All Forum Posts by: Jason Roberts

Has anyone ever dealt with these companies/groups who advertise "we buy houses for cash"?  Not only dealt with them, but actually closed a deal with one of them?  

I am wondering if they are truly worth the time for a distressed property.

Any insights?

Hi 

I am Navya Raput and I am a graduate from Carnegie Mellon University. I have a strong interest in real estate investment. I have even read books on the same topic. Most of the books tell you about the strategy on buying and analyzing the property but none tells you about how to get into this type of investment. For a new college grad like me, I have limited money to spend and so the biggest question is - "Is there a possibility for me to start to invest right away? OR should I accrue enough to buy my first property first and then pace up my investment in properties?

Thank you :)

Regards

Navya

How does one finally decide on a hard money lender? I posted earlier in the intro section about this when I made my first post, but perhaps it was the wrong section for my intro/inquiry:

I've been researching HML for months! I keep adding more and more to my list and never selecting one! I'd like to begin contacting some to secure financing/pre-approval letter for this potential property and I have a 10-page .pdf proposal ready to go for this property containing the financials/our experience/comps/pics all detailed for the HML.

Anyone have a good experience/non-scam/reasonable HML they'd be willing to share/discuss?! I have a property we're viewing again Sunday and feel it might be our first flip. I need to narrow it down and choose a lender! Any help is appreciated…

Extra details:

Current small biz owner, MBA in Finance & Marketing, $15,000 my own cash to put into the deal, good credit score, student loan debt only, and a partner that repairs/renovates properties daily at his job. 100% of our time will be devoted to this project. I have transitioned myself out of my business's daily ops, he is making this impending flip his full time obligation the minute I secure the HML. (I've socked away enough money for us both to live on while we complete our first flip full-time).

I'm normally very eloquent. But I'm just going to talk about the issues leading to my current situation:

• The house I'm selling fell out of contract.... THREE TIMES.
• I totaled my car during an ice storm 6 weeks ago and need the house to sell so I can buy a car.
• I'm building a system for automation before I ramp up my marketing in the new year...and nothing frustrates me more than technology. I know NOTHING about tech, so I find myself just stuck staring at a computer screen much of the day. My virtual assistant hasn't been completing his normal tasks, and I have a heavier workload.
• My spiritual faith, which is my rock normally, is nonexistent right now, and I don't know why. 

I'm definitely in a rough patch in many ways. Not giving up or anything foolish, but my vision has been stifled lately. I dunno..

We might have an interest. We build SFR and Smaller Apartment building in NC and SC.

Can send me a few of your current funded projects. Where I could speak to some of your clients. Also see a few projects, you guys are currently involved in.

Hope I'm not asking to much

Currently have 16 rehabs in Charlotte NC and Surrounding Market

Purchased 8.1 Acres in Fort  Mill SC and we building 24 new construction homes.

Building 5 New construction rentals a month.

Working on Acquiring Land to build 50 to 100 unit Apartments in Rich Burg SC.

Partnered with UK Lender , and Group on 136 unit condo conversion in NC

Just to give you an idea of current or ongoing projects. So would want to talk but not waste your time or mine.

Thanks

Hi Jason-

What are your general terms when acting as a funding partner?  I rehab single families and keep as rentals and also flips (I've done 12 in the past 2 years).  I am rehabbing a 16 unit apartment building and currently looking at a few larger off market apartment/commercial properties.  I currently have 25 rental units.  I'd be interested in talking further.

Hard money lenders send me (traditional mortgage lender) so much crap in the mail that it must pay off for at least some of them, some of the time.

Are you sending craptons of junk mail to traditional mortgage lenders? That is apparently a viable business model... Send more crap in the mail.

@Charles Montgomery Where are you looking for your deals at?  Direct mail and finding good wholesalers are your best bet for the best deals on off market properties.  If you are using a wholesaler be sure to run the numbers yourself.  Good Luck!