All Forum Posts by: Gary Swift

Would really love to hear the feedback for some of the buy-in software packages such as "Deal-Dog", Pin-Point" funding, Invisible BAnk and other peddled "this will change your life' software. There are so many high pressure solicitations, lectures, special offers, guru training and so much more eagerly lurking out there with the sole intent of separating us from our $$.

1 Vote

I had signed up earlier in the year with CI. I entered my info looking for investor funding and was hit up with a barrage in scam emails and offers. Every single one of the offers was a scam and all ultimately came down to an upfront payment of several hundreds to thousands of dollars. My heart breaks for those who have not done their due diligence regarding verifying their "so-called" lenders and have lost their hard-earned funds. Keep in mind though that even established and legit lenders can charge exorbitant interest fees, interest rates, point and/ or even profit splits. I myself is still looking for a good lender with balanced rates and fair fees.

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@ Amy E

Thanks for the advice. The first two are all cash. Will probably try to squeeze out two more all cash then turn to financing.

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@Scott Schuetzundefined

Thank you. I am leaning that way.

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Wow! Nice. Great job. Inspiring

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I am brand new to Real Estate Investing. I honestly believe i've found what i've been looking for my whole life. I due to close this week on my first 3bdrm sf investment property and is working thru my 2nd 3bdrm investment. My goal is to have about 5 rental by end-of-year with the possibilities of getting a minimun of another five next year. My biggest concern is starting right. My focus is primarily income and growth and I plan on doing this for the foreseeable future. Should I form a LLC and start everything related thru it or should I aquire a few properties first keeping it "ordinary"? What is the best way to start from 1? (Well zero--aint close yet)

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Originally posted by @John Cohen:

Hey BP!

Just wanted to tell everyone about the first syndication I closed. Yesterday July 31st, I closed on a 48 unit multifamily in Columbus, OH.

Purchase Price: $1,115,000

Occupancy: 75%

Down Units: 6

Light Turns: 6

6 - 1 Beds, 34 - 2 Beds, 8 - 3 Bed

Getting $500 for 1's and 600 for 2's (with a $30 dollar water bill back) and $700 for 3's (with a $40 water bill back)

Renovation is going to start on Tuesday and I am excited for the project. It was an off market deal, and worked very closely with the seller to get the deal done. It was a long closing period for many reasons. Some hiccups along the way were, after contract was signed the seller did not send any diligence documents for 21 days. Seller required us use his title company (HUGE MISTAKE) and they were horrible, at the last minute the bank was so frustrated with them they changed the title company. The lender keep throwing last minute requirements at us and my insurance guy flaked out last minute. Thanks to BiggerPockets I was able to find an insurance guy really quick.

My financing on the property was 5.25%, 6 year term, 25 year amortization, and 75% LTV. I needed to raise about $580,000 for purchase price and renovation. I can say this was a fun process and I look forward to the 2 new projects I have under contract right now.

Congrats. Wow! As a tenderfood trying to get my first rental done this is awesome to see deals like this getting done. It shows possibilities-- great possibilities. There is so much to learn on this forum.

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All Forum Posts by: Gary Swift

Gary Swift has started 1 posts and replied 7 times.

Post: Connected Investors Largest REI Scam on the Internet

Post: Connected Investors Largest REI Scam on the Internet

Post: LLC or personal? Where should I start?

Post: LLC or personal? Where should I start?

Post: My first flip at 26, a woman, ZERO construction skills.

Post: LLC or personal? Where should I start?

Post: Closed on a 48 Unit Multifamily - First Syndication