All Forum Posts by: David Friedman

Hard money loans are considered private loans so each hard money lender will have different requirements.

You could find several HM Lenders if one were to stop lending to you past a certain point, but I can't really see a scenario in which you would want to have more than 2-4 HM loans going on at once. If you are flipping you should be in and out and you are definitely overleveraging with HM if you have 10 at once.

You may want to include in your lease an additional fee if another person moves in. $100 to $150 per month additional or whatever amount you think your market will support. At least then it is clear upfront that the current tenant has some costs involved and there is no free lunch.

On an unrelated note, I do think schools should give free lunch and breakfast to all students.

Most agents will not want to invest their time and capital for an open listing unless they are 100% confident they already have a buyer for the property. It is too risky and usually it means the seller will not be a good client. It definitely doesn't start the agent/seller relationship on a foundation of trust. What I have done with sellers in the past is if they have a few interested buyers already on a list to see the property, we can add those buyers as exclusions to the contract.

Hi @Garrett Hay! Welcome to the BP community. If you ever need advice on property management and are looking into buy and hold opportunities (Residential or Commercial) feel free to reach out! Good luck!

It may be a little too late since you accepted the insurance money already, but typically you would have a contractor in place (Ideally multiple quotes) before accepting the amount quoted to you by insurance.

If your insurance company referred you this company though then after doing more research on them maybe they are the best option? It kind of seems you are stuck with them though since you accepted the insurance money already.

Are there any agents in the Inland Empire or greater California that specialize in real estate sales involving a divorce or probate? My other company, www.mooremarsdenexperts.com is looking to work with agents who routinely specialize in divorce or probate. We can be that extra tool in your belt that helps you to secure the listing.

Have you ever heard of a Moore Marsden Calculation? Here is how we can help:

Divorce - If the husband or wife owned a property before their marriage, then we can help them to determine the separate and community interest in the property by completing this calculation.

Probate - If a group of heirs inherit a property a Moore Marsden Calculation can also be completed to determine the fair equity that each deserves from the property.

Reach out and lets connect!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $325,000
Cash invested: $65,000

Purchased a duplex with the intention of assembling the land next door to eventually develop. Currently a veterans group rents both units and management from our end is almost zero. Very easy investment to sit on while we acquire what we need to develop. My property management company handles all issues.

What made you interested in investing in this type of deal?

Off-market cash flowing deal with minimal repairs needed in a quickly growing market.

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

Found it from a hard money lender friend of mine.

How did you finance this deal?

Conventional financing.

How did you add value to the deal?

Fixed up the second unit and added a second bedroom to it.

What was the outcome?

We cashflow over $2,200 per month with minimal work.

Lessons learned? Challenges?

The house on the left is really a tin box. Eventually we hope to tear it down and build a mixed-use housing and retail complex due to its corner proximity. Great tenants make everything easier.

Also an agent in Redlands lol. Everyone in this thread lives in Redlands.

I primarily do Property Management these days so if you need a PM after you complete your flip, reach out!

 Unrelated to this post but.. Nice logo man. The orange and bell look great.

Nice work! We do a lot of investing and property management in San Bernardino. For the novice, it can sometimes be a tough city, but like you said, "Slow is smooth and smooth is fast," you can make it work well if you are smart about it!