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All Forum Posts by: Deandre P.

Deandre P. has started 3 posts and replied 57 times.

Post: Any recommendations for a hard money lender

Deandre P.Posted
  • Real Estate Consultant
  • Houston, TX
  • Posts 63
  • Votes 32

Sure. So basically there first rule is that you can't have a property under contract and use there funding. From my initial conversation with them, they stated that they create an LLC for the property you are looking to fund which will hold the title of the property. I would then be placed as managing partner of the LLC. When the property is sold, the money would be made out to the LLC that is created, and as managing partner I would disburse the funds as needed, then the LLC would be dissolved. After finding a property, I was recently told (or re-informed) of this rule, but it may have been something I glanced over initially. In hindsight, my assumption is, being that they are creating the LLC, the contract would need to be under the LLC name, which to me is counter productive because you have to wait until the LLC is created, etc before submitting an offer, let alone getting an executed contract. In this current market, waiting is the last thing I want to do.

Post: Any recommendations for a hard money lender

Deandre P.Posted
  • Real Estate Consultant
  • Houston, TX
  • Posts 63
  • Votes 32

Thanks Jay.  I was in contact with them prior and was hesitant given some of the issues you noted before.  Also, they do not want you to have a contract on the property, which makes it difficult acting on deals. 

Post: Any recommendations for a hard money lender

Deandre P.Posted
  • Real Estate Consultant
  • Houston, TX
  • Posts 63
  • Votes 32

Can anyone recommend any good hard money lenders, who are willling to lend in central texas area.   Prefer a lender who can do 100% financing, if there is enough equity in the deal.

Thanks,

Post: Refinacing a free and clear property/Seasoning Requirements

Deandre P.Posted
  • Real Estate Consultant
  • Houston, TX
  • Posts 63
  • Votes 32

@P.J. Bremner Thanks for the reply.  I read through the thread and it looks like waiting 6 months will be my best option.

@Harjeet Bhatti Thank you for your reply.  None of the scenarios apply to my situation that would qualify me for the no waiting period.  I will have to toughen it out for six months, before I am able to refinance out of the personal loan.

Post: Refinacing a free and clear property/Seasoning Requirements

Deandre P.Posted
  • Real Estate Consultant
  • Houston, TX
  • Posts 63
  • Votes 32

Hello All,

Hoping someone may be able to provide some information.  I have a property that I am currently in the process of preparing. The deed was transffered to me a few weeks ago, it was a family property that was sitting vacant. The funds used to fix up the property came from a personal loan that I took out.  Originally, I was going to reifnace and take cash out to pay off the persoanl loan, however I have sopken to a few lenders and they mentioned I would need to be on the deed for 6 to 12 months before I could refinance.  I am needing to refiance this personal loan as soon as possible becuase the interest rate is fairly high.  Does anyone know any way around the six month seasoning requriement? Is this typical for all lenders? etc.  Any input would be greatly appreciated.

Post: First Direct Mail Campaign!!

Deandre P.Posted
  • Real Estate Consultant
  • Houston, TX
  • Posts 63
  • Votes 32

@Tyler Blackburn I am just starting out as well. With my current full time job, I am unable to go door to door and contact potential sellers so I have been researching about yellow letters/direct mail, as it seems to be the best way to get the phone ringing. Do you have any advice/ or pointers you can share on how you phrases the letters or a source that would be helpful when creating the letters.

Post: Marketing material for subject to's

Deandre P.Posted
  • Real Estate Consultant
  • Houston, TX
  • Posts 63
  • Votes 32

Hello,

I am looking to begin real estate investing and have been doing research on obtaining real estate via the Subject To method.  I have found a list of potential properties and was looking to begin a direct mail campaign.  Does anyone have any experience they can share in regards to direct mail? Also, any material of potential flyers, mailings, etc.  would help. 

Thanks,