All Forum Posts by: Jeff Richardson

@Clyde Jeffrey Foster I'm curious why you're interested in doing a Hard money loan for an extended period, myself and all of our borrowers only use Hard Money while rehabbing the property and refinance out typically within 2-3 months of owning the property.

@Toussaint Hill Please send me information on the DFW properties you have.

@Liz C. I have properties in Houston that I could list myself, but I feel like trying to get the applicants into the property and getting all the paperwork done once they decided to put in an application is not worth the trouble. I do however self manage after I have a tenant in place as I don't feel you get your money's worth to pay 8% every month when it's so easy to handle a good tenant.

@Jason Rich I second the Champions recommendation, however, if the cost is your concern you can do real estate express online. That can possibly be faster if you are good at being self motivated. 

@Treivor Cashion She has to be able to believe that it's the right thing for your family and that it works. You are probably currently surrounded by people who have either never owned real estate for investment purposes or were uneducated on how to run real estate as an investment. That means she has no one to look to and see success, and all she has is fears and questions that haven't been answered. My wife and I took a two day class together before we were married, and she went from thinking that real estate was a lot of work and problems to seeing that it was the most efficient vehicle to build wealth. After attending the class, we surrounded ourselves with other investors who had not only surpassed what our goals were, they surpassed what we thought was possible i.e. owning 8 apartment complexes and spending a few hours a month devoting time on them. My wife is now the biggest proponent for our growth. 

@Dustin Mathenia If you want to do rentals, I'd just do rentals. If you find properties under $200K out here that would make good money as a flip, you could just use Hard Money to purchase and rehab and immediately refinance into conventional to cashflow with very little money in the deal. 

@Treivor Cashion That plan is completely possible, my wife and I started purchasing SFR's about 4 years ago and after we purchase the next two properties in the next 2-3 months we will have enough cashflow to cover our monthly living expenses.

@Milind Shastri What's keeping you from doing the Denton deal? That's a very hot area for either rental or flip.

@Jason Coyle There are multiple ways to finance a BRRRR, I prefer to use a 75%ARV hard money loan for purchase and repairs, then a couple of weeks into the rehab, and I'm sure it'll be done in the following 2 weeks, I start the Rate/term refinance into an 80% LTV conventional loan and try to get out of the hard money before I make a single payment. This is a way to keep as little cash in the deal as possible and keep buying.

@John Park I'd check back with the agent and if they need more time, let it sit if it's a good deal and you can still close on it. If you can't close on it due to purchasing another property and being tapped on funds, you can assign it to a fellow investor that has the same criteria.