All Forum Posts by: Darway Dalmeida

I really do not care if I don't gets loans from a hard money lender that applies such tactics. I am at a point with my rental portfolio that does not requires any HML, I have guys that can raise fund for me to use.

Other lenders doesn't charge interest for escrow funds therefore, I am directing new borrowers to such firm. I made these mistakes during my rookie years and do not believe someone with less fund as me should make the same mistake. If they can get a better loan option elsewhere I will direct them to those lenders.

A Topic, I would like seeing discuss, is why an individual with more than 5 properties is force to finance in LLC vs Personal name? Its a scam they do not care about the property value and only care about their borrowed amount. I see it in the insurance documents. The dwelling is only 5-10k more that what the loan is for but general liabilities is 1 million bucks. What that means is if something happens to the physical home, you are screw. I planned on paying these guys before their first payment is dues and eat the 3 points. Another area of concern is, you have some lender keeping your rehab money in escrow and wants to draw interest why the hold the funds. Believe m, a lot of other lenders charge interest only on borrowed funds, look around before closing a deal. I think its disgusting to keep the funds and charge interest. I spoke to my lawyer about this issues and he said just find another lender that will charge interest for what's borrowed.

New investors, do some basic due diligence, call 10 or 20 HML with all your questions before closing on these loans, Lenders will say anything to get the deal across the line but you and your money is at risk. I will start listing bad hard money/Good Hard Money lenders by name on this platform. Something like the pros/cons.

I understand what the 3 years principal rules are on Jeremy deals. Assuming rate goes down to a manageable rate in 3 years and the property can be refi on a preferrable rate. However, If you are planning to have the property free and clear in a short amount of time, good idea. If you are trying to scale like the other gentlemen stated, it will become a bad idea for refi. You DTI will get you into trouble and could cost you more in the long run feeding these private /Hard Money lenders points and fees systems.

My Name is Darway, 

I am contracted for 723 Peedee Ave Albemarle NC 28001.  I have a bigger project coming up next month and would like to sell this deal to another investor for 150K.

Rehab requirement 35-45K 

Houses in this area with similar sq footage sells for 280-325K

List of similiar homes

27656 Taylor Ln, Albemarle, NC 28001

The Bradley Plan, Copper Ridge CommunityAlbemarle, NC

27633 Taylor Ln,Albemarle, NC 28001

1522 Snuggs Park Rd,Albemarle, NC 28001



This house has 3 bedrooms, and a bonus room that could be turn into another bedrooms  or an office space with 1 bathrooms. with all plumbing hookup for bathroom # 2 in the master bedroom.

They owner is a personal friend and need a cash buyer. No long term financing. This house has not gotten on an MLS listing and will be gone ASAP.

Call me for more details,

Thanks 

704-Seven12-51nine4

I have a project in Albemarle NC, It on Main Street, I would like to fund this in my Name and not in an LLC.

The Building is 3750 Sq ft, The city will allow me to make this property a multi-Family Dwelling up to 8 units with going before a review board.

I purchase the property and is going to make it 6 Units

Downstair will be 2 one bed room 1 bathroom and 2 bed room 2 bathroom.

Upstairs, 

2 one bed room 1 Bathroom each.

I purchase the buildings and going through permits

I bought the building for 105000.00 with 9K additional expense.

I would like direct lender

My contact is 

Darway

[email protected]

704-712-5194

With RCD do you have to fund in an LLC or can you fund in your individual name?

Second question, With the escrow being held or unused fund, Do the borrower pay interest on escrow amount not used?

Thank in advance.

The numbers doesn't looks good right now but might be better in a year or two.

Normally, with seller financing the price for said properties are highly inflated. 

350K in Cincinnati for a current running rent at 800, 700, 500 looks difficult to justify.

Here what I would do, I will take that same address a pre-shop mortgage with current rental income.

Normally, the mortgage company will take 75% of rental income and add it to your current wage.

See what the mortgage will be per month. I will pay for an appraisal and if all come up correct.

I will do the seller finance and in a year or two refi and hopefully rent is going up every year.

@Edwin Wong, I learned a long time ago to not let anyone but you make a decision on your property financially. I will absolute ignore sound test!! This is for the neighbor comfort therefore I will politely inform the nice neighbor, I wont be paying for a sound test and they could take this up with the original builder or pay for it.

Trust me, if this is a condo, you are not the only owner dealing with sound test issues.

Anyone knows a good Real Estate Lawyer in Charlotte NC? I am looking for someone that understands owning single family rental and ways to protect assets.

Preferably How series LLC could be used in NC from another State or if something similar can be done in NC to act like in Series.

it will help if this Lawyer has tax practices background (i.e CPA/Attorney)

thanks

I am in Charlotte NC with 8 Rentals and this getting me afraid. This state does not have series LLC and little is know about it. I have my LLC register in NC but I am honestly thinking of a series LLC or opening a regular NC LLC for every single property. I am just concern it will open me to multi-taxes filing or multi-bank accounts for each entity.

I wish we had a better way in NC to have one large LLC and something like the series to keep things simple for taxes and banking. Anyone understand a better way to protect one assets and keep banking simple for multiple LLC?

People are jealous and might want to sue you for the heck of it.