All Forum Posts by: Nathan Hann

@Erik W., @Landon Bleau

Forgot to @ both of you so you knew I replied!

Thank you Erik! That is a wealth of tips/information! I agree with the salesman part. I am halfway through the book Selling is Human By Daniel H. Pink. It's a fascinating read and full of useful tips. Thanks again for the in depth answer and good luck with all your current and future endeavors!

Hi Landon, thanks for the response! I do that as well and have been for the past year or so. Basically telling everyone I meet, organically of course, that I am investing in RE. That's how my friend got interested in the idea of partnering up. Once I had the deal and pitched the deal to him, it failed miserably because I wasn't prepared.

After reading Matt Faircloth's book, though, it opened my eyes to a second approach, without ditching the one you mentioned. He talks about how he put together a pitch to inform close friends and family about their intentions of investing in real estate and showing them how it would benefit them financially as well if they wished to partner up. I'm not just asking for money, but rather showing them what it would look like and if they would be interested in at least chatting when I have a deal to show them.

Does that make sense?

Hi ya'll!

I just finished the book Raising Private Capital by Matt Faircloth. Since finishing it my wife and I have been working on a pitch for our friends and family, as Matt suggests, and I wanted to see if anyone here had any tips in this department. Before I read the book I had pitched a property to a friend and he respectfully passed. After reading the book I see where I faltered and, in my eyes, failed him on an opportunity that was a perfect fit for him.

What were some missteps ya'll made on your first, second, third, etc. pitch to a private lender? Is there anything you would highly recommend doing or showcasing in the pitch? Thanks in advance!

Nathan

Thank you so much Charlie. This has been super helpful to say the least!

Hello John!

My wife and I recently purchased our first deal in December. It's a duplex and are house hacking by living in one unit and renting out the other. Currently we are looking for a our second deal.

Ask the dumb questions! Asking those are one of the best and fastest ways to learn. I've been engrossed in this for 4 years before I made the leap to purchase my first. If you ever want to chat, hit me up. Even if I don't have the answer, I'm sure I can point you in the direction of some book, podcast, or other resource I have consumed.

Also, if you're looking for a good real estate agent, find Jen Whitehead. She's on BiggerPockets and is based in Saco but is willing to look all over Maine.

Good luck!

Hi All,

I have drove around a couple days now, gathering a good amount of homes that I will be contacting the owners. With that I need a little help wrapping my head around a few things.

1. When the buyer invites you to see the house to consider giving an offer, do you go alone or bring your GC along?
2. What type of contract is signed when both parties agree on a purchase price?
3. When a contract is signed, is this the more appropriate time to bring in the GC and anyone else (do I even need a home inspector since I will be renovating?) I have to see if this is a worthwhile endeavor?

I have more questions but lets begin with those.

Nathan

Hello BP experts!

My wife and I are looking for a contractor that not only does an exceptional job, but can work within the requirements of an FHA 203k loan. We are buying in Auburn, Maine so someone close to that area would be perfect. We of course can do the due diligence of finding out if they can/will work with an FHA loan but if you have used one in the past for that specific kind of loan, the better!

Thanks!

@Lydia S. I apologize as I think I may not have been clear. We haven't actually purchased any properties yet. This will be our first one. With that being said, I feel like it still would be hard to think we are wasting his time when we are not getting cold feet and backing out of a deal, but rather we are being out bid. Again, I apologize if I wasn't clear before.

You're correct, we are looking for something to house hack for this first one. You hit it on the head in noting our offers need to be aggressive which is what we have done. Alas, it still doesn't seem to stick. With that being said, I'm not as concerned about them being accepted because I have confidence one of them will land. We just need to get creative. 

In regards to them qualifying, they have all basically been ones that look like they will be eligible. When we walk the property that's one of the first things we discuss are things we see that an FHA loan may need to have fixed/not loan the money for. That being said, the ones we never heard back about, which there have been many, may have been ones that wouldn't qualify. The problem I see there, if that is the case, is he should inform us of that. If that's the case, transparency will help us not feel like he's just plain avoiding us.

I plan to give him another shot but it's good to hear, from the way all of you have responded, that if he doesn't work out, there are better ones out there.

@Lydia S.Yeah I will definitely have a conversation with him. In regards to us not moving forward, we have only backed out of one and it was one he agreed with our decision. It was our first offer we placed and once we had the inspection, part of the roof needed replacing, there was active water found in the walls, the electrical had knob and tube, and the garage needed to be torn down. The seller wasn't interested in helping either. It was one of those places that made it look nice to the uninitiated and us being new at this, were totally blinded. The other offers we placed, I have no idea if he fought for us or not. We put in offers that were in competition with all cash offers. I also don't want to put it all on him. We know full well that we may have to get more creative with how we fund our first deal. Currently we are approaching it with an FHA loan. For now though, if he isn't working, I want to make sure we at least have an agent that has our best interest in mind. Do you feel even though we have put in a bunch of offers along with not backing out that he may think we are wasting his time?