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All Forum Posts by: Presley Reeves

Presley Reeves has started 4 posts and replied 36 times.

Post: Connected Investors Deal Dog Web-Based Software Review

Presley ReevesPosted
  • Investor
  • Wlmington, NC
  • Posts 62
  • Votes 19

I live not far from their office.  I went to their place to meet them and talk turkey as fellow real estate investors.  A twenty-something guy came down and said they would set something up.  I also did get a note on Linkedin from Ross Hamilton, their CEO, but they never followed up.  They are too sketchy for me.  I believe they see the money in selling picks and shovels to miners rather than mining themselves.  Which means they are not serious real estate investors or they would be doing real estate rather than educational marketing.  BTW I see a lot of funny things going on in the "hot" markets so be careful.  A lot of "wholesale" deals that are not worth doing, being marketed by real estate agents doing double closings for a flat commission rather than assigning contracts.

Post: Looking to Build List of Buyers for Wholesale Finds

Presley ReevesPosted
  • Investor
  • Wlmington, NC
  • Posts 62
  • Votes 19

Add me to your list!

Post: Bank owned properties available nationwide

Presley ReevesPosted
  • Investor
  • Wlmington, NC
  • Posts 62
  • Votes 19

Interested in North Carolina and Texas.

Post: We rule the space between Hard Money and Banks

Presley ReevesPosted
  • Investor
  • Wlmington, NC
  • Posts 62
  • Votes 19

Will you do gap financing with a hard money first?

Post: Investor alert. Great house for rehab. Needs work.

Presley ReevesPosted
  • Investor
  • Wlmington, NC
  • Posts 62
  • Votes 19

Hi Nancy,

What might the after repair value be? I might take a look if it is not in a rural area, and not too ruff shape. I need to sell a property so until then I am strapped for cash and would have to keep cost no more than 70% ARV to get my private money in.

Post: Loan Structure vs Financing

Presley ReevesPosted
  • Investor
  • Wlmington, NC
  • Posts 62
  • Votes 19

If you are using your IRA, there are a handful of lenders who do that. The lenders I have researched with usually do no more that 70% LTV when using an IRA. I was in a deal last year for a multi-family using my IRA, and they wanted me to come up with 60% down, so expect lenders to demand more down payment when using retirement funds. I am assuming that you have a self-directed IRA with a manager who is accustomed to using an IRA to purchase real estate. There are very specific rules you need to follow to maintain the tax deferred status of your IRA.

Using a business entity, such as an LLC, is to offer some liability protection to your personal assets. My experience is that community banks will not do a mortgage for a business entity. However there are other ways to protect your assets, and your umbrella policy is one of them. Al is correct in his post. If you purchase the property and derive positive cash flow just be sure to pay quarterly tax payments so you don't get hit with a big tax bill, and perhaps penalties next April. If you need asset protection, and help with taxes, consult a lawyer, and accountant to get competent guidance for your needs. I know some people avoid paying fees to these groups, but sometimes it is the cost of doing business.

Post: Equity partner(s) sought: Attractive 237-unit deal in Chicago IL

Presley ReevesPosted
  • Investor
  • Wlmington, NC
  • Posts 62
  • Votes 19

I am sending you a note at the email you listed above.

Post: I paid off a house in just 3 years!

Presley ReevesPosted
  • Investor
  • Wlmington, NC
  • Posts 62
  • Votes 19

Outstanding financial resourcefulness.  I am curious as to how the numbers worked out accounting for your cost of money, the $18,000 loan with interest, and other costs like insurance, and taxes.  I believe the monthly "cash flow" details would be helpful to others who might find an opportunity to fund in a similar way.

Post: 30yr vs 15yr fixed conventional mortgages

Presley ReevesPosted
  • Investor
  • Wlmington, NC
  • Posts 62
  • Votes 19

Hi Bryan,

You may or may not be able to get cash flow on a 15 year note.  I was able to get pretty good cash flow on a quad in Abilene, Tx, but I am pretty sure I could not do the same thing where I live in Northern Virginia.

If you can't decide you could go with the 30 year note and pay extra to build equity faster.  You would just have a little higher interest rate.

There is no right or wrong answer here, just what works best for you.  If you can get clear on what you want your real estate investing to do for you, then you will have better information to make this type of decision.  For example, do you want to build wealth to enjoy 15-to-20 years from now, or finance a vacation next year, or both?  The money you make along the way is only a means to an end.  Figure out what that end is, and you can use real estate as part of your plan to resource your dreams.