All Forum Posts by: Raymond E. Hopkins

@Bob Okenwa

That is what I was assuming, but was wanting clarification.  Thanks for the input.

@Jay Hinrichs

That sounds logical. It would make it hard to refi out of the HM loan if the HM lender went after the credit of the borrower. But, I am not worried about paying back the HM loan. I am more curious as to if a HM loan would show up on my credit, good or bad, and impacting my current project when I go to roll to the VA loan.

@Tevis Verrett

I think you have the answers I was more looking for. Being more of a private loan, it is not necessarily something that will be reported to the credit agencies. As I mentioned above, I am not worried about repayment. My main concern would be attempting to purchase a new property with a HM loan, and this negatively impact my debt to income ratio preventing me from rolling over my construction loan to a VA loan. I have come across a few deals I'd love to pull the trigger on, but I am nervous about the impact on my current project. I am hoping to wrap it up in the next few weeks to a month. But, I'd hate to see a few of these deals fall through my finger tips merely because I was not looking for more creative financing.

Thanks for the input!

@Laura H.

Do you have a certain size park, occupancy rate, price range, value add or turn key, and any other details in mind for a park in Oklahoma? 

@Nathan Allen

From my understanding he would have to live in the residence for a brief period to qualify for a FHA loan. Not everyone is in a position to, nor want to "house hack". If you are in a position to be able to "house hack" it would be a beneficial way to leverage your asset and keep your cash on hand.

I am wrapping up a personal renovation project in the next month or so, but have come across a potential deal in a duplex which needs renovation. I do not want to approach a bank on acquiring the property at this point, as the additional loan may push my debt to income ratio to high to roll my current personal project from a construction loan to a traditional VA loan. So, I am curious if hard money loans show up on a credit report. Any information would be beneficial!

@Tarl Yarber

The story sounds eerily similar to mine.  I am currently working on a rehab for my families personal dwelling.  Was supposed to net around $150,000 in equity on a large farm house out here in Oklahoma.  I also had strange circumstances leading to our purchase of the home (I'll go into detail when I post my success story).  A 2 month project has now become a year long project due to hiring a crook as a contractor, and having to personally take over the project on my free time.  We are having to rip out most of their work, and start over.  I pressed criminal charges on our guy, and he has recently plead guilty to the charges.  Hoping to recover some of our losses through the restitution process (should know a dollar amount in the next month or so).  Luckily, like you we bought so well that it has only hurt our equity position in the end.  Should be wrapping it up at the end of this month, and hoping to still hit between $80-100g's in equity (but, if the restitution # comes back high we could recoup what he originally lost us to put us back around $150,000). 

This is only my 2nd rehab, and the first my brother and I did on our own. 1st time to hire a GC, and I was way to trusting. I relied on him the "expert", even when I knew things weren't right. Like you, I see this as a huge learning experience, and it has prepped me as I get ready to start expanding my REI.

Glad to hear it turned out alright for you in the end, and you were able to learn valuable lessons along the way.    

Keep your eyes on the success story forum for more to come!  

It seems, in my research and after getting a construction loan through a commercial lender the money required up front is a bit more compared to residential; but the lenders typically have more creative ways to get your deal done. 

@Jurgis Kirsakmens,

Yes, drop box is essential.  I've been reading up on Landlordy since you mentioned it earlier.  It looks promising.  Do you use the free version or the personal version for $40 (if I remember right)? 

@Mike Flora,

I am trying to load most stuff on the Ipad, but have the ones such as MileIQ on my phone and anything else that is nice to have in my pocket at all times.  It sounds like Podio and Centriq will complement each other.  If you ever have issues Centriq should be able to inform you of warranties and part numbers on items at your properties to give to your contacts in Podio.

I am ready to get business streamlined, so even if I continue to manage my properties as I grow every issue has a solution merely a few clicks away. 

I appreciate all the input!

@Mike Flora

What exactly do you like about Podio?  I downloaded it a few days ago, but have not put it into action yet.  I heard about it on one of the pod cast, so I took note of it. 

Thanks for the input!

@Trevor Ewen

Awesome brother, I was just looking at the Expensify app.  Do you recommend any good mileage trackers?  I have seen the ads for mileiq, but the ratings seemed mixed. 

@Ray Lai

I love the name! 

I agree, I made the question to broad when I opened it up to software. My initial point was for APPS, but then I got carried away.  You will have to give me a minute to read the novel you sent, but from what I scanned it appears to be good content with some reviews of each system.