All Forum Posts by: Richard Nash

This is a company this is on this list of hard money lenders on BP. I would reccommend taking them off.

I recently got ahold of a hard money lender from Utah. It is called Dohardmoney.com. I found them on this site. I told them I was interetsed in a hard money loan. They told me I needed some skin in the game and wanted a $1200 deposit. I gave them the money. After a few months, I have learned I am not ready to get into flipping houses. I told them I wanted my deposit back. They told me no, I have kept asking them, however, 6 months later they still have my deposit. I really don't feel this is right. I would just warn people to stay away from them.

See if you can find the error. Watch what pics you post. Pretty funny though.

http://boise.craigslist.org/apa/4386338047.html

I am looking at a potential duplex in Idaho that was built in 1919. This is an old house. I haven't had a chance to look at it in person yet. It looks like it's in good condition based on the photos that I have seen. Is there anything important I should consider before buying it?

Thank you all for your input. It is very good to know 1K can take care of ernest money.

Ths deal I'm working on has the purchase price come out to 100K. 1K ernest should do this? I can do that. I was told I would need 3-4K

This is based out of the Boise, Idaho area if that means anything.

I have all my financing lined up to start flipping houses. However, I can not find financing to get my ernest money. Are there any special places I can go or any creative things I can do about this?

I didnt have the money for the full course either. Figured I could spend the money on property instead.

Jim p. I know a guy in Kuna who wholesaling a house. Numbers look real tight and he takes cash only. 115k is what he asking. Let me know if you are interested. I just don't have cash reserves right now.

Jonna thanks. Always good to know Realtors in the

My name is Richard Nash, I have 300 properties.

Ok, well not yet. I am brand new into real estate investing. A little bit about me:

I am living in Meridian, Idaho. I am actually renting a house still with a roommate. I got started into real estate investing when my mother coaxed me into going to one of those free 2 hour seminar "guru" courses. It was called flipping formula if anyone is familiar with that. I got super excited and spent $1K on their 3 day course. In that course they taught a lot. I was actually pretty impressed. I took a lot of notes and was eager to get out there and go!

Reality hit me when they asked for 30K (40?) I can't remember. It was much more than I was willing to shell out to get their little mentor. I set out to tackle the world. I set up my LLC (Tablerock REI). I then got ahold of the hard money lender they hooked me up with (recashsource). And then we got slammed at my job and I had to put this on hold.

We have now slowed down and I now have told myself that hell or high water, investing is not going on hold again. I have met up with a realtor who I actually met off of here at bigger pockets. I'm still trying to find a diecent contractor. From what the podcasts say, this will not be an easy task. Since I have a desk job, I sit and just listen to podcasts while I work. It is great!

I tried to land my first deal in Nampa, I got all the comps, the house would probably go around 65K, they were asking 39. I went through and got a contractor's estimate then took it home and crunched the numbers farther (his were way high). The numbers came out to around 30K for rehab. Combined with the loan origination fees and everything else, I was looking at a 10K offer. I decided to pass on this property. If that is the wrong decision please let me know.

That's about all I have to say about myself. I am interested in flipping/lease options mainly. I know it is going to be a tough road ahead, but I have always been interested in houses. I wanted to be an architect until I saw how much school they needed. I currently work at an engineering firm designing HVAC/Plumbing systems. Despite the amount of work I know is coming up, I think I will really like the new challenge.