All Forum Posts by: Hunter Estess

I am partnering with 2 people on their first buy and hold property. I am a good bit more experienced in real estate, real estate investing, and construction than they are. I am partnering in an effort to 1) get their feet wet, 2) help teach/learn, 3) to make a small return. I found the deal and essentially am bringing the "found" equity to the table as my share and they are bringing the remaining cash. I am looking for a strong operating agreement that will help layout the roles, responsibilities, profit sharing, exit strategy, how to handle expenses, and so on. Does anyone already have an operating agreement that we could emulate and customize to fit our plan? Thanks in advance.

I have been contacted by JNB finance and they have pre approved a loan for us. I have tried to find something negative on them, but have not found anything. They did ask for the money for the appraisal up front. I would appreciate anyone's reference for this company.

What is a typical mortgage brokers fee for finding the lender? Do they ever have a declining % structure? I would think a small deal would not have the same % fee as a large deal.

Can y'all tell me what the typical amount of cash reserves are needed to keep for random capital expenditures? Is it based on gross rent? I know older Units will require more yearly maintenance. Is there a formula for this?

Can you lend in Louisiana?

We are looking for a JV partner or a Private Lender who would be willing to take 2nd position notes.

Deal::  3 properties in New Orleans, LA

1.)  21 unit apartment complex-  Valued at 1.4M

2.)  14 4-plexes(56 units)-  Valued at 2.7M

3.)  17 doubles(34 units)-  Valued at 1.2M

Total Property Value = $5,300,000

Total Contract Price = $4,000,000

Objective:  

To find either a JV partner or a Private Lender to finance properties. The seller is willing to Owner Finance with a down payment so the Private Lender could essentially just lend 25-35% and take a 2nd note to the Owner.

Does anyone know of a private lender that will finance new construction?

Is there a lender or program that will lend for new construction?

Is there a lender or program that will lend to a real estate business looking to use the lent money as down payments/cash reserves/closing costs?

Is there a lender or program that will lend to a real estate business looking to use the lent money as down payments/cash reserves/closing costs? Will SBA?