All Forum Posts by: Daniel Harnsberger

Having an issue that I'm hoping someone has an answer to, as I've been unsuccessful thus far in finding the answer myself. I have a goal of turning several of the vacant, dilapidated properties in my neighborhood. Most of them are two bedroom homes- that when fixed up- will appraise in the high $80ks, ones with more square footage in the low $90ks. I have private money in place, but I can't find lenders that will refinance/lend at those lower price points for one individual property. 

One deal I have in place is the seller (who lives 2 hours away) owes $9k on the original lien, but the home needs $23k in work. I have a private money lender who will pay off the existing loan plus provide the funds for the renovation. We want to then refinance, but not pull all the cash that we could and have a note for $50k to maximize the cashflow, as we would be doing a 50/50 split of the profits. Does anyone know a lender who will work with us on this for a relatively normal interest rate?

@Antonio Robinson- I recommend Richmond Mortgage. They are out by Willow Lawn and are operated by Mike Krumbein. I think the forum rules forbid me from posting their number.

@Joseph LeBron, shoot me a message. I know a local lender who has a product that would probably work with you given what you described.

@Jimmie Darden- I am an investor and licensed agent in Richmond, VA. I know you are eager to do your first deal, but I highly advocate focusing on one strategy and continuing to be a patient until you find one where the numbers work. It sounds like you are looking for a flip- so stick with the 70% rule.

$25k is a good reserve and more than most people can say they have tucked away. I would keep that set aside for interest only payments to a hard money or private money lender. If you have questions about the Richmond market, please don't hesitate to contact me. I've helped new investors find their first deal before and also work with experienced investors who are killing it.

Can anyone recommend a good realtor who services Goldsboro, NC and understands ROI for rentals? Any recommended property management services out that way?

For Richmond I really recommend @Sean Tluchak. A lot of the investors in the area utilize his services.

I am looking for a bookkeeper for my property management business who is very familiar with Buildium and preferably someone in the Richmond, Virginia market.

Hi, @Chase Gu. This PM sent you a DM the other day. 

Thank you, @Linda S. :)

We all have our own journey, my friend. I recommend you learn as much as you can through research and, most importantly, action! Don't rely on anyone else to grow with you until you start building a team.

I second @Ned Rennolds. Greg and @Brian Rhodes are legit.