All Forum Posts by: Lakeisha Alston

Thank you everyone for your feedback.  I greatly appreciate it.  Trust me @Ramon Jenkins  I am following all the advice given, and I'm walking away from this deal.  @Terry Lewis , you are absolutely right; I am in the beginning stages and I definitely need to step back and review the terms I established and stick to them.  I think a part of my gut feeling came from the fact the borrowers requirements are so different from the terms I established.  I think it's fair to say my gut feelings are a clear indication of my uneasiness with what was presented to me, and I should not move forward.  Again, thank you all.  I am walking away from this deal.  

Hello,

I am interested in becoming a Private Lender, and I've been communication with someone who connects borrowers with potential lenders. She has attended a few of the REI meet up groups, and I've spoken with her on multiple occasions. Recently, a possible opportunity has presented itself, but I am somewhat weary because she does not seem to be communicating well. In our initial conversation about this opportunity, she gave me the amount the borrower needs, and the timeframe in which the borrower will need the money. The conversation lacked the information I was looking for, and she couldn't directly answer my questions about the documentation needed to secure my investment. There seemed to be a big push on "the borrower needs the money". I asked about the Promissory Note, etc., and she has yet to provide a response to my requested documents. The only document she confirmed she would be able to provide is a transfer of collateral, which I would receive at some point during the rehab. Today she emailed me, and stated the funds would need to be wired to escrow by Thursday.

The loan amount is 10K at 6%

Timeframe: 6-9 months, with a possible 1-2 month extension

Red flags have raised in my mind, but I want to make sure I am not over thinking this situation. In my opinion I am requesting documents that should already be a known and necessity in private lending, but she doesn’t seem to be forthcoming with the documentation I am requesting. Is it a good idea to work with a middle person? Am I over thinking this situation? Is 6% too low of an interest rate?

Any thoughts or feedback on this situation would be greatly appreciated.   

Has anyone ever used Microbilt as a skiptracing resource?  What are your thoughts on Microbilt?  Is there another skiptrace resource anyone could recommend?

Hi David,

I have an example contract of sale and assignment document you could use that I received from a Baltimore wholesaler. I am not home at the moment, but when I get back I could scan it forward it to you (I only have a hard copy). You could also go to the tab labeled resources. There you could find contract agreements, etc.. I believe bigger pockets only allows you to download three documents a week. I hope this helps.

Hi BP,

I am new to wholesaling and I've been reading a lot about different verbiage in contracts, contract documents, etc. I should use for my wholesale deals. All of this information is great, but I am not sure which contract I should use or the proper verbiage to include (i.e. contract clauses that will protect me, etc.). Are there any Maryland Wholesalers who would be willing to share the contract documents they use for their deals? I appreciate any information anyone is willing to share. Thanks!!

A friend and I are looking to jump into real estate investing, and we've come across a property that we are interested in.

The purchase price is $93K

Rehab $40k

ARV $215k

The problem is that we need $40k to close on the property. What could we do to obtain funding to cover the closing costs? I'm sure there is a simple answer to this question, but again I'm new. Any feedback would be greatly appreciated.

@Brandon Turner: Thank you for the welcome. Adding Upper Marlboro as a keyword alert is a great idea. I honestly did not consider Upper Marlboro. Thank you so much!

Thanks for the welcome

Thank you for the clarification @Ned Carey on the different clubs available in the area. The information you have provided is greatly appreciate, and I definitely plan to follow up on the clubs you mentioned. Again, thank you.

Thanks for the welcome, Christina. I have been reading material most of the afternoon, and I am excited about what's to come in the world of real-estate investment. I also set up my keywords. I think they will change as I continue to read information and become more knowledgeable about wholesales, etc.; but that is okay. Thanks again : ).