All Forum Posts by: Amit P.

@Michael Cook I was there too but got there a little late and had to leave early too. Planning to be at the next one, maybe see you there!

@Vincent Finn there's a monthly meet up usually on the 4th Thursday of each month in downtown. I'd recommend that as a place to network if you can make it. Check it out under the events section. @Kelly Rastatter graciously makes these events happen!

@Jeremiah Russell to echo what @Jeffrey Holst I would be sure to spend time networking ASAP.  With time and a little effort you'll make some great connections and learn a lot of things.  You said you will be promoted in 27 months?  That seems like quite a while away.  A 60 hour work week is definitely tough with the goals that you have.  Are you able to find other work which you can do within 40 hours (to free up time)?  I suspect if you get prompted while the money may increase it may end up talking more of your time!

@John Stutz

I'd recommended you check out the local meet up to start connecting with folks:

https://www.biggerpockets.com/forums/521/topics/732438-july-chattanooga-investors-happy-hour

There's usually a good turnout.

@Caleb Heimsoth Curious to know (from an education perspective) how you concluded the asset value was inflated?  If I recall when I looked at a deal, they provided a appraisal.  The loan amount on the property was way less than the appraised value so I figured it was a 'relatively' safe bet.  Now as time has gone on I've realized that relying on someone else's appraisal breaks a golden rule of RE, but given the time frames I'm not sure it would be possible for a note investor to be able to get their own appraisal done.

@Jonathan Nixon My note got paid off at the start of the year (so significantly early than expected).  Up to that point my experience with them was nothing but positive.  There were a few delays in payments, but those were mainly due to administrative errors and Safeguard for quick to address them.  I had some other opportunities come up so didn't get into another note, but it's definitely something I would do again in the future.  Let me know if you have any specific questions that I may be able to help with.

@Greg Newson check out

https://www.biggerpockets.com/forums/521/topics/707263-may-chattanooga-investors-happy-hour  

Do you have anyone in your network that help fund your first few deals? Maybe a relative (or two)? It will be easier to attract money once you have a one or two deals under your belt. I'd also suggest attending local REIA meetings and see if you can network with investors there....it may take time to build the relationship so have patience...

To answer your question about loaning to a newbie I'd say it all really depends upon the terms.  Interest rate is one aspect but what kind of other assurances can you give?   Are you willing to provide first lien position or do you have another way to providing some kind of way to minimize lender risk?  

If the numbers work out then hard money lenders are definitely an option.   Often you find private lenders who care more about the deal/terms rather than your personal credit stance. It sounds like you are at a stage where getting where getting more deals under your belt may be more important than how much you actually clear on a deal.  So you may have to give up quite a bit of the profits/equity etc.  Do you have family members or local acquaintances you can tap to start with?  If you get a few deals done you can start to build a portfolio of deals which you can share with potential lenders.

Good luck!

The app is awful, even more so after a recent rewrite.  I've emailed them with a bunch of issues and on told they are working on them... So we will see.  And now back to regular scheduled program!