All Forum Posts by: Erik Garland

Am I missing something? I've got North of 150k in sfh's with my LLC. I want to get a business loan, 5 year term, 15yr amortized, around 7% APR: rougly 70k loan. LTV would be 70%. I WANT TO DO A FLIP!! 5 years studying.. I feel prepared. In the event I don't pull the trigger ..I just pay the loan back...RIGHT?? possibly eat some holding costs.

Side note. I met with a financial broker recently.  Suggested I might apply for multiple credit cards at once, through him..at 7-9% acquisition cost (woaaaa) of total credit requested.  When credit cards come, I would pull cash off the cards, at 0%apr, 0% cash advance, 24 mths.  Sounds plausible.  This a big NO NO??

Thanks  @Russell Brazil

Hello BP.  Faxes...some utility services still use it.   Therefore, I would like to have a web based fax account.  Costs are pretty high for HIPAA compliant ones...considering I may need to fax on average once every 3 months.  

Anyone know if we NEED this as landlords.  Or do you use a regular fax lines and take diligence to black out SS number and any health information??

hmmmm...guess I might learn something in this thread...the padded underlayment I always use has a flap of plastic that overlaps with adhesive to the next strip of underlayment (approx 2 inches or so)....maybe not a PERFECT seal, but surely the contractors see this as sufficient.  My trouble has only really been tenants that mop really wet and let water stand.  Of course...I generally get the low cost stuff from Lowes.....SOOO........

I'm not sure...but welcome to real estate!  I spoke with a police officer the other week whom I suggested could get involved with real estate via bird dogging, as he is always "on the beat"/streets. 

Based on what I've heard and read, your answers may be based on your area.  Some areas may already be saturated with wholesalers and bandit signs...and if they have taken the passive approach via mailers and signs, then you could certainly shake things up by knocking on doors.  

Maybe a quick self assessment may be useful

1)  Do you know other investors/wholesalers that you trust to help you 

2)  Do you know what to look for in bird dogging 

3)   Do you have capital to assist with whole sale deals

4)  Do you have access to funds which may be needed for deals

5)  Are you okay with taking financial risks?  How much

6)  What is your why... for the $5000?  Everybody wants money...the why is going to get you there?

I believe anybody as motivated as you sound, can do either.  I encourage you to sit down the forums for starters...for a week, and read and learn.  Buy a book or two, read and learn.  Grab an investor who has shaken the fear off....AND GET TO IT!!

GOOD LUCK

@Alex Knights Disturbing...a picture will provide certain objective/subjective data points.  # family members, race, cleanliness, tidiness, possibly current residence (if photo taken at residents home), sense of socioeconomic status (lower classes less likely to pay for really nice pictures), hygiene.   Could be a useful tool....not likely illegal....could make a bad situation worse if someone feels/can prove they were discriminated against.  Sorry man.  Real discrimination is terrible, I guess reverse discrimination is too.  There are certainly 'very bad people on both sides.'

Hehe...thanks for the prompt response Jeff... I agree with everything you said. 

Hello BP nation...I recently went to a "free seminar" on wholesaling.  The speaker said there are new laws...particularly in NC where any communication to a tenant about rent monies must be prefaced with an indication that the contact is in regards to collecting monies.  

Has anyone heard this?

I couldn't find any information through web searches.

I generally will spend 3-5k in materials for my small rehabs.  Lowes gets it all.  Employees generally know something about their department.  I find folks at HD just have a job and are generally not contractor sensitive....they will walk right by you while you're clearly looking for something.  I have recently found that HD has some lower prices,  but the selection is not as great, so I have to come back to Lowes anyway. Time is money. One stop shop BABY!!

oops...this should be in the North Carolina forum