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All Forum Posts by: Greg Moran

Greg Moran has started 36 posts and replied 132 times.

Post: Occupancy Requirements for IRRRL

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60

@Renzo D. Typically, VA loans and the VAIRRRL are for borrowers to buy/refinance their primary residence. I also just went through the IRRRL process for mine and I plan to continue living there. You may run into trouble if you are trying to use your VA loan to purchase rental properties.

Post: Creative structures for Private money loans

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60

@David de Luna How big is a "little" nudge? I was thinking like "1 point per month paid off early"

Post: Creative structures for Private money loans

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60

I have a borrower who usually asks for 10 month Private money loan terms but always finishes his rehab projects early. I don't mind the early payout, but it is difficult to plan on keeping this money in play when it comes back sooner than expected. Does anyone know of creative ways to encourage borrowers to accurately estimate, then stick to, their borrowing terms?

Post: New guy in the Washington DC / Frederick MD area looking for help

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60

@Martin Smith do you know Dr Joe Asamoah? He's here in the DC area and has a joint venture (mentoring) group getting started on Saturday. You might be interested in the position, hands-on experience he offers. Good luck with your new adventure!

Insta: https://instagram.com/drjoeasamoah?igshid=pclia132mfaw

Website: https://joeasamoah.com/

Post: Starting Private Money Deal #3

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60

Investment Info:

Single-family residence private money loan investment in Roanoke.

Purchase price: $66,000

(02/14/20) Private money deal #3. Another single family residential (SFR) property bought by my rehabber, Jack, at a courthouse steps foreclosure auction for $64k. Current tax assessed value of $107k with a conservative ARV of $115k. Hopefully I can use the funds from the closing of deal #2.

What made you interested in investing in this type of deal?

Continuing the relationship with my current rehabber, Jack. Also, this is a Very passive strategy, which is good while I am still finishing my active duty military commitment.

How did you find this deal and how did you negotiate it?

Jack did the legwork, and we used the same terms as last time.

How did you finance this deal?

Using funds in my self-directed Roth IRA

Post: Private or Hard Money Lender? Best way to flip

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60
Originally posted by @Steven Andrews:

So, I have been in residential construction for over 20 years and in real estate for 7 years. I am really wanting to get into flipping due to my experience on both sides.   Who are the best lenders to use? Hard money or private money. Also, how do I find the private money lender? 

I spoke with a hard money lender & rates were ok , but they wanted me to have pretty much the same amount of money available that I was needing.  If I had the money I wouldn't need their money. Any ideas and am I going about this the correct way.  

Another question, if I am looking at a 100k buy with 20 I in repairs and ARV is 140k. How much out of my own money will I need to make this deal happen if any? Obviously, I would like to NOT come out of my own pocket if possible.

Howdy @Steven,
There are literally thousands of private money lenders out there. Even I am have one Private money deal in my REI portfolio! I'd recommend finding investors for your deals the same way you find good deals for yourself. You need to run the numbers, and have a way to present that information to potential investors... The BiggerPockets calculators are a great tool for that because the output looks professional, and can be easily added to a packet of materials for potential investors. Once you found a great deal, it's about "packaging" and salesmanship. The places I went for instructions about packaging deals for investors is:

  • Matt Faircloth's live BP webinar (and his book: Raising Private Capital)
  • Pine Financial Group online webinar by Justin Cooper
  • Than Merril's Fortune Builders weekend workshop

Good luck finding your deal!

Post: DC - Strong Market, Ad Response Minimal -- What's going on?

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60

@Aaron Hirsch I just had my basement in-law suite turn over and was actually surprised how quickly it went. I had a hard time renting it a year ago, similar to what everyone on this thread described... and expected the same experience at the end of the current 12 Mon lease (through 31 Jan 2020). I was pleasantly surprised at the current tenant's flexibility to show the place while it was occupied, and I actually had it rented out before her lease ran out. I feel really lucky!

Post: Looking for a strong CPA

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60

Howdy Basit,

I'd love to reach out to multiple folks, that's a great idea. which forum are you referring to?

Post: Primary Residence Washington, DC House Hack

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60

Got it, thanks @Cassidy Burns

Post: Primary Residence Washington, DC House Hack

Greg Moran
Pro Member
Posted
  • Investor
  • Washington, DC
  • Posts 136
  • Votes 60

@Cassidy Burns do you have a recommendation for a good HELOC company? I'm looking to do the same and neither my mortgage company or the broker I used offers them.

When you enter your deal details there 2 buttons: one says "Save" and the other says "Save and Post" if you wanted to share with the community... Thanks for sharing!