All Forum Posts by: Darryl Smith

Hey Cody L. Are you still allowing blocks of units for the STR play?

@Jeff S. Thanks for the advice! Much appreciated!

@Jeff S. can you lend in Texas? Do you mind PM'ing me in order to discuss the services your business provides and to see if we work together?

@Michael Heisterkamp Thanks for responding, I would prefer the money to come from one source but unfortunately my pool of private investors is limited at the moment! Would you happen to be a lending attorney or can refer a good one in Texas? I also wanted to experience the process of combining multiple pools of money from different people, BUT, I imagine we would just form an llc and use that to purchase the property with the distributions set up in the Joint Venture jargon. 

Hello BP,

I think there are plenty of forums discussing the theory, but I was wondering has anyone placed this into practice and what was the process! I plan on speaking with the lender as well, BUT, I have a home with an ARV of 150k! I want to use HML(hard money loan) for 85k purchase price, and use private money 24k for rehab budget! The private investor knows they would be in second position to the primary lender! My questions are as follows!

Is a signed promissory note all I would need to bring to closing at the title company to secure the private investors interest in the loan! 

Does the note count as a lien against the property, or are liens typically reserved for if you default on the loan?

I spoke with a long term lender and they discussed they see no problem with the numbers and the example is very common, but is there anything I am missing? Thanks in advance for all your help!

Good afternoon fellow big pocket members! I was wondering if anyone local to the Houston area (not local just respond to thread) had some free time to sit down and walk me through setting up payments through title for the sell of, or refinance of a house! This might require a lawyer and I am open to referrals, but I want to start using private money and guide investors with protecting their investment! Even if you don't have time for free <insert drink of choice here>, any good resource referrals will work as well, as I don't mind reading! Please and thank you!

@Jeffery Scullark hit up TDECU I think they may able to help you sir! I have been calling around trying to find a commercial loan, but they said they have a product for investors that is 10% down! I am not sure of all the details, but I figured I would share and hopefully save you some time

@Account Closed Your advice sounds all too great! To make sure I understood what you said, I will repeat it back to you with my understanding. Obtain an inspection report for the property because this is what will outline everything needed in order to make it live-in ready! Once I get this report, find the trades that handle each facet of the report and get multiple bids on the work! Rinse, repeat, and keep going from there!

Hi BP, can anyone refer me to a contractor they like to use? Maybe not their tier 1 go to guy, but their B team maybe. I just called GNC contractors and they were somewhat rude, but its lunchtime and I don't want to take things personally! Typically, I would prefer the team to come up with itemized bids and be able to explain what they charge for labor on a sqft basis. This way I could estimate for their time without bothering them too much. 

@Jeffery Scullark, soooo that is somewhat of a lengthy answer. I was kind of looking to do the buy a house a year thing, similar to the strategy you were walking down, and I will still do that if it makes sense to do so with each passing year. Here recently, I bought an off market house with hard money and then did a cash out refi. You may have heard of the Brrrr method, so basically that. I am simply trying to increase the velocity of my money, so may have to look into value-add commercial stuff as well.