All Forum Posts by: David James

I would like some advice/critiques on a 2 yr plan that I have to buy 8+ properties. My story is too long to put here so if you have the time, respond back and I will give you my plan.

I would like some advice/critiques on a 2 yr plan that I have to buy 8+ properties. My story is too long to put here so if you have the time, respond back and I will give you my plan.

That was very helpful Michael, Thanks!!!

I am in Hollywood, Maryland @ Joel S.

Maybe I didn't explain myself well enough. I didn't just say "hey I need 200k". I analyzed about 120 different properties, narrowed that down to 3 that really had potential. I then invited him to do the walkthroughs of the 3 places. He didnt want to do it but I did it anyway. If for nothing else just the experience. Printed out the PDFs from the calculators on here and presented them to him. It's ok, I'm not complaining, I dont want to force him into something he isnt comfortable with and destroy a friendship. Was just asking for experience when I deal with a HML. If all of them want me to have skin in the game then what percentage is the usual amount that gets split like 90/10? 80/20? What about term limits? How long for ROI? What can I do if I only have like 5k to start?

Thanks everyone! Great options, can anyone turn me onto a HML that is willing to work with someone new? I understand that I would get a lower rate, I am fine with that.

I think you took that out of context. IMO, I would think your reputation would be very crucial when trying to establish yourself as an investor. I am talking about future reputation because if i let my first deal go south then NO ONE will want to work with me after that. What kind of reputation would I have after that? None because I would crash and burn from the very beginning. So i would want to protect his money like it was my own. Besides, why are all the podcasts and webinars on here saying that "I did this deal with zero out of my pocket and my friend put up the money?" Someone has to take the risk, I dont have much money to get started, but once we would do a few deals then of course I would put in my half.

I get your analogy but I havent ran across too many lenders willing to put up money. Especially on here, mostly people who want to get started in investing and looking for lenders.

So I was having another discussion with a friend of mine yesterday. He is my potential lender and has money to invest but is skiddish about jumping in. I told him that with his backing and my drive, knowledge and willpower we can make a good bit of money. His famous line is "If things go south all you would lose is time and effort, I would lose my total investment!" I told him that its my reputation on the line as an investor and also that we would analyze the properties before jumping in. What else can I say or do to convince him to take the plunge with me???

I agree that the home inspection is very important. I guess what my question is...the home inspector wont be able to find out those unknowns as well will they?