All Forum Posts by: Chris Yeung

@Marco Santarelli

Understood. 

Appreciate your quick response!

@Marco Santarelli 

Thanks for the clarification. Any exceptions to the 50K minimum? I have 30K that I can invest with that's in a SDIRA. 

@Steve Morris Thanks for responding. I was thinking the same thing (diversification). I've also looked into Norris Group with their trust deeds. Their LTV is 70% max and they offer a 6 percent return for the investor (non pooled funds).

Has anyone in the BP community dealt with Norada funding? This is a sister company of Norada Real Estate. They're opening up some investment opportunities for 24 months. Rates are pretty high (12-15% with an additional 5% of the loan paid at maturity). The minimum investment is 50K. 

I looked into Roofstock a few years ago when they first started. They had some decent listings in the Indiana region. I think I filled out something where they send you weekly listings. I still get them. From just using quick math: 25% down, estimated rents listed on their Pro-forma, and the 50% rule, the numbers are red. 

I just heard the guy from QuantmRE via a podcast yesterday as well. The concept hasn't been around long enough so the guy even admitted that they don't have any examples of what happens when the term's up (30 years). There's been other companies that have been sending me postcards about this for my primary residence here in the bay area. I'd like to hear from others if they've gone through this and what their thoughts are on this.

I wouldn't mind tapping into one of my rentals in NM(using the funds to invest in more RE),  but it doesn't look like any of these programs are available in NM.

@Troy Sheets Thanks. If you can PM your attorney contact, that would be great. I believe I already PM'd you the guy and the company that he still works for. 

If anyone else wants to know, you can PM me as well. 

Thanks for all the feedback. The mortgage note is secured. The amount invested is 30K, so I don't know if hiring an attorney is worth it. Some members have PM'd me in regards to attorneys, so I might see how much it will cost me.

I was trying to see if there were options to resolve this, but I’m not going anywhere. I didn't know what else to do except to reach out to the BP community. Does anyone know if there’s a legal contact in Pennsylvania that handles these situations?

There was a flip opportunity that I participated last Summer that was introduced to me by a contact here in the Bay Area. I partnered with a guy in Philly doing some rehab. The guy in Philly seemed genuine. He's a founding member of a real estate investment company that's still around. I invested through my self directed IRA. The term was for only 6 months. I went through the document signing process and received the first payment in August. Then it went dark in September where I couldn't reach him nor did he send an update about the property being rehabbed. The Bay Area contact that introduced me to him tried reaching him and couldn't. I found out there was another investor that participated in the flip through the Bay Area contact and she couldn't reach him. She even tried calling his office, but he was always away and she left messages with his secretary.

This has sparked my curiousity as I have not done this before. What would be the exit strategy for a buy and hold investor?

For example, I buy an investment property for 100K(20k down at 4.5% interest) and rent it out for decent cashflow after expenses.

Let's say 10 years down the road, the home price increases (lets say to 250K, plus the equity increase of 16K by paying the principal), and I would want to "cash out" for one reason or another.

Would this property be marketed to a regular buyer looking to buy a home since this is too pricey to for an investor looking for good cashflow? Would the process then be to stop renting to the renter, clean the place up, and then sell?

I hear mostly the buying part from a lot or sources, but I would like to see what other exit strategies are out there for someone looking to exit from their buy and hold.