All Forum Posts by: Davis Stoner

Does anyone use a good third party cold calling service? The market I would like to call on is in Pennsylvania and I plan on buying the properties with a partner. 

I would not be wholesaling.

Thank you in advance.

Hi all,

So I just closed on my first deal and things are going great. The market is good, and I would like to keep the momentum going. BUT, I am low on cash.

I am very interested in JVing and using OPM to fund deals. But I’m not sure what the breakdowns would look like. Would anyone be willing to share how they split it up?

If an investor brings 100% of the down payment how do you split up the cash flow? Deciding when to sell? If there are rehab costs involved? Etc.

Thank you all for sharing!

Davis

@Jason Shackleton Thanks. Thinking of taking out a credit card and financing that way. Can probably get a promo 12 month 0% apr card. Is that what you’re referring to, “credit card stacking?”

@Brendan Miller Thanks Brendan. Unfortunately this is my only property. I’m going to explore other lines of credit.

I recently purchased a small multi family property. 2 units were turn key and they are rented. 1 unit I am funding the rehab for and that is almost done.

But there is a separate building with 2 unfinished 1Bd 1Ba apartments. My estimate is that it will take between 50-75k to get them both rent ready. 

I wanted to see what everyone's thoughts were on financing the rehab? I do not have enough cash to fund everything, and I don't think there have enough equity in the home to take some money from there. Hard money is definitely an option but does anyone have any other possibilities to explore? 

@Don Konipol

Thanks for taking the time to respond. I don’t think you answered the question directly, but I appreciate the advice.

Question for you- If you were young, didn’t have a lot of capital how would you go about buying your next property? I am low on cash because I just purchased first multi family, but I don’t want to wait around another year until I have enough for the next 20% down payment.

My plan is to find properties for a good price and use the BRRR strategy with hard money. If I have enough deals coming my way I would off load them to other investors. Let me know your thoughts on that plan.

@Bryant Brislin thank you for explaining this to me!

Hello all,

This may be a dumb question but I wanted to check with some people who may have more experience-

When sending direct mail letters am I allowed to advertise myself as a cash buyer? Even though I will be using hard money to purchase the property or assigning the contract to a cash buyer?

I know wholesalers get a bad rep sometimes so I am trying to do it by the book! Thanks in advance.

@Cason Acor Thank you for the input! 

I am an investor from north NJ, and recently purchased my first deal in NE PA (currently 3 units, soon to be 5). So far things have been going great and I am now looking to expand and scale.

I have a mutual friend who owns an apartment building with a strip mall next to it. This would be an off market deal and he said he is willing to owner finance if I can come up with a 20% down payment. The problem is I am low on cash from my first deal

Recently I have shifted my interest from residential to commercial, because I heard if the #'s make sense, then financing comes easier. I was wondering if anyone has heard of lenders giving loans for just the down payment? Or are my only options either a hard money loan or a JV with another investor?

20% of the purchase price is 800k, which would take me years to save up for. So before I have a serious meeting with him and really dive into the #'s, I want to know what options are available to come up with a down payment. Thank you all for reading!