All Forum Posts by: Judah Alexander

@Allen Felker

Interesting thread.

@Ashley Campbell

I would keep dohardmoney in your back pocket if you can't find any other financing. They do finance a lot of deals yet my experience with them has been very rocky, I have not closed a deal with them in 3 attempts. Lots of hurdles and paperwork. Every time some midlife crisis happened to where the evaluations weren't submitted. Without all the evaluations they won't go into underwriting nor submit a LOI. So you're just hanging out while wasting time during contract phase. This was just 2 weeks ago.

@Janeicia Neely

I've been wholesaling for 4 years now among other things real estate related. If you have any questions just pm and ask. There are tons of people to connect here in New Orleans, Kenner, Metairie, Westbank-Eastbank, etc. Good luck!

@Braden Smith @Darryl Shelton

I know some people that can help. PM me.

@Antoine Martel Let's connect I have some opportunities here in New Orleans for you.

@Michelle Smith Hello! I've been investing/wholesaling in nola for 4 years. I'm open to any questions you have. Good luck out there

Welcome Mark! I'm glad you've made the jump to get serious about investing on purpose ha! Good luck with your mulit-families and feel free to reach out any time

Judah

@Lisandro Garcia

If you miss 3 of your mortgage payments with a bank indiscriminate of how long you have been paying on time, would they start foreclosure proceedings?...YES. Would I? YES! If you are missing payments then I am making those payments. I am not in the business of making loans. I am in the business of making money. If you do not fulfill your contractual obligations you default. If I do not fulfill my contractual obligations as a landlord/investor I open myself to liability and lawsuits even if I overslept and forgot. 

Nelo has no recourse. Odds are there is language in her contract that doesn't allow her to sublet --  so you assuming her responsibilities would not be possible. 

If you really want the deal I think you should take it with one caveat. Tell them to pay their own damn taxes :)

I have 2 ploc's. One for 15k(max amount) and another for 25k(max amount). They are credit based and you don't usually need to send in W2 and tax returns with a credit application. You will be asked your income though.  When I first started out I used them mainly to pay points to hard money lenders. If you are short on funds 40k is nice to have in a pinch if there is a deal you just don't want to pass amongst other things. Remember to pay yourself interest as an expense. You are loaning money to your business and deserve to be paid fairly. Beware that while these lines are still useful they are closer to credit cards as far as interest(14%-25%). 

Wells Fargo seems to be the most useful for personal lines of credit.

I have a colleague that uses Cam's system very effectively in several cities.