All Forum Posts by: Rick Bradd

Too bad they spelled @Will Barnard 's name incorrectly....

Thanks for sharing this, I really enjoy these types of deals, you helped several people solve several problems and made a decent profit at the same time. In my mind you did a service to the HOA, Bank and seller, good job.

Just curious, how did you find such a distressed situation? I imagine the seller was probably at the end of their rope and really needed someone like you to step in, and the numbers all seem to work, but the mechanics of the deal are intriguing to me, you must have made a lot of phone calls.

Again thanks for sharing this information, I really like it when a complicated situation is solved and there are several winners.

Ask what position will your loan be in?

What is the ARV? Show me the comps, what is the budget, what are your contingency estimates? What is the LTV with your investment, how much skin does the rehabber have in the game? See pictures or sales flyers or website listings of past properties, does this one fit the profile of their past experience, in other words are they doing a rehab on a property that they have had experience doing in the past? Rehabbing a fire damaged house or hillside property may be different that rehabbing 3/2 ranch in a blue collar neighborhood.

Exit strategy and fall back plan. Timeline estimates, including how long your money will be working, are there any minimum number of months they will pay you? How much time will the rehabber need to buy me out if I should need my money back at the end of the agreed upon terms and the property has not sold?

Get a deed of trust ( rehabber to record or will you do it yourself?)

Promissory note ( vetted by your attorney) Will you get monthly payments or paid after sold?

You must be named as additional insured on the property insurance.

After the first time working with a that rehabber its easier, especially if you have a good relationship and the communication has been good. I have built a lot of trust with my go to rehabber, he appreciates my money and takes very good care of it and I try and place my investments with him whenever possible.

General question about the "leftover" funds in my SDIRA. Say I have made some investments secured by a deed and a promissory note and I have some leftover funds sitting idle in my IRA account, earning basically nothing. For arguments sake lets say $5,000.

I read a post recently about a note investor looking to raise capital by selling a years worth of his note payments at a discount. It made me think that might be a good way to put my "leftover" cash to work in another short term investment, that might make a decent yield.

I checked with my IRA custodians website and did not see anything relative, before I reach out to them and ask if its even allowed I thought I might put it out here and see if anyone has done this, or better yet, if someone has a better investment vehicle to put small amounts to work?

If this is an allowed transaction, how would it be secured? I know my custodian will charge me for monthly deposits made to my account, but it is not much of a fee, and it would be better than letting it ride earning nothing.

Appreciate any feedback,

Thanks in advance,

Rick

wow, congratulations Will, looking forward to watching it, any clue as to the network and timeframe for airing yet, or is it to early?

Anyway, awesome news that another one of BP's own is going to be featured, Josh Dorkin had a three page spread recently and now your in line for a shot at being featured on TV.

Just don't forget us little people, lol.

Dang, sorry to hear that Dan, I was enjoying the exercise of drilling down into the nuts and bolts of the topic, really made me think, ponder and digest. I did not pick up on the Guru or ego part, but that is part of any forum I guess, BP is better than most in my opinion.

Hope it all works out well for you.

Turn off the water at the main and see if it stops. I had a similar problem randomly with my sprinkler system. The galvanized pipe from the manifold to the sprinkler valves was vibrating the pipe against the stud in my garage.

Mine developed into a "water Hammer eventually, but it started out the same way, a new pressure regulator fixed it.

Good luck.

I really enjoyed the meetup, got to meet some very nice people and learned a lot, in a very nice setting to boot! thanks @Will Barnard for hosting and sharing so much good info, and you and @Jeff Greenberg both really made the meeting "work" by keeping it on track.

Now @Joshua Dorkin , Jeff is a good guy, who spoke very highly of BP and is definitely a good source of information for all levels of investor. I hope that you will allow him to message again so we can share his knowledge. The only fault I noticed with Jeff is he gets a little anxious about where you stack his folding chairs.........

soldiers story ends with victory

So maybe the biker idea for eviction really works? Check out this link that briefly covers an eviction of a squatter.