All Forum Posts by: Jonnathan Thompson

What's stopping me, is money for down payments for loans. I've contemplated using a heloc, but the places in my area are expensive. My reasoning is. It would take the entire heloc to get a loan, but using a heloc would hurt my credit which could hurt me getting a loan from a bank. So I am waiting to start to talk to lenders to see if I'm over thinking this when I'm done traveling for work.

I have to say, I wasn't going to post here but I saw you were from RI and I grew up there. Then I looked up your company on Facebook. Your partner Jimmy, I played baseball with him and his brother as kids. His father was our coach. Small world. 

Thanks for the great information! 

I am sure this is dependent on a lot of variables and how the deal is... But I am curious to learn.

I see all over the place saying to raise funds for deal from other people. They're talking about  friends, family, investors, etc. When going that route, how are you making the deal appealing to them? Are you promising a certain amount of money per month then a lump sum to cover the rest in  a few years? Are you using their money in conjunction with a loan/mortgage (from bank)? Will you only take the money if it covers the entire cost of the property or will you take what ever they're willing to give you? Are you required to file with the SEC or something? I've seen a ton of information online and on here, but really it's just too much information. It's hard to decipher what would work and what wouldn't. So examples would be cool to see. 

Thanks!

I've been looking online and at the events page here. Is there any networking or even real estate conferences going on in the area? I see a lot going on in Maryland. I am looking for anything around DC and as far south as Richmond. I am just looking to learn and network. I've seen several posts about how you should get private funding from investors, and although I'm not at that point, it would be interesting to talk to those who have actually done it locally. 

That movie has been proven completely exaggerated to the point where it's almost downright wrong. The water lighting on fire was done specifically for the movie with people injecting gas to their own water lines. There's several lawsuits against the movie now. 

With that said, I would see I'd you can find permits as to when they will be done with the well. If you're having these thoughts, future buyers of your house could too.

The plastic is called a Vapor Barrier. 

The water isn't necessarily detrimental to the deal, but it is worth looking in to. Could be poor grading of the surround land, poor drainage, and then add rain to it. It would also be wise to look for mold in the area. And see if they would flip the costs to get it either encapsulated or maybe even a sump pump. 

I seem to be running into a bit of a wall here. I am trying to find places that will lend money to new investors with no track record. I am able to put up 30%, but the banks (small, local ones), and even online lenders, want so many months-years experience, which I dont have. My goal was to buy a bigger multifamily deal and have a property management team manage it for me, instead of me being a landlord/manager. But, it seems like that's a no. Am I supposed to start small and be the landlord for a couple year before I can move up or should I just keep calling around to see if someone will eventually say yes? 

I cant speak for an investment property, but i bought my house without ever seeing it in person or meeting the inspector. We did have the realtor Facetime us a walk though of it. Worked well for us. Maybe you can have someone do something similar. 

Welcome! I am north of there near Quantico, Va. I was just talking to someone about the market there with how people who are doing fix and flips are seeing some real good returns and changing neighborhoods. Should be a fun market! Especially if Amazon or Apple ends up there.

I am thinking it will be closer to Richmond, VA.