All Forum Posts by: Ricky Brown

I did more digging and could not  find business or much more about it. I told him I wanted to learn more  about his company and he stopped speaking to me. then I got another  offer from a different person. fake profile and no registered entity. not sure why they are targeting me, but I appreciate the word of caution. 

I'm going to the REIA meeting in Lexington in a few weeks and will find a local investor and learn who to work with.

@Tom S. Why is that? Is it the loan insurance that is the issue, or is that there are no up front fees at all? I have spoken with some legit HML (like Lima One Captial and Realty Shares) and I see what kind of criteria and terms they offer. Is that something that I should expect from all lenders? Meaning the points/fees for loan origination? Is the loan insurance something that is not normal?

Also, what's the differences between the private and hard money lenders? I know the private lenders are usually individuals with capital to lend, so I figure they set their own terms and specifics. Should they have some kind of set things that most look for when lending money to investors? 

I did meet the person online. Through LinkedIn. He seems to have a business that lends money to people. I figured that would make him a hard money lender instead of a private lender. I was feeling like it would not be a good idea to give any info. He sent me an application, but was not asking about much personal info, except for job income, address, and how much the loan would be for. He didn't ask for any up front fees, just that I would have to purchase loan insurance. I will look into it more and keep focusing on finding the deal before trying to secure the financing. Thanks

Hey BP,

I am doing deal analysis on properties I have found in my area. I picked out some vacant properties and I'm analyzing the deals to see what would be the best exit strategy and how to finance them. I have access to MLS and can run comps and have a good analyzer to run the numbers. I have sent letters to the owners asking to purchase the property. I have not received any responses so far and I am digging for more contact info about the owners so that I can reach out to them.

I have been searching for financing options and found a few hard money lenders that will work with me, but I don't meet the requirements yet (need to set up my LLC - easy enough, and have to get the down payment). I have recently been contacted by a private money lender that wants to loan me the money on flip projects. I am not entirely sure about this and want to know what you guys think I should do to make sure that I am protected and at the same time that I don't mess up a good opportunity. I have been honest with him about where I am in the process and he wants to send me a loan application to fill out and get me approved for the funding. This is my first time dealing with a private lender and a bit nervous and want advice.

Is there something I should make sure to do to check this guy out? Is there a way to make sure that I'm not giving my information to someone trying to scam me? How should I go about this to make it work?

I really appreciate all the time to help me learn how to figure this out.

I am also interested in attending, but have a night shift job during the week. I would love to attend any events that are hosted on the weekends, Friday night works too. I am still new to REI and wanting to get my first deal closed in the next few months and could use the energy and experience of other investors to help push me along.

welcome Jonathan! I'm a newbie investor from central Kentucky. Me and a partner market for deals to wholesale and flip in Hardin County. I'm about to purchase a home myself and looking forward to closing many deals this year. Awesome to have you the community and I look forward to leaning and possibly working with you in our adventure. 

welcome to the community! Such an awesome group of people, always willing to lend the advice and opinions. And so much knowledge. Good luck with you journey.

Thank you to all that have replied for helping me with the first steps. I've reached out to several builders and the few that have replied don't seem very interested. I'm still working on figuring out how to make this work out so I can do something with this opportunity. I may have found a lender that will work with me through this, so that's my focus right now. Thanks again everyone. I'll keep posting updates as they come and hopefully this can become a diary of the process and a great success story.

I'm going to speak with a local agent today and get all the info I can. I know that I basically have nothing I'm terms of information about this deal, I just found out about it. I think it was just listed yesterday. 

I found an 18 unit apartment for sale for $900k. I'm researching to find the cap rate in the area and what each unit rents for. each unit has 2 beds and 1.5 baths with washer and dryer hook up. I know there's a lot that goes into the analysis and I'm using the calculators to determine if it's a good deal or not. I was reaching out to the community get to see what advice I can get on getting the deal funded or if its even with going after.