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All Forum Posts by: Julian Buick

Julian Buick has started 25 posts and replied 197 times.

Post: PacificNW Real Estate Meetup -- Eastside Edition

Julian BuickPosted
  • Bluffton SC
  • Posts 199
  • Votes 55

@Mike Hartzog you should try to make this one. Unless you're going to the Note Expo in Dallas with Bob. @Andy Pillinger you should come too.

@Troy Fisher I have not used an attorney. I have reviewed contracts myself and had other investors review them and compared similar contracts against each other to make sure they all had similar verbiage. The first few I was sent  were reviewed by attorneys (not mine) and trusted the people I got them from. Since then I have just made sure they were all similar. 

Post: PacificNW Real Estate Meetup -- Eastside Edition

Julian BuickPosted
  • Bluffton SC
  • Posts 199
  • Votes 55

@Troy Fisher any chance we could reserve the room out back? It is a lot more private and would be easier to hear people talk. The room at the front is hard to hear, especially when the band starts playing next door. Just a thought. 

Post: Raising Private Money FAILED

Julian BuickPosted
  • Bluffton SC
  • Posts 199
  • Votes 55

yeah, I didn't notice the rent income either. What do you mean by rent income net? And what is the amount of cash flow? Also if you have another package that has more of the data that people need to know to decide whether to invest, why are you having us look at this one? We're trying to help you here. 

Post: Raising Private Money FAILED

Julian BuickPosted
  • Bluffton SC
  • Posts 199
  • Votes 55

@Ray Jimenez you need to include all of the holding costs (taxes, utilities etc) as well as the realtor commissions and excise taxes once you sell it. There will not be as much "cushion" as you think there is. The whole verbiage about holding it for a year to receive capital gains benefit is also a bit strange. Most flippers want to get in and out as quick as possible to minimize the amount of holding costs. Seems like a strange strategy and not what most investors are used to. If you were actually able to buy it at that price, rehab it and sell it for the price you are predicting it would actually be a good deal. You just need to make sure you have all of the numbers included and clean it up a bit. The hard part is convincing people that you can pull it off as a first timer. Everyone starts somewhere so the more professional you appear in the beginning by having all of the correct numbers and figures, the more likely someone would be willing to work with you. If it looks thrown together half heartedly, which it does, nobody will take you seriously. Good luck

Post: Private Lending?

Julian BuickPosted
  • Bluffton SC
  • Posts 199
  • Votes 55

@Simon Aristizabal there are two main types of private lenders (I'm generalizing, there are a lot more). There are your Aunt May type, someone you know personally that would be willing to lend you money to help you out and also make a modest return on their investment (typically around 7%). Then there are the ones that are mostly described in this post. They are real estate investors that are trying to make money by lending money at a more aggressive interest rate. That can be in the 12-20% range. They lend on short term projects (typically less than a year) which would in general be fix and flips, not buy and holds. If you are looking for a private lender for buy and holds then start by asking relatives or family friends and see if you can tempt them with a 7% annual return. Otherwise, if you are looking to do fix and flips then head down to your local REIA and start networking. That is where you will find the investor type private lenders. good luck

Post: Keyword Suggestion

Julian BuickPosted
  • Bluffton SC
  • Posts 199
  • Votes 55
Joshua Dorkin I have my keywords setup up to notify me when people are talking about a specific subject. I have used all of my keywords so I get a lot of notifications. Some of them are of interest to me and some aren't. It'd be great if there was a way to remove the ones I wasn't interested in from my keyword alerts. Currently, I think, all I can do is clear all keyword alerts. It seems like that wouldn't be too hard to implement. Any chance that could happen? Thanks.

Post: Advice please!

Julian BuickPosted
  • Bluffton SC
  • Posts 199
  • Votes 55

@Boyd McClean I'm not sure I understand. Are you saying a private money lender will loan money for 10 years at 7% interest and then will sell the loan in 5 years for 85% of the amount they lent? I must have misunderstood because that doesn't make sense. 

Post: investing in a SFH - Portland Area under $230,000

Julian BuickPosted
  • Bluffton SC
  • Posts 199
  • Votes 55

@Laura Lange how do you plan to use your husbands 401k? Are you going to cash it out? or take a loan against it? If you cash it out you will be paying 10% penalty plus paying the taxes due. If you borrow against it you can only borrow up to 50% of the value or 50k, whichever is less and you will have to pay the loan back with after tax money, defeating the purpose of the 401k. If you roll it into a SDIRA or solo 401k you will not be able to invest it in a project that you are actively working on. You can invest it with someone else but it has to be an arms length transaction. You should figure this out first before you go looking for a deal. 

@Bob Malecki might have some advice for you. He has been trying to board a note of ours with FCI and has run into some issues. Also @Mike Hartzog might be able to help. He has a different services that he seems to like. Both guys are experienced note investors and would be worth talking to. Hope this helps.