All Forum Posts by: David Kilgore

I am looking for builder recommendations in the west ga area that could do the following. A 2/1 750 Sq ft shell build. I would only need foundation, exterior framing, roofing, siding, windows, and exterior doors done. From there I would be able to complete the project myself. Are there builders out there that would be willing to do this?

Hi All,

I am currently seeking out any active subject to investors. This type of financing fascinates me.  I'd like to hear about your process and some of the deals you have been able to complete. How do you typically structure them? I know no one deal looks alike, but what do you typically look for and how do you propose the deal to the seller?

Hi All,

I wanted to learn a little more about investing in bank owned properties in GA. I am assuming these would be properties that did not auction or were bought by another financial institution. What would the process be like for submitting an offer on these properties? Most of the properties I am finding are on prop stream. 

@Jeff Stephens Hey Jeff, that's an interesting strategy! What kind of information do you typically get from the title company?

Hi I am looking to locate off market deals via direct mailing and cold calling. Does anyone have any sources for data and direct mailing services? 

@Brenden Mitchum Thanks for the feedback. Its making sense to me now. I have already started a list of lenders to get on the phone. Feel free to DM who you have in mind and I'll be sure to reach out. Thanks for all the help. 

@Ari Newman Got it. Now its making sense. So when you say they typically require 5-15k so you have skin in the game is it typically a set down payment as such or is it a percentage of the loan amount?

For instance in this example 65k would be the loan amount. I've read somewhere that private lenders typically require 10% down on the total loan amount.  If the percentage rule applies my down payment would $6500. Or is it typically a set down payment? I.e. a minimum capital requirement that the lender sets to put upfront. I know this is all hypothetical & dependent on the lender itself. I am just trying to get an understanding of a hard money lenders basic lending practices. 

Thanks for all the help by the way. 

@Ari Newman Thanks for the reply Ari. So I want to make sure I am understanding this clearly. Most lenders only at 65% ARV. Therefore if property is selling at 50k and ARV is 100k. I could have access to 65k. Correct? How is that remaining 15k typically disbursed?

@Rick Baggenstoss Hey Rick thanks for the info! Just joined GAREIA a couple of days ago. I'll be looking into their events. Maybe we'll cross paths someday. Hope all is well! 

So can anyone help me out with this. Say I want to buy a property to fix and flip. I understand that with most HML that I would need about 10% down on purchase price. Now when it comes to the rehab cost how could I come up with the funds? Can I ask the HML to roll the cost of rehab into the loan?

If so how does that go down? Does the HML give the acquisition cost to the seller and just cut me a check for the rehab or provide me with a line of credit? What does the process look like?

Also if you have any recommendations for HMLs in the Atlanta area who would you recommend?