All Forum Posts by: Eric James

I am completing construction of the final 2 apartments of a 12 unit complex. Looking for a lender to do a long term cash out refinance. Looking for suggestions for possible lenders on this size development. Thanks.

Hey Eric, there are plenty of great options out there on BP. Would the property be 100% leased? How long ago did you purchase the land/building? Was this a GUC project to start?

Land was vacant when I purchased. 5 apartments were completed and rented a year ago. Another 5 were recently completed and rented. Am under construction of the last 2 apartments.

0 Votes

Tyler, Texas

1 Vote

Tyler, Texas

Quote from @Cody Journell:

@Eric James this is where I'm focusing my efforts too. Here in VA there are a lot of very deep value or abandoned multifamily buildings. Seems like they're too big for the average joe to deal with and too small for the big boys. Still great equity and cash flow!

Abandoned multifamily....wow. That would be great to find.

1 Vote

Dallas, Texas

Quote from @Chris Williams:

Quote from @Jay Hinrichs:

Quote from @Chris Williams:

Quote from @Jay Hinrichs:

Quote from @Chris Williams:

Quote from @Jay Hinrichs:

That you can make a ton of money with no money and by wholesaling total myth.

Yes I fell into this trap. Gurus make a great living on selling and cashing out on pipe dreams that newer investors have. I am glad that I am starting to actually look to operate an actual business since I am focused on saving up start up capital.

Gurus are just following their fulfillment companies play book its all based in MLM from decades past same presentations same tugging at heartstrings exact same terminologies etc.

Glad I am able to get out of the trap. I have friends who are still stuck in the guru trap and swear by it. Maybe God can help them, but I give up lol

its like any of these deals about 10% of folks that pay gurus actually do venture out and succeed. With wholesalers on their own with or without guru training I would say maybe 2 or 3 out of 100 actually build a sustainable bizz.. I mean I close a ton of deals with little assignment fees on them little daisy chains 2k to this guy 1500 to this one etc. But hey its money whether its a living is another matter

For the future I am switching to the buy it off the market and put it on the MLS with a realtor method. That seems to be the least confusing way to do things. Also when you put things on the MLS you make more money. There is no "business partners" who need to come into the property. There is no "what is this on the HUD". I can't retire on these small assignments. I can retire actually in 100 years with daisy chain deals haha. The new regulations will make my offers even more competitive. I can pay more than a wholesaler, high EMD, and close sooner. I could even make the EMD nonrefundable if I am feeling bold. There is no 30 day close with a 21 day inspection period haha

If you're going to do that become an agent yourself so you can list your own properties.

0 Votes

Yes, that's what I've heard. The costs and pollution from gas powered vehicles are high after production. With EVs those are high during production of the vehicles.

0 Votes

Raleigh, North Carolina

Metric that matters to me is net worth.

5 Votes

I invest in small multifamily as the sole owner. Am currently completing a 12 unit development. Would like the subsequent to be 20 some units.

0 Votes

Dallas, Texas

Quote from @Jay Hinrichs:

Quote from @Account Closed:

99% of home buyers in the US don't have a cash to purchase a home they will be living in (they loan that money from the bank, who truly buys and owns that house while they keep a Deed of Trust, which they use to kick so called "home owner" out of the house once borrower defaults). Ergo, all home buyers are liars? Oh, they let builder or seller know that they are financing (having someone else pay for the house). But under MD law wholesalers will be subject to the same disclosure come October 1st. But they are still liars and will always be liars. We get. Some people just hate wholesalers no matter what they do. They are not Boeing CEO's after all. LOL

Eric again your not correct.. over 30% of all homes in the US are owned free and clear.

Let me count just how many homes in my new build community in the last 6 months sold for cash

lots 85 86 87 88 all cash each one 850k Lot 71 800k all cash lot 83 799k all cash lot 67 and 68 830k all cash each.. lot 39 650k cash lot 36 650k cash.. And then I have about 10 others priced from 700k to 900k that sold with loans but some very small like only 10 to 20% LTV.. my 900k actually was VA with minimum down.. And I am just one developer builder..

Just curious....did those cash buyers have a contingency to sell their current home? Or did they just have the funds in the bank to cut a check?

1 Vote

To me the interest rates are a minor issue. The main issue is that we are way overdue for a correction in the real estate market cycle. And unemployment is starting to tick up.

7 Votes

Tampa, Florida

Tell her to register her name on the "do not mail list". lol

2 Votes

Long Beach, California

All Forum Posts by: Eric James

Eric James has started 22 posts and replied 2192 times.

Post: Long term financing for 12 unit complex

Post: Long term financing for 12 unit complex

Post: Who here invests as an LP in ground up multifamily construction deals?

Post: Real Estate Myths

Post: If you think gas prices are high now, just wait until you're forced to drive an EV

Post: Door count is a terrible metric. Please stop using it.

Post: Who here invests as an LP in ground up multifamily construction deals?

Post: 5 Tips To Create A Real Wholesaling Business And Not a Chop Shop

Post: Buy in a buyers market or wait for interest rates to go down and prices to go up?

Post: Tone of Distressed Letters? Cease and Desist?