the lender, using BP as guidance, not as the answer.

Much success.

Bob

@Mary PietronutoHowdy. Please see my earlier post. Meeting next month @ Mill Plain Diner in Danbury.
Plesse reach out for more specifics.
Bob

Howdy.

Based on your level of experience, you appear to be either naive or greedy or remarkably optimistic.

Perhaps 3 points, 8.5 to 10 %, 15 to 20% equity stake, and a term not to exceed 1 year non-extendable. After all, its a rehab. If its not, well ...

Likely no one will take an assignment of rents without a current paid up rent roll.

Much success.

Bob

@Aimee Haasteaby

Very generally, in areas such as these, there are 1. Few comps 2. Too long to get the loan proceeds back in the event of a default by the borrower because of ostensible lsck of demand.

Much success.

Bob

CTReia appears to be solely online except what appear the pay courses that are live.

Bob

Okay, this is not legal advice but
1. If there is a will there MUST be probate. Someone needs to the the executor or executrix.
2. If there is no will, the process is called Administration.
3. They are NOT both the same thing so don't use the words interchangeably..
4. The will states who the person who died wants to to be the executor. The court (dis)approved this person.
5. Only the executor may sell the property.
All others assumed statements given you in various responses are just that, assumed.

by the way, the house cannot even be listed if no executor has already been appointed. The real estate may be subject to discipline if no appointment by The COURT has been made. This appointnent is made through LETTERS TESTAMENTARY.

NEW YORK is not California or any other state.

much success !

Bob

Howdy.
I run one that has always met in person called the I-84 NY/CT Corridor Real Estate Investors. Monthly alternating between Danbury and Brewster both off 84.

There's another in person called New Haven ...

Regards,
Bob