All Forum Posts by: Nick Meland

Hi everyone,

I have a deal in Burlington, Iowa that needs a solid rehab. I’m trying to find some private lenders but haven’t had much luck. It’s the missing piece to this deal in helping me move forward and get started. Any advice?

Thanks!

@Kenneth Garrett awesome thanks Kenneth!

Hi! I’m a new investor and have been contacting private lenders to form relationships. I talked with one recently who was very straightforward and said he’d be willing to lend half of the property’s current value at 12% paid at the end of the project (assuming it’s a flip). There would be no fees, points or origination fees of any kind. Just half the current market value of the property at 12% paid all at the end. Do you think there’s a way to convince him to cover all the purchase price of the property? I understand the risk on his part by not putting all his money into this project. However from my perspective, 12% is a lot to fund only half. Ideally I’d like to be all in with my money around 12% or less. Let me know your thoughts or if I’m way off in my thinking or any tips you have. Thank you!

@David Dachtera the MSP market is hot just like every other market across the country. I have done a lot of research into the areas and know what the neighborhoods are like here. For me and my goals, the MSP market is just a little too expensive and it's not a landlord friendly as some other markets I'm exploring. It's not to say I won't ever invest here but starting out I think I will look elsewhere.

@Steve Majors I appreciate all the advice on the Lansing area, Steve! Sounds like if a strong due diligence and careful selection take place, there’s some solid cash flow to be had. Have you heard of anyone doing student rentals near MSU? I’m curious as I see that as a big factor if I will choose Lansing or not.

@Nicholas Z. Thanks for the economic scoop into the Quad Cities. My goal is also cash flow so it sounds like it matches it!

@Douglas Spence that’s awesome owning properties in two markets! Which neighborhoods in Milwaukee do you invest in if you don’t mind me asking?

@Stephen Brown awesome thank you! Let’s stay in touch about that.

@Ben Scott and @Tom O'Stasik thank you so much so the input! I’ll dive in deeper to the analysis with OKC and I’ll add Tulsa to the list as well!

@Troy DeLong Thank you! That would be great if we could chat! I’ll send you a PM.