All Forum Posts by: Bryan Miller

I have an opportunity to purchase 24 Tax Liens in Alabama.  I'm looking for someone with expertise and experience dealing with laws surrounding tax liens in Birmingham, Alabama.  Possible partnership, profit split or consulting opportunity.  

Looking to sell two projects that are both in Qualified Opportunity Zones in the Los Angeles area.  One project is 10 homes and another 9 homes - approved as small lot ordinance, single family homes.   Projects have been entitled and have Ready To Issue permits.  One project with 10 homes has a purchase price of around $3.15 MM with total build and carrying costs of about $4.9 MM.  $480k of potential gross rents.  Ideal purchaser has an opportunity zone fund in order to defer capital gains and generate tax free profits from increase in valuation. 

Experience builder can submit a fix price bid and complete construction if needed.  Additional details available for qualified buyers. 

Reginald,

Thanks.. I just sent you a PM.  

Seeking $2 Million in Mezzanine Financing for 20 month development project of 37 small lot homes in Los Angeles.   15% interest paid quarterly.  75% Loan to Cost and 59% Loan to Finished Value.   $100k Minimum.  Funding in 2 weeks.  Experienced builder with over 55 successful projects. 

Please send a PM and I'll send you a full financing summary. 

Jay,

Great idea!  Happy to support your vision!

Thanks.. Please send over the info or post it here. 

Some of the advocates have "non profits".  When you make a significant contribution or settlement with the "non profit", they will stop hassling you.  Similar to what we have seen with some political "foundations".  Same idea. 

Hello! I'm looking to do a cash out refinance on a portfollio of 15 rentals which are made of SFH, TH, and Condos. Value is about $1.845 MM and current loan is at 5.5%. Looking to take cash out and lock in longer term financing at lower rates. Either a portfollio loan or individually. I do have 6 other single family mortgages, so loan count could be an issue. Located in Maricopa County / Phoenix area. If you know of a great portfollio lender or way to finance multiple properties, please let me know. Lenders can respond or PM.

Thanks!

@Sean OToole    - Great insights.   I heard you speak at Robert Hall & Associates last year and it was impressive.  Nice to have your factual expertise. 

@Jay Hinrichs - Always entertaining and enlightening.   Very interesting summary of troubled borrowers continuing to be trouble borrowers, even after a fresh start.   I guess that's why approximately 75% of loan modifications fail within 2 years.   

@Steve Vaughan  I have spoken directly with the bank and they are just want the borrower to pay the outstanding balance and continue making payments.   

@Jon Holdman  - Thanks.  Your reply reminds me of an Oprah quote.  "When someone shows you who they are, believe them the first time"   Jay's experience of 90% failure confirms this theory. 

@Cara Lonsdale  The Quit Claim Deed idea was an "insurance policy" if the borrower didn't perform.  Creative idea, but as pointed out in this thread there are many issues with this approach.    As long as there is substantial equity and overages at the end of the sale, wouldn't a second position lender also be made whole if the asset is taken back and sold? 

@Jacob Rhein Creative idea.. I don't think there would be time in this scenario, but it's a good idea on how raise small amounts of capital, especially since HML doesn't seem to be a solution.

The borrowers father built the house, so there is an emotional attachment. He is an only child and his parents have both died in the last 5 years. Borrower offered to pay me 30% ROI, but the issue is, it's illegal, because it's usury, so if I would have to foreclose, an attorney could protect the borrower, and I'd be the bad guy.

Seems like a straight loan is the safest solution.   However, at the end of the day there isn't much upside at 10% interest on a $20K loan and plenty of downside risk.  Thanks to all for a fascinating and educational thread!   

@Joshua Dorkin - You've built an incredible community!

Thanks everyone for your thoughts and insights!   He has credit issues, so he already has damaged credit, so BK may be an option that doesn't have tons of downside.  The rate is 3.74% so it's hard to beat that if he refinances now, with bad credit.  Cara  -  Interesting idea to do a loan mod.