All Forum Posts by: Ian Walsh

Private and hard money are basically the same thing.  It's just about where they source their money.  Most banks pulled out of the space so most money is all privately sourced now anyways.  The approval letter is usually a front end broker believing it is a waste of time because they don't believe you have the ability to buy.  I usually do it for people in my market because it's good business.  It doesn't take long.  I do make sure the deal makes sense though. I don't approve on a borrower.  It is always deal driven first.

A property manager can make or break a rental property.  The right one is worth it especially when you get above 10 properties.  The wrong one will make 1 property feel like 100 .

I don't know the proper way to categorize owning a primary but it is not a great vehicle in most cases.  Tons of interest paid in the front end of an amortization schedule and you have to catch appreciation in a cycle to try to make it worth it.  There are better investment vehicles imo.

Do you know these markets block to block and what a good deal looks like?  Do you have solid contractors and property managers vetted in each market that you have interviewed and spent time with?  

I have been a real estate investor since 2008. I built a wholesaling company and then a property management company.  I sold the property management company and partnered with my current company Hard Money Bankers.  We are true private lenders and don't source money from banks.  I just closed 3 loans from origination to finish in 72 hours and figured people might be interested to know more.  I have done over 1000 transactions and managed over 3000 properties.  Feel free to ask away.

I would worry less about the agent's money and focus on getting the deal as low as possible.

Welcome.  Learn your market and learn to market.  Those are the 2 most important things that will serve you well for your entire career.

It adds a lot of layers and usually requires deep pockets to survive the team selection. The PM company is the most important part but I never saw an investor buy out of state that truly knew the market, what numbers to pay and then able to manage it profitably.  The added layers of 'team' mean hands in the pot.  Those hands have to be paid and in most markets cashflow can't afford those hands.  The goal for the average investor is 2% cashflow.  It is very hard to do that outside of warzones unless you are in that market every day and really know exactly what a deal in your farm area looks like.    I have managed over 3000 units and seen landlording attempted from every angle.  I am not bragging. I am just letting people know I have been around this.

Buying out of state or more than 30 minutes from your house adds an element of risk. It also adds a layer of moving pieces that you don't need to bring into the mix if you live near the property.