All Forum Posts by: Eric Gamble

@Iris Ortiz did you think that 43 month later, what you might have thought would have a straight-forward answer, is still a lively debate?

Here is what I have summarized:

• Double Closings with Transactional Funding

OR

• Assignment Savvy Lawyers
  • with Clear Intent (an extremely large price difference between Seller and Investor could be misconstrued as fraud or non-disclosure) 
• • with Clear Communication Among All Parties (Seller -> YOU -> Investor) Seller must be made aware of and agree to the contract being passed to the Investor

I am not a lawyer and I am not providing any advice or guidance, legal or otherwise, with this post.

@Daniel Krantz great job! Your persistence has rewarded you. Would you mind sharing what type of funding you used? 

May you have many more successes like this, in the future.
-Eric

I have determined this opportunity to be UNPURSUABLE.  The ONLY reason this opportunity will not be pursued is because of the potential lack of appropriate property management. Though the numbers look good (even with a 10% property management fee built in). This property may not be successful because a "good" property may not want to management it due to the location, potential tenants, and the high probably the rent forecasted would need to be lowered.

Learning as I good,
-EMG

K.U.D.A.A.S. - A Framework for Understanding ( https://www.biggerpockets.com/blogs/11554/81121-a-... )

In an effort to become a meaningful contributor within the BP Community, I can share my knowledge of delivering educational content for college business students. To that end, I will typically post topics on learning and/or stories that demonstrate a skill or an opportunity for learning.

The above link connects to a BP Blog post that provides a concise model for building knowledge and a deep understanding.

Yours in success,
Eric G.

@Dave Meyer greetings! 

I wanted to pull you in on this thread because I recently watched your "Deal of the Day" video on the analysis of the Lewiston, ME 4-unit property, using the BP Rental calculator. 

The question is - How should we use the calculator as it pertains to including repair costs into a loan (i.e. to better understand a Hard Money loan)

Many thanks,
-Eric

@Fredrick Hock I have come to the same conclusion. I have been searching the forums for an answer. So, I think I will include @Mindy Jensen and @Brandon Turner on this discussion. Because I have not found an answer to our question.

Mindy & Brandon, many thanks for everything you are doing for the community! 

Now that I have run the various calculators a number of times and am using the BRRRR Calculator for a real deal, I have 2 questions:

• If repairs are being financed (HM / PM / Conventional) how should these be placed into the calculator?
• If the repair costs currently need to be included in the original loan amount, might a radio button be added to indicate if the repairs should be included in the loan?

Many thanks!

-Eric

@Mark McCormick just wondering... have you gotten an answer or found a work-around to this. I have come to the same conclusion you have (to add them into the original loan -- and note in the comments what the repair costs are)

@Dennis M. this project is being designed to use contractors. I can swing a hammer. However, it is not the best use of my time and ability. As for the question, "have I done a rehab." This will be my first solo. However, I have two mentors with portfolios of 100+ units that I see just about everyday. I will absolutely leverage their knowledge. 

Sincerely scared,
but moving forward, with guidance.
-Eric G.

@Spencer Cornelia I will use hard money. I'm still figuring out how to use the BP calculators properly.

@Dennis M. I appreciate your input.  Make 2019 your best year yet.  Happy Holidays!

-EMG