Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Patricia Creswell

Patricia Creswell has started 3 posts and replied 4 times.

Post: Let’s Get Subject Too-ed....

Patricia CreswellPosted
  • Lender
  • Dallas, TX
  • Posts 6
  • Votes 1

@Patricia Creswell please excuse all of the grammatical errors. I typed this extremely fast.

Post: Let’s Get Subject Too-ed....

Patricia CreswellPosted
  • Lender
  • Dallas, TX
  • Posts 6
  • Votes 1

Recently PEAK Legacy has been getting a lot of request for Subject To’s from our Investors. They love them! I’m interested in know what your experience has been with this creative strategy to get homeowners to the promise land. It actually sound like a Modern-Day Assumption Loan If you ask me, minus the bank. Chime in folks...

Recently I’ve had the honor of getting into an assignment that will immediately teleport you back to the 1920’s. This residential archeological find was covered in overgrown foliage, memories of the good ol days. It boasts a front porch to die for, with ornate crown molding that dancing all around the exterior of the structure. With all of its grandeur, it has proven to be the hardest contract to date to find its new rehab partner/investor. This poor beauty has been sitting on the market waiting for that special person to swipe right, but they’ve all swiped left.

The problem is this, she sitting right smack dab in the middle of a historic district in Dallas, TX called Winnetka Heights. Not too sure if you’re familiar with the Dallas permits department or planning commission, but they are as slow as molasses can get. An investors nightmare🔪. So, investors walk in hopeful, then run out in extreme terror.

But, if they've gave me enough time to explain before jetting out of sight, I'd be able to tell them That numbers don't lie. It's current value = 3.141592653589793, buuuuttt after $100k Worth Of Rehab, you'll have an ARV of almost $500k.

Anybody have any pointers to find investors who don’t mind taking it nice & slow & who don’t mind a little bit longer engagement? P.S. I’m not talking about my love life. Lol

Signed,

Desperately Seeking An Investor For Susan

Post: There’s Profit In Those Plates....

Patricia CreswellPosted
  • Lender
  • Dallas, TX
  • Posts 6
  • Votes 1

Investment Info:

Large multi-family (5+ units) hard money loan investment in Houston.

Purchase price: $2,000,000
Cash invested: $375,000
Sale price: $2,500,000

Hard money religious facility deal that I’ve been working on for a couple months. The buyer wanted to offer 15%, but the seller wants more. We are getting real creative with this one.

How did you find this deal and how did you negotiate it?

Met the realtor at the gas station

How did you finance this deal?

Still in progress. Churches are tricky. They have to disclose not for profit monies that is given to the church as profit when securing a loan.

What was the outcome?

Still pending.

Lessons learned? Challenges?

Churches with bad accounting practices make this type of loans very difficult to complete. Ask your church client if they have a CPA. If the response is no, then you’re in for a run for your money. Ask me how I know...