All Forum Posts by: Nick Dallaire

This is where building / maintaining great relationships with everyone involved in the deal can make a difference.  Hopefully they will be willing to work out some sort of compromise or maybe you bring in one more partner to bring the deal back to good standing. I would explore every avenue of raising a bit more capital for sure. The worst thing to ruin in this business is your reputation. Get some more $ somewhere in your sphere and buy yourself some more time. 

Best of Luck my friend!

I had a friend run into a similar situation a while back. Open floor plans make all the difference. Sometimes it's simply a matter of taking down a wall and opening up the floor plan to make it more appealing. Since then Im always looking for a wall I can take down to breath some fresh air into a property. 

@Kenneth Garrett I have known them for 5 years. They own the company I worked for 5 years in Boston, MA. Not too close to them since its a pretty big gas utility company with over 1,500 employees. Some of my anxiety might come from starting out 9 years ago when I was 21 and not being taken seriously. I've got skin in the game now I think I might just be overthinking the situation a bit.

Great advice Alan, thank you. I have a decent idea of the types of deals will catch their eye judging from there past transactions so I'm eager to potentially team up and get things moving in 2020. I have never approached anyone without a deal under contract so its good to hear opinions from another point of view on the situation. 

Hello BP, With covid-19 and social distancing affecting construction projects HML's have lowered LTV and increased down payments and some have slowed lending on anything greater than minor rehab projects. I have been looking to move to private lending for a while now as I feel some Hard money rates leave no room for error and not enough "meat on the bone" which cuts into my bottom line. I want to present myself to an investor I know of with a very impressive portfolio. I'm torn between waiting to lock in a deal under contract or presenting what my company can offer this person prior to any deals. This way we can negotiate rates and terms ahead of time to factor into my deal analysis in the future. How should I present this offer? I will obviously introduce prior deals I've structured over the years but are there any other ways to add more value to my presentation other than just my portfolio? Thanks folks!

There are SOME downsides to being a "young buck" in the real estate game. Being a 23 year old I find it very difficult to aquire any funding for rehabs or any type of deal for that matter. I have no property for collateral and limited credit experience given my young age. I just have to be patient and save my hard earned mulah lol A couple more wholesale deals under my belt and maybe I will have enough capital to pounce on a property myself and rehab the crap out of it. Until then, its just a waiting game for me. "In the end, you're measured not by what you undertake but by what you finally accomplish" - Donald Trump (1946)

This whole thread gets me excited for the BP Summit! lol I need a plane ticket and front row seats! Looking forward to learning from you Will Barnard

Ann Bellamy Thanks a lot!

This has been my favorite discussion since joining BP, mainly because it just might pertain to me lol. I am 23 years old and recieved my RE license at 21. I wanted to become an agent and rehab properties as well. I never became an agent, instead I started wholesaling a few deals here and there. The main reason why wholesaling fit my situation was because being so young I find it EXTREMELY difficult to qualify for any type of rehab loan or hard/private money loan (no assets for collateral, limited credit experience). I have ran into a couple wholesalers, double my age, who probably think "comps" are the computers they use to look up zillow estimates lol I think everyone in this discussion all have valid points and opinions and I respect them all. Just dont lose hope in ALL wholesalers because there are some good ones out there believe me. Maybe when I am a bit older and my capital has increased sufficiently I will be able to talk down about wholesaling but for now its all I have that fits best with my current situation. If a wholesaler tells you that he gets tons of good deals just think that maybe 1 out of 100 are worth your time lol. Good luck to you all and happy investing everyone!

Thanks Aaron that makes me feel better about my situation. Im excited for the future.