All Forum Posts by: Jason Gray

I agree, if it was currently cashflowing $6000 a month and they were at or very close to 50% of FMV, I'd be on the phone with you and my lenders tomorrow AM. STAT.

PM me as I'd like to see more info. Depending on where the props are located there maybe something I can do.

I make it work in Detroit really well, so I can't imagine these "war zones" are all that bad...

JG

Thanks for the input. I'll take it into consideration.

Jason

that guide you mentioned in your post...is that dot com?

thanks,

JG

I would pay (share, split, partner with) at 30% split for anyone who closed a deal with me cash tomorrow.

I can find deals falling asleep. Finding people who need an alternative to CDs, Bonds, Stock market crap and really want to buy is another thing.

In a down market the man who gets you out of your "equity" and into a cash position for the price you think is reasonable is the person I'd do 50/50 with all day long....come to think about it, thats how I landed a 40K 6 plex last month.

People overlook partnering, but I guess its all how you look at it. Find me someone willing to give me cash for the homes I own at the prices I'm asking and I'll be a millionaire (minus 30%).

JG

Hi Group,

I have a old time friend in the Hard Money Industry who is getting out and he's getting rid of his list of 297 Hard Money lenders.

What should I offer him for this? I'm considering putting out there for members (to recoop my cost)

Whats it worth to everyone to have a updated HML list?

JG

Hi Group,

We've got:

1-6 plex (full occ)
1-Triplex (same)
4 SFR's (various cities)

most we own outright and we bought at dirt cheap prices.

We need to expand...plenty more opportunities out there, and want to centralize as most of these homes are all over the place...

Goal: find a way to move our holdings into one centrally located area (Indianapolis is one we have in mind) and sell/transfer move/divest ourselves of these other homes.

Issues: We love the cash flow and don't want to fire sale any of this stuff...if we can get a good price and move on to other rehabs we'll do it.

Ideas?

Its late and I'm starting the prelim ideas among them are:

find investors here on BP who would love to own a Owner will Carry House for a little down, and we'll sell the note.

Find an investor with an IRA which needs good cashflow...

Portfolio loan to pull some equity out.

Each of these ideas I'm working on currently.

Haven't looked into 1031 yet- but a friend mentioned this as a possible idea.

Conclusion: Don't want to give away the farm on stuff we'd rather keep, but we NEED to continue growing because...this game is too much fun to quit!

HELP!

Thanks,

Jay Gray

I found this post on google (not bad for page 1)

However, I didn't walk away with much more info than when I started.

Are blanket loans, or portfolio loans still available in 2009/2010?

If so, does all the same criteria still apply?

Thanks a million!

Peter:,

I'd like to see your blog on the portfolio loans. I went on your profile to find it, but couldn't loacate it, any chance you can post it here for us to read? Thanks

p.s. We've got over $750K in equity this year...its been a doosie... We're looking to get some of our working capital back into use by doing a refi or blanket loan. I'd really like to learn more.

If you have successfully done one of these type of loans please let me know. Thanks!

JG

Sorry for the mistypes and spelling errors...wanted to get this out before my conf call...JG

awesome post.... now lets look at practical applications



Lets start with an IRA, Self Directed ROTH type IRA.(SDRIRA) Lets assume we're following all the right "arms length rules" and all that. (good work on the posts above Will...very detailed)

Say I've got 50K in an SDRIRA and I want to wholesale a home to another investor.

Direct your SDR IRA to purchase a home at 30K and then assign contract to investor for 2-8K. All profit returns back to your SDRIRA tax free (at 59 1/2).

Or

Direct your SDRIRA to purchase an option on a property you want to buy.

Home: FMV is 180K
Negotiated purchase price: $120K
Option fee to execute contract: $2000

Direct SDRIRA to purchase an option on the home.
Find a home buyer who wants the home at full market value.
Sell option to home owners for $10K
Tax-free profit potential (500% ROI)

Or another one.

Purchase defaulted 2nd position notes for 5-10% of FMV.

have an investor friend with an SDRIRA to purchase the first position note for 80% of FMV.
Hold the home for a number of years and resell it at a profit.
He gets his money back (plus appreciation/paydown)
You get your money back, plus as the owner of the note, you can charge penalties, and principle/interest from the original 2nd NPN.

Or...(last one I promise) you could use multiple partners for Tenants in Common.

Partner A: Has 50K in SDRIRA
Partner B: Has 85K in SDRIRA

House costs 135K valued at $187,000
Hold for a few years then both partners sell for a profit to their IRA.

Like will started saying earlier, it may be easier to use your SDRIRA to loan money out to other investors for mortgages, loans, hard money etc.

So many ways to slice this thing...great discussion guys!

Keep it up.

Jay Gray
Holding & Gray Investments, LLC