All Forum Posts by: Nathan Paisley

The 70% rule is a generalization used for a quick analysis of a property. The higher the cost of the property the harder it is to find qualified cash buyers. More money = more risk. It would have to be a slamming deal. Typically the more expensive the house the bigger it is the more it's gonna cost for rehab. 

Make sure you know your comps.

Thanks for responding @Andrew Syrios a few follow up ?'s. Did you have an attorney generate a contract for you? Did you just use a title company to keep records? Or was it a handshake kinda deal? Any info on that would be great! 

Also as of right now I would be using it to fund fix n flips and hopefully buy n hold but I can't seem to figure out how to structure them to protect all parties involved...

I am also wandering about sec rules and how they apply to any of this. I'm not trying to promote but I would like to show others what I'm doing. Does every state have different rules and regs? Sorry for he noob questions just trying to get straight answers. Thanks again.

Nathan

I have a few people family included, possibly even my doctor lol that have come to me and brought up the fact that they would like to invest in my business. We're in the beginning stages of discussions. Now I know it can be structured any which way but I'd like to hear how you are structuring it into your buisness NOW in comparison to when you first started.

Like do's and dont's if you will.

What are your typical terms when discussing with them? 8-12%, any points? Mind you I do not take lightly the fact that I would be using someone else's savings to invest into my company and at no point would I risk their trust, partnership and savings. 

My mindset is that they get paid no matter what even if I don't have dinner on the table for a month. Thoughts?

Thanks Nathan 

Imo I would call all the agents (and I do mean all) in your area and find out who has closed the most foreclosures/reo's in the past year. Typically you'll find investor friendly agents along the way that understand you're mentality. 

Don't just settle for any agent. Just like any profession there are hustlers and then there are knuckle-draggers. 

Here's the listing wish us luck! Or buy it ;)

https://www.redfin.com/NJ/Merchantville/325-Woodbi...

I was told that if you use the 203k you need to use their contractors. Not that you could use your licensed guy I think they just prefer using theirs. I think it's ok to not live there depending on severity of rehab as long as it's your primary residence. Good luck keep us updated.

Welcome good luck!

Welcome @Peter Corallo! You came out to the right place! Good luck!

@Christine Lenz I personally have no idea lol sorry but I know there were one or two podcasts about mobile home investing you might wanna check out. Maybe even follow up with the guest. Good luck!

Well my advice would be to call every agent, broker, title co., attorney etc and beg them to take you under their wing. If you don't have money you better find the time. It's one or the other or time or money. Life is short if you want it you'll find a way, if not you'll find an excuse.