All Forum Posts by: David Whitaker

I'm looking to take down a number of foreclosures this year. I'm wondering if it's more practical to try to raise private money from friends, family, etc. or try to partner with other investors? If partnering, are there specific terms/formats that make the most sense? 

Alternatively, are there any types of lenders (hard money, other) that would fund these types of acquisitions?

@Jillian Sidoti your Youtube video is excellent. There is are a couple of key areas that I am still trying to get clarity on:

1. Is there a special type of contingency contract that is done with the seller to allow for time to raise funds?

2. Are you typically paying back investors as soon as the deal is complete (closing), or is there some grace period til stabilization?

3. Related, what are the pros & cons of sourcing investments for a fund where you expect to do multiple deals vs a single property deal?

BTW, I'm a big fan of Oren Klaff!

@Shera Gregory Great feedback. Thank you!

@Axel Ragnarsson can you share any add'l insights on private money lenders? Even as a new investor, I recognize the need to have a network of private money I can access for more/larger deals, but a) I have to identify them and get on their radar, b) i have to convince them that I can execute without a track record, c) I have to get some level of commitment before I have a deal in hand. Any tips?

@Shera Gregory thanks for sharing. It makes perfect sense that there be some negotiables and non-negotiables once we get to the table, but let's take two steps back: 

1. how would you expect a NEW investor to solicit you for funding in the first place? Introduction from mutual contact? Cold-email with summary deal details? Other?

2. Assuming you do make contact, what are you expecting to see in the first call/meeting? An experienced investor would have a portfolio, but a new investor (like me) wouldn't have anything except the potential of the current prospective deal. Would that be enough? What else should I be prepared to present?

@Account Closed so who are you working with?

I'm in the same boat - though I don't have a prospective deal yet. Definitely want to build a team, etc. so my ducks are in a row when a deal arises. Good feedback @Account Closed!

Hi all, I'm just getting started investing in the Philly area, focusing on multi-family rentals. Any tips/recommendations? Thanks in advance!