All Forum Posts by: Josephe Williams

Welcome.  I hope you find success in your venture.  I, too am a investor looking to escape the 9-5.  If you come across any 2 bed/ 1 bath distressed properties that I can get for 60% below market value in the area let me know.

l'm open to partnerships if you ar looking to share a deal.

Let me know ehat you are looking for and I will keep my eyes open also.

Jason,

I ran into a similar situation recently.  All investment loans are going to require the 20% down.  Funny thing is if you are buying a second/vacation home you can get a loan with less down even if you only spend the minimal time throughout the year.

Anyway I am looking at private funding for my next project. Private money lenders usually will lend you 60-70% of the ARV. Depending on how much you can negotiate the purchase price down you might be able to fit your renovation cost into the rest of the loan. With your expertise in the electricity side/doing the work yourself adds up in sweat equity. All that to say you can get the purchase without the 20% down if you are willing to pay the price in other ways.

I don't have a project on the front burner at this time but I'd like to stay in touch and we can talk when something comes up.

Welcome to the BP family.  North Hollywood used was my stomping ground for a while.  In fact my first investment was a property on Denny Ave. in NoHo.  Part of my heart is still there.  You are definitely in the right place to learn and network with good people here to help one another.

Good luck.

Add me to your list.  I'm looking for 2or 3 bed/1 bath fixers and multi units up to 8 in the northern Orange County and Eastern LA county areas.  I have funders lined up looking for me to find the right deals.

This is as good as place as any to post this list.  I'd go a step further and look for BP members in your area.  Reach out to them and set up a meeting.  I've met four local BPers and all have been great to talk with.  One I've entered a partnership with on a project and another has given me sound advice on another project.  

You (and this is advice I'm going to follow for myself) need to get out an meet folks at any real estate meeting.  Go looking to socialize, learn more and help someone who has a question YOU can answer.  The right people for you will start to fall in place once you get to know others and get to be known.

...my two cents

Don't get discouraged.  Its a numbers game.  The more properties you see the more you'll be able t see the things that a contractor will tell you about.  With experience comes knowledge and you will be able to make your decisions faster too.

Also I have experienced where realtors will list a property they already have a buyer for, just to collect a prospect list for future calls.  Stick with it and you find your deal.

I am moving forward on a project in Alexandria, VA. It is a Cape Cod style home that is minutes from Old Town Alexandria, the National Harbor and downtown DC. It has wood floors through most of the main level. Tons of natural light. Priced below assessed value! The property is currently a 3/1. The finished project will be a 4/2. Currently a 4/2 in this neighborhood will sell for $465K. I project a conservative ARV of $425K

I'm looking for $276,250 or 65% of ARV in funding to cover the purchase and some of the construction cost.
 I am also looking for additional investors who would like to earn 10% on their investment of $25-30K.

If your are interested let me know and I can provide more details.