All Forum Posts by: Hugo Alves

@Alex Balish let’s connect; I live in Scotch Plains and support the surrounding areas.

@Alex Olson

We have considered raising private money but especially with everything happening, many individuals have had to pull cash in due to balances being called due on their lines of credits and such.

I am in Scotch Plains NJ - Union County

Fellow BP Members,

I need assistance. I have recently been offered a deal that I am having a hard time finding funding to complete it. Let me explain a little and I hope someone has a good solution to help me.

The property that was offered has the potential to be subdivided into 3 conforming lots, minor sub-divisions. There is currently a small ranch on the property, that is maybe worth $400,000; price of the property is $700,000. The seller is requesting that we close by the end of July; this is where my problem is. I typically use a hard money lender to get this done but, in this case, I will not have enough time to obtain the sub-division approvals before July. I’ve asked if the seller would hold a note, which they’ve declined. I’ve requested for an option agreement for a year, which was also declined. If I try to obtain a standard conventional mortgage, it won’t appraise for the value needed to purchase the property during the approval period.

Does anyone have a solution? We have roughly $150,000 in cash available.

Here’s the data behind the deal analysis:

Subdivide and build 3 new construction single family homes; numbers below include all 3 homes.

$700,000 Purchase

$900,000 Building Costs

2.2M Conservative Resale

Fellow BP Members,

I need assistance. I have recently been offered a deal that I am having a hard time finding funding to complete it. Let me explain a little and I hope someone has a good solution to help me.

The property that was offered has the potential to be subdivided into 3 conforming lots, minor sub-divisions. There is currently a small ranch on the property, that is maybe worth $400,000; price of the property is $700,000. The seller is requesting that we close by the end of July; this is where my problem is. I typically use a hard money lender to get this done but, in this case, I will not have enough time to obtain the sub-division approvals before July. I’ve asked if the seller would hold a note, which they’ve declined. I’ve requested for an option agreement for a year, which was also declined. If I try to obtain a standard conventional mortgage, it won’t appraise for the value needed to purchase the property during the approval period.

Does anyone have a solution? We have roughly $150,000 in cash available.

Here’s the data behind the deal analysis:

Subdivide and build 3 new construction single family homes; numbers below include all 3 homes.

$700,000 Purchase

$900,000 Building Costs

2.2M Conservative Resale

@Fili Aguirre

Doesn’t matter who buys it and where you get it from. Amazon or Home Depot, same thing. If your assistant buys it just make sure to pay them back and record it as a business expense.

@Dylan Vargas@Donyae Coleman

Great point Dylan. Donyae, if you go local, you could have a better chance of getting this done. I've seen it done with no issues here in NJ so it shouldn't be too much of a hurdle as long as the numbers make sense. Obviously, with everything going on now a days, the banks have become tighter in their requirements but still making it happen.

@Donyae Coleman

Go to the network tab and click on mortgage lenders, type in your criteria and reach out to one of those lenders. 

@Account Closed

You can pay how you see appropriate, that was just my way but everyone does it differently.

I would have them take a picture and send it to you as they put them up, plus when you mark them out on google maps, you'll have a good idea of how long the drive will take and then add a few minutes per stop. You'll have to monitor it if you don't know or trust the person but that's the only way I can think of. Having them send it to you right away, as they post them, you'll get a good idea of where they are and how much time was spent putting out the signs.

@Fili Aguirre

If you order in bulk I’ve seen some websites offer 100 signs for $83, plus you’ll have to buy the stand for it so $2 is reasonable. Just type bandit signs into google and you’ll find a few places. If you want to support a local business, I would either search them via google or call local sign shops.

I paid $5/hr and $2/per

I hired a neighborhood kid who was looking to make a little cash.

If you’re looking for an adult who may have lost their job during this time, I would pay them closer to $10/hr and $2/per sign to help them.

If you think about it, if you pay them $5/hr and they post 5 signs, they’re technically earning $15/hr so food for thought when you’re pitching to whoever is going to be doing it.

Hope that helps

@Fili Aguirre

Yes, that’s the easiest way