All Forum Posts by: Donald Banks

Hey Frank,

Good to hear from you buddy. this is a great site and a fantastic way to network with people in the business. Thanks for the tip. I'll be in touch.

Don

Thanks Andrew

Thanks John,

I see your in the MHP market. That's where I'm hoping to "hang my hat" in the near future. I've been studying the market, the returns are incredible and I believe MHP's are an absolutely amazing investment vehicle.

Looking forward to getting to know you..

Don

@Hattie D,

Great advice, I'm taking it too heart because I missed out on a deal waiting for comps from a broker. Now I'm studying a market I really like and doing my own comps.

Do you have a system you use for your analysis? I'm looking for a quicker way then what I am doing now. Time is money...

Thanks for all the encouragement guys.  I`m really excited about all the info I've gotten already. This is really a great source for networking, education and building relationships. Now I don't feel like I'm in this all by myself...

Hey guys, let's forget the Guru's and talk real life. I just closed on a joint venture (JV) with a friend. I bought, rehabbed and sold a home in Chicago without using any of my money. I negotiated the deal, I got the contract, he provided the financing, and I managed the project.

Afterwards, we split the profits 50/50. The only money I spent was the earnest money deposit on the contract, and I got that from an investor, he got it back at closing. And my friend didn't use any of his money for the financing. (private money)

I needed him because he had what I didn't, contacts in the private money market.

I was taught that "Skin" can mean more than just money...

Hi Scott,

You are in a unique position. You have an asset most people don't, your credit score. 

Have you considered becoming a credit partner with an already established investor, or a new start up, (start-ups will give you more equity). Some people have the skills and deals already in place to make a good return with your help without any real risk to you. 

All you have to do is basically co-sign for their company credit and help them build their corporate credit profile while earning profits on deals along the way.

No money down deals are there, you simply have to have access to hard money, private investors or a combination of both. With your scores, your hard money options are great especially in combination with private money.

But be warned, this road is best traveled by those looking to buy, rehab and flip, as hard money lenders charge from 11% interest and up on a loan. You would qualify at the lower end of that scale, and get a quick close.

Don't let that rate scare you, a 20% profit on a flip is still all profit if you don't use any of your own money. 

My name is Donald Banks, I'm originally from Kankakee , but I am now a 20 year resident of Joliet, IL.

I am the owner and president of Ascension Commercial Properties Inc. Currently, we're investing in lease options and rehab/flips. I plan to move into manufactured home park ownership and operation in the near future as a long term investment. 

I look forward to networking with the BP community. I was referred to this group by one of my contractors, and as I learn from all of the successful, like minded individuals I've seen here so far, I hope to one day be an asset to this group as well.

Thanks,

Don