All Forum Posts by: Michael Reyes

Hi @Derek Petersen

I'm not a guest of anyone, but can I walk in?  Also, does the military price include retired military?

Thank You,

Michael

@Scott Choppin,

Excellent post!  Love the detail with examples.  Keep up the great work and looking forward to your next chapter!

Cheers!

Hi @Joe Villeneuve

I'm not sure I see the tripling of the investor's money in 20 years.  I'll use the following example:

I borrow $50,000 as an uncollateralized loan for 20 years at 10% simple interest per anum.  That means that I would be paying back $5000/year for 20 years, which works out to $100,000.  That's only doubling the investment, or am I missing something in my calculations?  Or are you adding in the balloon payment of $50,000 due at the end of the term?

Just want to make sure I understand you correctly.

Also, what questions have you had to deal with when proposing this type of structure? Did you receive any push back since it is an uncollateralized loan?  Do you find people willing to invest with this strategy?

Thank You,

Michael

Hi @Account Closed,

I will definitely let you know next time I'm out in Scottsdale.

Cheers,

Michael

Hi @Account Closed,

I was just in Scottsdale yesterday.  Small world.

I like your idea of 50/50 split with them funding the project.  If the math works, project is scoped properly and it stays on track, no reason for them to lose anything.  Win-Win all the way around.

Cheers,

Michael

Hi @Austin Fruechting

Thanks for your thoughts.  I like that you keep it fair and balanced regardless of you funding source. Keeps it honest and doesn't impact the relationships with friends or family.  Those are life-long and we have to live with those for a long time to come.

Cheers,

Michael

Hi @Joe Villeneuve,

Simple, I like it.  Definitely one strategy to keep in mind.

Cheers,

Michael

Good Morning BP Community,

I'm looking for your experience and/or advice on borrowing money from family & friends. Although I don't have an opportunity to make an offer, I want to get money sourced ahead of  when I find that first opportunity.  Some of my questions:

• What interest rate do you offer?
• Do you use some sort of formula for different loan amounts that you use when borrowing money?
• Do you offer a different rate for family and friends?
• How did you approach them with your request?
• How did they respond?
• Were they skeptical at first and warm up to the idea of lending money or did they get turned off by the idea?

I've thought a lot about my business plan and am inclinded to present a Power Point Presentation via WebEx or GoToMeeting.  To me it shows that I've got a business plan and I'm serious about pursuing this business.

Any insight, thoughts, experiences anyone can offer would be greatly appreciated. Have a great day!

Cheers,

Michael

Hello BP MF Investor Community,

I've been here about a year listening to podcasts, reading books, blog posts, forums etc.  all the while trying to determine what direction I want to head into; single family, duplex, triplex, quads, commercial, wholesaling, flips ... the list seems endless.

I've come to the conclusion that mult-family investing is the course that I'm setting for myself.  I started out building my own spreadsheets to help me understand the language and formula's necessary to evaluate properties and their overall value.  Grank Gallinelli's "What Every Real Estate Investor Needs To Know About Cash Flow ... And 36 Other Key Financial Measures" really helped out in that aspect.  But I'm sure that there are other methodologies to underwriting that I may be missing.  I purchased Michael Blanks Syndicated Deal Analyzer and that's help out immensely.

I'm interested to see if there is anyone out there that needs any help with their MF investment opportunities.  I currently trade time for money with a tech company, but willing to trade time to further my knowledge, skills and goals.

I live in an outlying city of San Diego (Escondido) and would love to meet up with anyone over a cup of coffee or phone call if you're not local to talk about real estate.

If interested, please let me know.

Cheers,

Michael

Hi Scott, Just came across your post. I'm in the process of educating myself & have decided to to focus my efforts on MF properties. I have also thought seriously about intercity development but wasn't sure where to start. So coming across your post is perfect timing. I really appreciate the posts & level of detail. I don't think that they are too long as I enjoy learning. Keep up the great work. Cheers, Michael