All Forum Posts by: Jenna Gainey

Welcome! Hub City REIA gatherings in Hagerstown are top notch. I believe they are every first Thursday. There is also a Martinsburg REIA every 3rd Tuesday At Hoss'. I haven't been to one in a while so definitely look into meeting times and dates before you head out to one.

Welcome to bigger pockets! Google BILLWOOD properties . Charlie Carpenter is a turnkey guy in MD and WV! 

Very helpful! Thanks! 

Anyone heard of or dealt with a new program called "Funding for Flipping"? Scam? Their website is Fundingforflipping.com? I asked for references which he DID say they would send me but not after sending them my credit reports and getting approved first for their lending. His rationale was that they aren't going to spend time sending references to people who may not get approved (makes sense). I thought I would reach out to the BiggerPockets community first before wasting my time going through approval process . Thanks in advanced!

haha yea, I'm afraid of that sometimes ! Okay thanks greatly! 

An investor out of my area reached out to me after seeing my AD on Craigs list about wholesaling and bird dogging . He is looking for a property in a particular region to flip. I finally found a deal . In our first discussion he communicated that he prefer to pay us a "finders fee" instead of wholesale. (I am okay with that in this particular instance as the property is REO and wholesaling with banks is not my niche quite yet). My worry is that we pass the property to him and he never pay the finders fee verbally agreed upon. My question is: Does anyone have an example of a promissory not or contract that would bind this agreement?

People become hard money lenders because they see opportunities to get phenomenal returns on their money. Instead of keeping your money in mutual funds, IRAs , etc with usually small returns (less than 4%), you can hard money lend for much higher returns (8-20%). Typically, hard money lenders will loan up to 65-70% on the after repair value of the home. As a hard money lender you will lend on the value of the deal and not on the credit score of the person that you are lending to. PRO: these are short term loans (usually repayment should take less than 1 year MAX). So it's a quick way to see returns. CON: It is risky, just like any other type of investing. In order to ensure that this works in both you and the loanee's favor you will need them to provide around 15-20% of the purchase price and the cost of any rehab expenses if they exceed what you will lend. This ensures that there is a 35% equity buffer to protect you in case the loanee messes up the deal. The equity buffer is the lenders guarantee that if all else fails, the property could be quickly sold at a fire sale price and you would still get back your original loan amount plus any associated selling expenses . Be sure to do your due diligence before you lend and get an appraisal to be sure that you're lendI G on the correct after value repair. Go to local REIA meeting to find people who are looking for hard money lenders or post an AD online. For example, Craigslist. My husband and I can't wait to be hard money lenders once we have an overhaul in capital gains 😊 Best of luck!

thanks for the help Aaron! 👍

We are brand new and are in the process of gathering all the data to arrive at our maximum total offer allowance. Before we present our full plan and the all the numbers to our "coach", I want to be sure I understand one thing-where does my cost of repair money come from? The flip calculator allows me to arrive at my "maximum allowable offer " of $85,000.Here's the calculation I used: AVR ($200,000), minus 20% for profit margin, minus 10% misc costs, minus cost of repairs($50,000) = max allowable offer of the $85,000. So, do we get financing for just the $85,000(max offer) or $135,000 (to cover repair costs as well)? Common sense is telling me $135,000 but am I missing something?

That should say ...How much should my total finance amount "BE"?