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All Forum Posts by: Matt Michaelis

Matt Michaelis has started 3 posts and replied 7 times.

Post: 80/10/10 mortgage MA

Matt MichaelisPosted
  • Rental Property Investor
  • Painesville, OH
  • Posts 7
  • Votes 1

@Marc Canner Can the Piggy back loan be applied after a property has been purchased?

Post: Can I have my own Payment Contracts?

Matt MichaelisPosted
  • Rental Property Investor
  • Painesville, OH
  • Posts 7
  • Votes 1

Some contractors have pretty detailed scopes and contracts, including payment schedules.  Is it unheard of for me to add an additional contract that only outlines the payment structure?  This way I can include penalties and fees associated to unfinished work or over schedule work?

Post: Landing my first private money lender

Matt MichaelisPosted
  • Rental Property Investor
  • Painesville, OH
  • Posts 7
  • Votes 1

@Daniel Kong I offered a flat 12 percent return to get started. For the first few deals if we borrowed 100k and wrapped things up in a couple months he got 112k back. If we flipped, 12% of profits, if we BRRRR 12% of excess equity pulled out.

The plan was to over pay the first few deals to build the trust.

Post: Calculating Hard Money Cost

Matt MichaelisPosted
  • Rental Property Investor
  • Painesville, OH
  • Posts 7
  • Votes 1

@Tom S. This definitely answers my question.

Thank you

Post: Calculating Hard Money Cost

Matt MichaelisPosted
  • Rental Property Investor
  • Painesville, OH
  • Posts 7
  • Votes 1

Is there a great Hard Money Calculator out there? I understand the concept of hard money and the fees and interest but not how the costs stack up of 2 months compared to 4.

I’ll love to hear any feed back, suggestions, or complicated breakdowns!!

Thank you

Post: Real estate newbie introduction

Matt MichaelisPosted
  • Rental Property Investor
  • Painesville, OH
  • Posts 7
  • Votes 1

@Christopher Tyndall I’m new too. Bounce any new stuff my way. Let’s help each other if we can.

Post: Landing my first private money lender

Matt MichaelisPosted
  • Rental Property Investor
  • Painesville, OH
  • Posts 7
  • Votes 1

A person I’ve know for a while saw my Facebook post about private money lending and asked me about it. I explained what I was looking for and he said he was interested and wanted to know more. A few weeks later I had an actual meeting with him and my business partner. I brought example deals and a real life deal. I lost the real deal the night before but used that as a lesson in having a sense of urgency and the power of cash buying. Everything went great.

A few days later I found a great deal and sent the info over to him...haven’t heard back. My business partner sent a follow up email a couple days after, still nothing.

How do I approach this so I can still maximize my opportunity with this person and without losing this deal?

Thanks