All Forum Posts by: Greg Zimdahl

I am in the same boat at the moment my friend. 3 options I looking into myself are the following. Not sure If I would put them in this order but I will put them in order according to my current interest. I am sure arguments can be made for and against each.

1. 1. Equity partner with another investor say 50/50 split of the profits. I personally like this because I am working with an experienced investor. In this case they really bring a lot to the party. They bring the cash, experience, contacts, and knowledge. Another really nice benefit is the lack of personal debt. You are not borrowing the money from someone you are splitting the profits. I would make sure there is an agreement in place incase things do happen to go south for whatever reason. This method in my opinion is pretty much mentorship and cash for deals without any upfront financial cost. Like a wholesale deal get a property under contract and bring it to your partner. Local REIA if you have one is a great place to find such partners
2. 2. Seller financing. I am just learning about the possibilities here so someone else would be better to expound on this option but one example is "subject to" agreements. When you put the property under contract it is "subject to" the owners financing staying in place. This is interesting to me but seems difficult in that you would need to find another cash partner to fund the rehab. The problem I foresee is the cash for the rehab is not secured by the property. I admit I do not know all the in's and out's on seller financing but I think it might be good for you to do a little research. 
3. 3. Hard Money. Yes is it expensive but again you have someone with experience looking over your deal before you do it. There are resources here on BP to find hard money. Many people are turned off by the high cost but it does offer a little security in having the lender review your deal. If you look at it that way in the beginning it is just the cost of learning. Think of the hard money lender as a resources. I have heard a number of people recommend local hard money. I would assume someone might even come look at the property in person in such a case.

Hope this helps. I don't want to pretend I am an expert yet. Just trying to get out there and do it myself. So please take this with a grain of salt and do your own due diligence.

Sincerely,

Greg Zimdahl

Trinity Investment Alliance

Thank you Bryan for that. Very constructive.

Clifton, is what you're talking about called pooling? I heard that was big no no, because successive lenders would not be "secured" by the property.

Thanks guys that helps!

It seems to be apparent that it is ok to request money from a hard money lender. I don't want to make assumptions however. If it is ok to request money from a hard money lender, why? Why is this not considered a general solicitation?

Very ambitious team brand new to RE investing.  We are looking for local mentorship to get the ball rolling. If you can help us secure some wholesale deals we are more than willing to share the profit. We are looking to average 10K wholesale. To learn more about us, our goals, and business plan, please feel free to PM me.

We will do the foot work if you will guide us in the right direction.

Thanks

I posted an ad on Craig's list looking for properties. A lady contacted me about a property her aunt has been trying to sell for about a year. This property is outside of my area. I thought I would take the opportunity to pass some love on to someone in that area. 

The lady told me her aunt is having some mental trouble and has move out. The house needs work. I was not able to determine comps myself and I have not had an agent tell me comps. The lady thought the Realtor might be trying to scoop the property up for cheep as a rehab for themselves, though I don't know if there is any justification for such a thought?!?!? 

I don't believe I can help her so I thought I would pass this on. Hope it works for someone. Please PM and I will send you the details.

Not sure current value or ARV - Sorry :( Comps were kind of all over the place and I don't know the market there.

Duplex but has been used as a 1 bedroom house
new roof and new windows
Heavy Smoker (she thinks it needs to be gutted)
On the market for about a year
Asking price $59,000
Vacant

I am currently trying to build a buyers list. We are looking to wholesale around the milwaukee area. Please PM me details.

Thanks,

Greg Zimdahl

Josh, It's the guys with the passion that was looking for the design position. :)  I can't express enough my excitement with BP and RE investment in general. I am just watching Brandon right now on the live webinar on finding private money!!! Love you guys!!!! Seriously!!!! He had said something to the effect that the purpose of BP is to help change peoples lives so they can in return change other peoples lives. 

My life is being changed, not 100% because of BP but you are indeed a part! So glad to be part of the community!!!

Anyway, I would really like to support the site and I thought an affiliate program would be mutually beneficial and found this post. 

Just wanted to chime in and say I am also interested in a AFF program!!!!

Thanks so much for everything!!!! Keep up the work, your'e all doing great!!!!

Sincerely, 

Greg Zimdahl