All Forum Posts by: John Hamilton

@Trevor Aydelott My contractor has an estimate sheet for his work and and an invoice. A "bid" as you are calling it, is an estimate of charges. You need him to draw up an "invoice" and yes, they do look the same, just different wording. Send the invoice to you attorney, and have it added to the settlement statement. You will then pay "cash" for the price of the home PLUS the construction costs. You can set up a draw schedule with your attorney to pay the contractor or just have him payed all up front if it's a smaller job. I suggest a draw schedule. If you want to pay the contractor all the money up front, the attorney will cut them a check after closing. 

@Trevor Aydelott You have to get an “Invoice” from your contractor and send it to your attorney before closing to be added to and payed at closing. It has to be an invoice and not a quote though! 

Back Story: I purchased a property for $50,000 cash with a partner two months ago. We looked at doing a cash-out refi and had the property appraised in the process by the bank. Appraisal came back at $118K. In this process we would have to wait 6 months. We want our money NOW haha

We are exploring the Delayed financing option now to get our money back and do some work to the property. I am extremely unclear on the way it is written on the terms in which we can get our money back. It says:

-You can get up to the purchase price back through the DF option 

But, also say, 

-You can receive up to 70% LTV (Triplex)

Has anyone done this kind of loan AFTER the fact? I am currently doing the DF option on a SFH I close on next week, but we are billing the closing statement for construction costs. Which falls in line with the PP eligibility.

Any info will help! 

Happy Investing!!

Hello BP,

I have run across a few pre-foreclosures by word of mouth and I can never seem to find out where to get info to bid or purchase them. I've checked all the obvious places like the tax collectors office and courthouse websites with no success. I know some of you specialize in this arena. Help a brother out!!! I really want this house.

Cheers!!!

@Mike Dymski

Maybe I SHOULD syndicate a deal soon! Seems like some people that shouldn’t be doing it are and I’m missing out. Haha

@Mike Dymski

I assume this is OK to do in the instance of cash reserves for property improvements? Hence, Value-add.....I'm not to sure I understand why someone would raise extra capital if it wasn't accounted for as a CAPEX, vacancy, improvement, etc....

Does anyone have a suggestion for a syndication calculator that works with Excel?

 Tj,

Thanks for the input! Would you want to Refinance to stay in the deal longer and provide your investors with a good portion of their capital back?? 

 I think this is a solid plan and great for new sponsors as well! K.I.S.S= Keep It Simple Stupid haha

@Todd Dexheimer I’d love to chat sometime. Learning these different scenarios will definitely make or break a syndicator. Running the numbers of on and off market deals daily will get newer syndicators a great opportunity to see the cost/Benefit of each scenario.