All Forum Posts by: Account Closed

@Joseph M.

One we bulldozed the lot and are building a new house.  The other one we are gutting and renovating.  About $350k to $450k.

@Scott Hollister

I have 2 projects right now.  One pp $950k exit 2MM and one pp $2.65MM exit 4MM.  You will most likely need capital partners to flip at this level.  Another option is hml.  The buyers are getting jumbo loans and are semi-high net worth indiduals.  These houses are in nice neighborhoods with nice schools.  Nothing spectacular.  

The finishes will most likely not come from a big box store.  Labor is about the same but time needs to be taken as sloppy work is not tolerated.  

Hope that helps 

@Harry Williams

I would say this is pretty standard.  I will be going into a similar agreement down the line.  However my goal is to learn how to flip a house first hand.  So I will be the project manager and he will consult.  I'd rather split 50% of something than 100% of nothing.  Good luck

@Account Closed

Given your experience in real estate for 24 years you seem to have trouble comprehending the post.  So I'll be as elementary as I possibly can so you can understand it.  The question was: do people on BP give advice on this forum in order to generate business.  The question was not do you make money from your business.  

Furthermore given your decades of experience you obviously don't know what a private lender is. I only work with people I know period. No doc prep fees no administrative fees no BS. I'm not a HML using a private money lender as a marketing ploy. Im a private money lender period. I work a full time job and lend my money on the side to earn extra income. (Yes my business makes money). I don't lend $200k because I need to be in first position so my loans are near 7 figures. My funds come from my own pocket so no need to solicit additional funds from others. I only lend to one person and that person can always pick up the phone and count on me to come through. He has big projects, always treats me with respect and is a pleasure to do business with. Perhaps this contribution can enlighten you to what a true private money lender is and is not.

I've encountered a lot of pit falls,  and as a woman real estate investor I bring a different perspective.   I try to contribute to others trying to lend funds and avoid the mistakes I've made.  I especially like connecting with other investors in Los Angeles and will occasionally visit their projects.  I do not spend my time insulting people, but if you feel that's a good use of your time, you're entitled to your perspective.  

@Account Closed

I am not on this forum to solicit or get business from my lending.  I only work with people I ALREADY know and am absolutely not lending my funds to anyone new.  In other words I'm not using this forum to gain new clients.

You should keep your comments sensible instead of absurd.  What I charge and how I set my loans up is not of your concern.  

I'm the person with the differing opinion.  Although I've found the podcasts helpful,  quite a few of them are thinly veiled infomercials (my opinion).  And don't get me started with the turnkey marketers.  They offer advice and their advice is geared one way- the solution is to buy a turnkey house from me.  If someone posts they have money to invest and are looking for help, of course the solution is to invest with them.  I'm a private money lender. I have nothing to sell and try to help people in the flipping or lending space if I can.  The moment that happens my inbox is full of people asking me to fund their deals which are usually terrible deals.  I.e. Can you provide unsecured gap funding of $500k for 6%?  I know we don't know each other and I live across the country but trust me it's a winner.  I then start to receive emails from various companies asking me to fund their deals, buy their houses, invest in their apartment syndications.  I always opt out but still it's annoying.  Im thinking of blocking my profile.

That said I still find value on this site.  However if it continues to be uncontrolled solicitation I will end my membership.  So you've been warned.

@Taylor Chiu

In order for a bank to issue a loan against collateral (a house) the collateral must be habitable.  Serious foundation issues, mold, asbestos etc makes the property unlivable. 

@Account Closed

I'm not sure how you intend to finance this purchase.  Given the foundation issues the property will now need to be an all cash purchase as conventional financing will no longer work.  Therefore you should submit a new (deeply discounted) offer based on this information. 

@Andrey Y.

Yes I've been reading your posts.  Once again I am stating my opinion and not fact.  I commend you for exploring different opinions versus just jumping in and investing.  If after your research you've come to the conclusion that a 401k is right for your than great.  As for the fees, like I said before a lot of them are hidden and higher than the stated amount.  Your fees may differ.   As for the book, it's one of my favorites.  Real estate is included in there and my interpretation is it's not an infomercial as he has nothing to sell.  But again interpretation is subjective (including mine).  What I will say is my path is right for me.  I'm an accredited investor and in 6 months I will be retiring at the ripe old age of 47.  Your mileage may vary.

Good luck 

@Andrey Y.

401k get the fees whether they make you money or not. Furthermore there are many other fees such as marketing fees, administrative fees etc. 1% may not seem like a lot but compounded over decades it adds up. As for self directed IRA I have one. I use it to private money lend. It's better than a 401k because you have control.

Again all of this is my opinion and not fact.  However the fact that you're asking the question and not blindly jumping in because "everyone " says it's a good idea makes me think you're smarter than he average bear.  

Watch "The Big Short" for a front row seat of what following "everyone " will get you.