All Forum Posts by: Gregory Guillet

Does anyone know of a good management company in the New Haven area? I have been  managing my own, but might be ready to hire someone after my next purchase.  Thanks!

Good morning to all,

My name is Jennifer, and although I'm guilty of committing the first of the 7 deadly sins of Bigger Pockets (lurking without interacting), I'm ready to come out of my shell and take action.

Since the summer of 2013, I started attending various investment seminars out here in Las Vegas and watching webinars. I was recently talking to an old high school friend who I had no clue even had investments in real estate, and she told me about the advantages of investing in multi-unit properties, as opposed to single family homes. After talking with her, and realizing that someone who came from the same humble beginnings as I did has been successful, I've found the courage to do my first deal.

I've given myself a deadline of August 31, 2015 to get this accomplished, and have began looking into HML to help with financing my first acquisition. My question is, what is the average percentage rate I can expect to pay, including points, to fund a deal?

Thanks - Jennifer

I'm not new to investing but I am new to Jacksonville and BP.

Experience in Buy and hold and wholesaling, looking to start rehab/flipping in North Florida.

I also do property clean outs for realtors and investors so they can get them on the market quickly.

I would love to connect with investors that like to mentor.

Manfred

I just wanted to share in my excitement on another wholesale deal closed with my bigger pockets family. I recently closed on a wholesale transaction all by my lonesome. The reason I'm extremely excited about this deal is not because of the assignment fee I was awarded or the fact that I actually did every aspect of this deal by myself (oppose to doing a J.V.) But because of the help I was able to provide this particular homeowner. Which ultimately brings me gratification-knowing I’m helping individuals in need, who would otherwise be in a difficult situation.

The reason I love wholesaling is because generally individuals in financial difficulties have very little avenues to go about liquidating their hard assets. Often times the properties that distressed owners are selling aren't in habitable condition and most banks won't finance a loan on an uninhabitable property. Therefore the owner is reluctant to list the property with a realtor or is uncertain that it's not in a condition to post on the MLS. So the homeowner feels stuck between a rock and a hard place.

That’s when the art of wholesaling comes into play.

My last wholesale transaction was with me assigning my contract from an elderly man to an end buyer. This particular gentleman was a 74-year-old retired mechanic. He and his wife had just moved out of their three-story home to a much more comfortable and convenient senior citizen complex. The couple had contacted me through an infamous bandit sign and told me they were looking to sell their home. During our conversation about me viewing the property the gentleman “Mr. Brown” hinted to me that he would need transportation for him to show me the property, I agreed to pick him up as well as transport him back without a second thought.

After viewing the property and conversing with Mr. Brown, I detected that he was in serious need of some money and the home was in need of major repairs. The repairs included a leaky ceiling, mechanical and electrical upgrades. Selling his home of over 40 years was the only way he could get the finances he needed. I was able to make Mr. Brown an equitable offer, which he accepted.

I then began to work tirelessly on marketing this property, which was purchased 4 weeks later by a local investor. The beauty in this deal was 1) I was truly able to assist this homeowner with the finances he needed with genuine compassion and concern for his wellbeing and 2) the investor has acquired a property with great profit potential after rehab.

That my friends is why I love wholesaling, checkmate!!! 

Hi BP:

 Here's the deal, literally:

The four houses are in the suburbs of Chicago in primarily stable locations. My problem is that the deal seems skimpy for a wholesale so I thought buy and hold. My background in commercial made blanket loan seem like a perfect fit but I'm not sure where to look.

The properties are being bought w/deed from a tax sale buyer.

Price 19,500

30,000

32,000

and 20,000

for a total of 101,500

Two have renters paying 500 and 1100 to the tax buyer currently and I have two renters lined up for the other two. If I wholesale I'd be looking for 3000 for the two with renters and I'd keep the other two for the cashflow charging 750 each.

My estimation is that if the buyer wanted to they could put 15-20 into the rented ones and the ARV would be around 55-60. See too tight for fix/flip, but good for buy/hold strategists. Property values are in the 50-70 range for O/O

But if I keep all four, I'm getting a nice cashflow that can help me in my primary business at the moment.

The wholesale seems to only work for 2 of the four if I'm right but I'm new so I may be way off base. But I doubt it.

Hi everyone!

I just found this amazing community and I'm very excited to learn and network with everyone! I'm a real estate agent in Hudson county NJ. Just from reading a few blogs and listening to a couple podcasts I already have ideas for my first investment! Mindy Jensen has inspired me to consider a live-in flip and doing some work on my own when I never had considered it an option before. I look forward to more "ah-ha" moments for myself and also being able to share my knowledge of the market with others in this community as we all grow as real estate investors.  

I have been reading a bunch online trying to find a definitive answer to this question but haven't able to get complete clarity.

My question is regarding the legality of pooling investor (non-accredited) money for real estate. For example, a partner and I would handle the operational side, and the investors would receive a return based upon their contribution size.

Could anyone point me towards what regulations I need to be aware of for this setup? I have seen a lot of different answers so I am unsure.

Really appreciate any help!

Hi Jeff,

It sounds like we're in the same boat. I'm just starting out and also living in Hudson. I'm a little late with this reply. Did you find the attorneys, accountants, and lenders you're looking for? I have some ideas for lenders if you're still looking.

Mitch