All Forum Posts by: Don Harris

@Kevin Howell congrats on finding your deal that's half the battle but one that a lot of dreamers never conquer but as mentioned above you should have found the money first. Good news is that if it is a good deal you will find the money since HML and private lenders are looking at the collateral primarily as the criteria . You may also consider a joint venture with another lender or investor. Since you have construction skills , you bring a valuable asset to the table. Half of a good deal is better than 100% of none , especially if you are building experience.

BP is great for making contacts but you need some local relationships. Have you done any rehab work for local investors? Start there. They know your quality and reliability. Go to you ur local REIA meetings and meet others in the business. You will find business for your construction company and potential partners , lenders and investors. Persevere.

@Jimmy Warr good news with a HML or private lender is that they are very interested in the collateral vs the borrower (borrower is important too) when considering underwriting the opportunity. If it's a killer deal , you will find money for the deal. If you are not able to negotiate a loan then you may offer to joint venture with an investor if you have the skills to get a rehab done. As @Curt Davis mentioned above, your best opportunity to make this happen is based on relationships that can be fostered at your local REIA. Good luck!

@Cheyenne Davis education costs. $2k is nothing to sneeze at but you will probably do it different next time. Network within BP or your local Reka for the names of contractors that others have used. Cheap is not always the least expensive. Thanks for sharing this but like @Wayne Brooks said don't let this stop you , press on. 

@Chad Hovermale Totally agree with @Dmitriy Fomichenko you can not personally benefit nor make use of the property (other than financial gain/loss). Nor can you manage. 

yep

@Chris T. that map is great, thanks for sharing. Don

welcome @Blake Merrell to BP. You will find this community informative and no bs. I would encourage you to look into the Indy CIREIA   http://www.cireia.org as a local resource as well. 

Best, Don

The terms you are proposing seem typical for what you describe. After you get several deals under your belt you may move to private lending or a combination of both. Sounds like a me you are tKing the steps to success. 

Best , Don

My former career was automotive and we used the ozone process to remove odors from vehicles. My experience there was to run the AC so the vents were neutralized too. (Otherwise smell would return when turned on).  I applied the same process to one of my houses so instead of moving the machine from room to room I turned the residential AC fan to "on" position and left it in front of the return side for several days. When you initially open a "zoned" property it can almost smell "too sanatized" but will balance out with fresh air within a day or so. 

I think Jon Holdman and Ben Leybovich have given you the best direction. Good luck!