All Forum Posts by: Donald Torrence

Yes, this will be held. I am looking for a 12-month loan so that I can refi and pull cash out once the rehab is done.

Good day to all of my lenders. I am looking for someone that can do a refi on a 5-unit building in Gary Indiana. There is one tenant left in the property but they are moving out. I bought the property in April of this year. There is a first for $110K that would need to be paid off. It needs $170K in rehab. The property has an ARV of $540K. I have started rehabbing so far I am $40K into the project.

If you think this is a deal you can do please reach out and I will give you more details.

Wren thanks for responding. Yes, the seller is willing to subordinate his position. I even asked if it can just be a personal loan and not against the property. He also said yes to that. It is a 107 unit park. The property has been poorly maintained with an out of state owner. The management company is really bad and the rents are low for the area. The purchase price would be $1,250MM for a 5-year term.

Thanks, Rachel, I will do that.

I have an excellent track record with deals I have a completed. I brake down some of the deals I have done in my book The Hiden Entrepreneur Within Me that for sell on Amazon. It just sometimes gets under my skin when a lender who doesn't know what they are talking about gives an investor bad advice because they don't know.

As far as partners, I've had partners in the past and sometime you may think you are a good fit to work with someone then the honeymoon is over and you find out the truth about that partner. So my past partnerships have kept me away from ever doing them again. I know I may be missing the boat but I have not run into that right person. What's sad about that is I sometimes speak to new investors at meetups and some come up to me and ask can they take me to lunch. I always turn down the lunch but give them half an hour of my time.

Thank you guys for your input. I have done owner finance deals on single families and smaller apartment buildings. However, there are two companies that would allow sellers to hold a note for 25% but it cannot be recorded against the property. The 2 deals that I'm working on now the sellers want a lien on the properties. 

Hey BP,

I have a question. Is there any lender that would fund a deal with the seller holding a second for 25% on an MHP purchase or a portfolio of houses making the deal 100% finance? I am in Indiana where the properties are located and most of the lender that I would normally use do not allow seller seconds. How can you grow if you don't do creative deals? It is a low amount of lenders that understand what an investor is doing with creative real estate.

Hey BP,

I have a question. Is there any lender that would fund a deal with the seller holding a second for 25% on an MHP purchase or a portfolio of houses making the deal 100% finance? I am in Indiana where the properties are located and most of the lender that I would normally use do not allow seller seconds. How can you grow if you don't do creative deals? It is a low amount of lenders that understand what an investor is doing with creative real estate. 

Hey Justin, 

It is to say that I have not taking on any partnerships in years. I partnered with the wrong people that did not bring any value to the real estate investing I was doing in 1995. Sad to say things went wrong and the partnership broke up our friendship of 20 plus years. I would say to any one who what 
to do a partnership make sure they can add value to your goals. You must have I believe the same kind mindset. This business can be hard and stressfull and make a person want to quit.  

I'm in Northwest Indiana and my insurance is going up for no reason that my agent can give to me but every year started last year my insurance will be increasing with no claims. Do anyone have an agent in northwest Indiana and can write coverage for Chicago.