All Forum Posts by: George Despotopoulos

@Eric V.. Good Luck. We see a big opportunity in not only rehabs but also rental properties in those areas. 

@Rhianna Raslan. Good Luck on your First flip. Numbers look good. 

I would advise you to do your work on the contractor you will be using. Since you will use a hard money lender to acquire the property it is important for the project to get completed as soon as possible. Costs can increase very quickly and ultimately hurt your potential ROI if the project takes a lot longer than you expected.

All of the rates quoted above are very competitive. Are these lenders looking at borrower income or rental income from the property? @Nicholas W.@Rick P.@Mike Wood @Ethan Kanning

@Stanley E. Congrats and Good Luck. Are you buying all the income properties in cash are you using some form of financing? 

@Travis Shaw. Congrats on your accomplishments thus far. I would just stick to tangible Real Estate Asset Investing. Web based investment vehicles are still very new with real risks to the retail investor out there. 

Hi Russell, welcome! 

Keep listening to the podcasts and check-out other blogs/websites (housingwire.com for example is one that is great). Always feel free to post questions; participating and creating dialogue on a topic is in effect bringing something to the table. Starting a discussion is a great way for you, and others on the site who do not feel confident to post such questions, to learn and meet experienced real estate practicioners. 

Best of luck in your endeavors.

There are many forms out there (see the links above) and you can take a crack it. But I would have a real estate attorney review it before you send it to a tenant for signature. The fee should be modest and a projection should be disclosed to you before hand. 

Depending on your lease, and specific state statutes, you may have a clause in there waiving a jury trial. That may help you. Unfortunately, it's a common theme that housing courts are backed-up (and courts in general), so even if you have the waiver of a jury trial, it still may take some months to come to a conclusion. 

I would definitely seek counsel of your own and explore your options. For example, hopefully you have a provision in the lease to recoup costs and reasonable attorneys' fees as a result of commencing an action against the tenant (usually reserved for the prevailing party). It's always best in these situations to make sure you create a 'paper trail' of the communications between you and the tenant, as it may be admissible to the court, depending on the your state's specific statutes and court rules, which I am unfamiliar with.

This answer is not a substitute for professional legal advice and does not create an attorney-client relationship, nor is it a solicitation to offer legal advice. You should most definitely consult your own legal counsel here. 

Hi Thomas, 

Welcome to BP. Submitting questions, reading other posts, and searching threads for topics that interest you is a great way to stumble upon some valuable information and insight into a particular area of investing. There are many experienced real estate practitioners here, you should always reach out when you see someone who sparks your interest. I'm more on the lending side of things now, but happy to answer any questions or provide insight on that side of things. Just shoot me an e-mail or message if anything ever arises. 

Best of luck!

@Account Closed. As others have pointed it in the forum, it depends on a number of items but below are typical terms in HML space:

Term: 6 or 12 Months Interest Only. 3 or 6 month extensions available for a fee 

Rate: ~11-12% 

Fees Upfront:  3-5 points

No Prepayment Penalty

Loan to Value: ~70%

Good Luck.