All Forum Posts by: Chudney Wesley

Hey Leonid I am on the same situation with a duplex in nj, loan cost seem high. What conclusion did you draw? Were you able to find something cheaper? Right now my loan cost are 5500 and I am borrowing 217,000. 

nice!

@Jason Mak @Bill Gulley @Peter MacKercher @Joel Owens  he is in the position to get them money from one lender but he wants to teach a few people the business. I have a good amount of experience in real estate i have ran the numbers for what  it would appraise for I just have never had to deal with a private lender (I usually buy my properties cash)  I am not sitting on a million lol so 15k is a risk for me to lend. But you have to take risk sometimes to get where you want to be. I just want this to be a calculated risk. 

I was approached by a well know flipper in my area.  He is only looking for 15K. Here are the details, he is looking for 3 people to lend him 15k. He needs 45k to flip this property. after the property is complete he says it will appraise for 180. I believe realistically it will appraise for at least 150 but not 100% sure. He has financing in place to give him back 50% of the appraised value (90k) if it does in fact appraise for 180. So he would pay his investors back with the 90k he will receive from financing the equity. He will give me an additional 10k on top of the 15K I put in. Sound like a great deal right?? turn around for the money is 8-10 weeks (his crew is usually in and out on these things) But Im not sure what type of questions I need to ask or what type of contracts I need to have in place to protect myself.  I already have checked the mls for recent sales in the area and everything checks out. does anyone have experience in private lending?

@John Ma 

hey I am looking to do the same thing as you. Do you have the contact info for the turn key pm company that you met with?

@Troy Whitney 

thats good to hear.  I am in the south jersey area which is only 20 mins from philly, I actually work in philly and was interested in starting to invest in philly. What property management company are you using? im looking for a good one myself

@Joe Conklin 

congrats, I am in the south jersey area as well.  What town is your condo? I have one in sicklerville that does great numbers.

@Shaun Weekes 

thanks I believe the loan he was trying to get me was freddie mac. I can't remember why we didn't go fannie mae exactly but im sure its because he thought I didn't qualify.

@Dion DePaoli 

ok that sounds about rite. This was my first time dealing with him and this was also the first time I was asked to report the taxes & etc. on other free and clear properties to quailfy for a loan. I will continue to shop around.

@Paul Garcia 

I am glad that you  have found a solution and it is good to know that it is possible. I have a meeting with a local bank today so hopefully they can help me.  If not i guess i will be shopping for another. And yes eventually i was going to cash out on my properties that I have now but I was waiting on when I find the right flip and then using the money towards the flip.

@Jon Lafferty 

that is great, can I ask what banks you used?