All Forum Posts by: Daniel Tanasa

Now with the interest going up I start receiving some good from wholeseller. You can look for off market properties and still buy with a realtor. The only problem in this scenario is: since is not on MLS, the seller will not pay for your agent and you will need to pay the agent yourself. But if is a killer deal it will still make sense. What numbers you stated in your first comment don't even meet the 1% rule of thumb. You can at least find something like that, or close to that after you add the rehab, off market from wholesalers.

Let me know what area are you looking at and I can forward you a couple of them. 

Keep  hammering it! You’ll get one eventually! 

Hello Marcus,

I am a local investor and agent in Houston. I just closed on my last Single Family rental a few weeks ago. Houston market is great. I am also a real estate Agent working with investors only, closing on a few houses at the moment. 

Let me know if I can help you in any way.

Welcome to the club Ann. 

There's no stupid question. There are just questions. 

We need a lot of questions to be answered before we can do something good, we all relate to that. 

Let me know if I can help you with anything.

Hello Ben. 

Some of the Hard Money lenders I worked with don't even require an appraisal if is a sound deal. Also, if they do, they should be able to do it faster than 7 days. Basically that's why you do Hard money, to move fast. 

Let me know if you want me to put you in touch with any Hard Money Lander.

Hello Crystal!

I am happy to connect you with some I worked before. Feel free to reach out.

Facebook Groups and local Real Estate Meetups are the best way to find cashbuyers in the beginning. For the future, I will recommend you to find the buyers first and after that the deals, it makes the process much easier and less stressfull on your end. Also an experienced cash buyer will help you underwrite the deal and making sure the house yiu have under contract is actually a deal.

I am not in North Carolina Market unfortunately. Good Luck. 

 Do you know any bank or credit union that will take a second lean position for a primary? I see you are in Texas as well. I am asking for a client in Houston. Thank you! :D 

Investment Info:

Single-family residence hard money loan investment in Spring.

Purchase price: $180,000
Cash invested: $9,000

This was an almost perfect BRRR. Bought with very low money out of pocket. I have a very local lander in Houston area who finance 100% of the deal if is a very good deal. Bought it with 180k, 20k credit from lander for repairs and ARV is 270k. 9k total Out of pocket cost to close on it. After repairs the propriety is expected to net Cash flow $300.

What made you interested in investing in this type of deal?

Spring, TX is a really nice area with good schools and good long term appreciation.

How did you find this deal and how did you negotiate it?

I found it of market, driving for dollars. There wasn't much negotiation, the seller wanted 180k and that's what I ended up paying.

How did you finance this deal?

I Financed it with Hard Money and because was 75% bellow the ARV Loan covered 100% of Repairs and over 95% of buying costs. My total out of pocket was 9k.

How did you add value to the deal?

I redone both bathrooms and finished the rehab the previous investor started and he ran out of money.

What was the outcome?

Still in renovation process, but I expect to have $300/month in net cashflow.

Lessons learned? Challenges?

You can still do deals with very low to no money down if you look hard enough for them.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was working directly with the seller on this deal. But I am also a Real Estate Agent in Houston Market. If you need an investor friendly agent, don't hesitate to contact me and I will be happy to help.

I assumed is a scam when they insisted to pay the origination fee before the final approval. At that point I was almost sure is a scam and when he called me back I told him I am not confident in going further with them cause It seems quite sketchy. 
And after that he started accusing me of wasting his time. And at this point I told him that he’s the one wasting people time and taking advantage of innocent people, and I will make sure I will tell everybody about his scam. When he heard that I will post info about his scam, he started cursing me and blackmailing me that he has my data and he will do various things with it if I tell anyone about the scam.

That’s pretty much how I know! I have printscreen of conversetions as well!