All Forum Posts by: Bryan L.

I would be happy to provide a potential lender or partner with all of the details that they need. But I would prefer not to list specifics on here where anyone can do a Google search on my name and see the details. It's already hard enough as it is to sell a rehab to a retail-end-buyer with websites like Zillow (spit) advertising to the whole world the dollar amount that I gave for a house. And I am also a Realtor, so people will be googling my name. I can just see it now - on my next listing of a finished rehab, some young couple comes along to look at my newly remodeled house for sale. Then they google me and find a posting on here where I say that I made $XX,XXX profit on my last deal. And they go walkin'. When the time is right, I will place an ad in the marketplace with more information. Thanks for everyone's input and replies. I do look forward to getting to know everyone on here better, but some info needs to be played close to the vest. Especially with me also being a Realtor. I hope you all can understand.

I also uploaded a profile pic. I've been very active on a couple of other boards for many years, but always kept my anonymity in the past.

High rates over a short period of time (6 months or less) may turn out to be less than doing a split with a partner. I'm open to it.

I'm new to BP and I just now watched the video about the marketplace. I guess I will sign up over there and place an ad for hard money. If this initial post was inappropriate, please delete it, and my apologies.

I recently listened to a podcast on BP about hard money loans. I'm an experienced investor (about 10 years) looking to do more deals this year and next. I currently have enough lines of credit to do 2 or 3 deals at a time. I hire out all of the work, so I can manage more rehabs at once if I could get hard money and/or partners. I've searched the hard money section of BP and done google searches till I'm blue in the face, but it seems that I always come up with some issue like these:

1. They won't lend in TN (Tennessee).
2. They won't lend in "rural" areas. (I hate this one. I flip houses in small towns, but I know enough to know not to get way out in the boondocks.)
3. They will only do loan amounts of $100,000 or more. (bread-and-butter houses where I flip RETAIL for less than that).
4. I come up with a Google search result that isn't really a hard-money lender, but some other kind of web-site that supposedly gives a listing of hard-money lenders, but all of them fall into the 3 categories above.

My market is picking up and I'm ready to expand my business. I have perfect credit (never missed a payment in my life with a score in the mid 700s), I can put skin in the game, and I have another source of income to fall back on. This frustrates the hell out of me. The only thing holding me back from getting more money from regular banks is a high debt-to-income ratio (I own a lot of rentals as well).

If anyone could tell me of a real honest-to-God hard-money lender for small dollar amounts in small town TN, I would appreciate it.

On the one that I wholesaled, I bought it out-right with my own money. Then later wholesaled/sold it to someone else. No HUD rules concerning that at all. Also, at least in TN, HUD will let the buyer pick their own closing agent, so a wholesaler could theoretically do a simultaneous double-close using the end-buyers funds. Not sure how to handle the POF letter.

I've bought a few HUDs. The only one that I wholesaled - I closed on it, then sold it. In my area, you can pick your own title company. Pick one that will do a simultaneous double-close using your end-buyers money.

Hello everyone. I've been investing in the middle Tennessee area now for about 10 years, but just now joining BP. A little about me: I bought my first foreclosure about 10 years ago, and I still live in it. That house (combined with a pink slip from my j.o.b.) is what got me started in real estate. I am also a Realtor, which is mostly to aid and assist my investing business, but I do a little Realtor work as well. At one point I was able to quite the j.o.b. and go full-time, but that ended when the market crashed. I'm now half-time in RE and I also have a part-time job. This seems to be working out fairly well since the job provides some amount of steady income, but it's also a very flexible type of arrangement. I can pretty much set my own schedule and can work from home some, so it fits well with the RE stuff. After going through the crash as a full-time investor, I'm not sure that I want to be there again unless/until I have a much better base of operations (positive cash-flow properties and PLENTY of cash and/or lines of credit to weather a storm). I mostly do buy/fix/sell investing, but I'm open to wholesaling and I have some rentals. Most of my buys come off the MLS, but I am looking to add in some marketing to get the phone ringing from motivated sellers in pre-foreclosure, short sales, or whatever. I've been on a couple of other forums like this, and look forward to getting to know everyone.