All Forum Posts by: Brandon Moryl

@Mark Nolan I have because the self directed 401k allows up to 50k to be deposited in a year but I did a rollover and I have a decent chunk in my IRA and once the shackles are off I hope to grow it.

Once it's in the FHA system that number sticks for 6 months (I'm pretty sure it's 6 but could be 4 as stated before). The appraisal can be disputed but trust me it's a hard process and not worth it. Consider holding a second lien for the difference. Due to the massive restrictions placed on appraisers they really have tightened up and are conservative. We have had 2 bad ones in the last year. One on a sale and another on refi. The purchase price was 195k and it came back in at 145k and 4 days later with a different bank it came back at 196k so it's a matter of opinion. On a refi I had one come back at 164 and 7 months later it came back at 220k. So don't give up and keep searching for different banks but if they are limited to FHA you will have to wait some time. They should have the option to come up with the difference in cash but FHA I don't think allows it to be in a form of a loan. If they are short on cash maybe tapping into 401k or IRA and find a 5% conv finance option that will allow multiple appraisals.

I would be interested in a meetup with you guys.  I'm pretty sure I talked to Theo a while back on the phone and it would be cool to see how things are going.  @Brett Woodall I'm taking on some GC work in between my own flips so I could run over some things with you on that side.  I recently banked my RE License to focus on investments and GC work but my wife has hers so it worked out great and nothing lost.  @Theo Hicks Did you get yours yet? I think we talked about it a while back.  My personal info is on our website www.TeamMoryl.com feel free to txt call or e-mail as I love talking to fellow investors.

@Steven Bibbs, I had an investor/hard money lender fly in from Cali last week and he was telling me they have strict laws on how high they can charge. I believe he said something like 2 points and 10% max. So even if you are willing it might not be legal. From the way he talked they had plenty of hard money out there and if they are truly deals you shouldn't have a hard time getting money. Try not to pay over the going rate as it's better for both of you to make little money 100 times than one of you make a lot once. Good luck and I wish you success.

Thanks everyone for the info and input.  Lee - Very interesting on the percentage due to what you bring to the table.  I'll look into that for future partnerships.

     I'm not soliciting these investors and most of them just see what I do and want in.  They are unhappy with returns and unstable stock market and they rather go into a tangible asset.  The reason I say fair is I always want a win win deal and honestly there is enough to go around.  With that being said I'm reasonable to know I can get a bank loan or I also know what hard money runs if I even need that.  

     So an example of what I was thinking of offering was the 7-10 percent and here was some thought behind it.  If I can avoid paying points on closing then I rather pay 7-10 than 5% plus 1 point close 3 times a year.  So I would be at the 8 percent range anyways plus have to deal with bank.  

     I always try to think of both sides so I know as investor that I would be happy with 10% return on cash laying around but I would be willing to take 8% if it's a secure loan.  I don't know if I'm going to do this but it's something I'm tossing around.  

Instead of giving first position I could get it drawn up as loan to my LLC so they would have something if I get hit by the bus. Everyone would have to be protected as it's sad but too many bad people out there.

     Until I run out of cash it's not worth my time right now but as I grow or more opportunities come up it may be an option.  Again thanks everyone for your input I really appreciate it!

I'm investor in the Cincinnati area and till now I utilize mostly my own cash.  I was working a full time job and my wife and I were both RE agents (I just banked my license).  I'm looking to run more than one or two at a time and would like to offer my investor friends a fair rate of return first before going to banks or hard money.  The wife and I run with 60k to 130k cash on hand and I wish to leverage this to obtain multiple properties.  My two thoughts are use cash to obtain property then either go to local bank and give a first position and take out 50% or whatever's needed that way I can move onto purchasing another.  Any suggestions of a great bank for this would be nice.  Higher interest is not an issue but I wont pay points or high closing cost.

     I have investors and people coming up to me all the time that would be willing to put up the money but they traditionally want ownership or they are regular Joe's just getting killed in the stock market.  So with interest rates low I know it's not wise to offer too much but I would like to give friends the chance to earn some money.  So what would be a fair amount to offer people?  Would you give a first position to someone in order to secure the deal and give them peace of mind?

@Theo Hicks finish your classes and we can get something set up closer to the Cincy/Northern KY area. Hope everything's going well and just let me know when you have the time.

I've been on for years but I mostly listen to podcast and read some forum's. I think I want to contribute more and help people out. A couple of guys from here have called and I've sent them in the right direction from contractor list to just getting started things. I was wondering have you seen any meet up in this area. I go to the Cincy Reia and the Westside meeting when I have chance but would like to go to a BP if they have them. Next meeting we do KW is buying food and drinks. 

I agree with Max on how it's street by street. Honestly it can be the same street but the "wrong" side of the street and you can have 20k difference. 

I can also say that you can run into appraisal problems as we currently did. It came in 40k under but it was by someone not familiar with the area. They have another appraiser coming out tomorrow and it should go smooth. We have comps to support the sale.