All Forum Posts by: Doug Bryant

Originally posted by @Juan Jackson:

@Doug Bryant check with @Kweillin Gordon

Done and done. Thank you.

Good morning. I have an investor ready to work here in GA in the Atlanta market but he doesn't want to spend his own money. He would prefer to go through a lender. Will you all please tell me what lenders you have used and prefer? 

Thanx. 

Originally posted by @Tony Wooldridge:

@Doug Bryant, if you don't mind me asking do you have a W2 JOB? If so is it the type of work that allows you time off or to transfer to another state/town within the company? Clearly, I have no clue where your family friend lives, a town over, out of the state, out of the country? I am just trying to help think outside the box as sometimes that is all it takes is looking at your situation through someone else's eyes/perspective. The main thing regardless if you are able to put together anything to eventually hook up with your investor friend always work on doing something towards advancing your REI business on a daily basis as this will help keep you motivated. I might look into going to a local BP meet up or your local REIA to expose yourself to other investors for at the very least to surround yourself with like minded people and who knows maybe you find someone local who takes a liken to you in place of your out of town friend. But remember always, always add value to whom ever takes a chance on teaching you the business. That can be hard as it will look extremely different for each individual and their circumstances. I hope this finds you well and certainly wish you nothing but the best of luck in your future REI ventures.

 @Tony Woolridge, he's currently building a development in SC. I live in Decatur, GA. My day job work schedule is hell. The commute is what makes it worst (45 minutes with no Atlanta traffic). I'm gone at 730a. Back home by 8p. Off days are Sunday and Monday. I plan to head out to SC every chance I get, which will likely be quite a few Mondays. I'm going to work this out. My girls are my number 1 motivation. The lifestyle I want to live is second. My enthusiasm for BMWs is my last (frikkin love those cars). Finding investor meet ups is my list of things to do. I'm hoping they fall within my work schedule and I can catch them in the evenings. 

This is one of those "good news, bad news" stories. I presented my case to a family friend that happens to be an investor. My lack of knowledge apparently tugged on his pity strings. Lol. *this is the good news part* Not only is he ready to make deals with me, he's taking me under his wing to mentor me.

Now the bad news

He works out of state and does not deal in Atlanta real estate unless it's one of those once in a life time opportunities that would drive you suicidal if you were to pass it by. That means everything he does for me, education wise, will have to be from a distance. I can't shadow. Can't sit in on deals. No hands on. 

Either way, I'm appreciative. Gotta start somewhere. I feel like a little kid (the nerd of the class excited about school) going to school for the first! 

Originally posted by @Owen Dashner:

You could possibly do a HELOC on your own property, then use the LOC to acquire your first deal. Not enough info provided yet to give very specific advice though.

 Either way, it's appreciated, @Owen D.

Originally posted by @Alex Deacon:

@Doug Bryant I would have to agree with @Ryan Murdock. Your investor IQ should be much higher before you start leveraging yourself so deep. Plus chances are you will not find a reputable lender that will front the money without some collateral.

 @Alex Deacon, what about my own property? Do any lenders allow you to put your own property up as collateral?

I've been looking around for lenders trying to further my education on everything before I start working on my first deal and I see lenders typically finance only 70 to 90% of the ARV. Are there any companies that will do 100% financing...besides a company that requires you pay them $3000 up front? My last business nearly drained my assets and I simply don't have that. Also looking for investors (not asking for any at this point so please don't delete my post) to help with that 10 to 30% if I can't find 100% financing.

Thanx in advance.

I got my answer about DHM today. I had a conference call scheduled for this evening at 6p. Never got that call. that's enough for me. There are too many good companies out here to have to deal with, really, any negative aspects.

Originally posted by @Jeff Dimock:

@Doug Bryant - welcome and congrats on getting started!  I suggest you look at lots of deals and run lots of numbers before jumping too quickly to buy the first one.  Looking at dozens or even hundreds of potentials will help build your knowledge of good and bad areas, deals, etc.

Thank you, @Jeff Dimock. I feel like it has been hundreds already although it's only about 10. I'm trying to fill my Monday afternoon with viewings doing exactly what you said. But, to not waste anyone's time considering I'm not ready to actually make a deal, I'm going with a real estate friend of mine.