All Forum Posts by: Ronald Logan

Hi Folks- I cannot seem to discover any meetups in the Lake Norman area of NC. I am in Mooresville and would like to network with folks in this area.

Thanks

Ronald Logan

Hi Folks, I actually have two questions:

1 - Are there any HMLs that do not require you to be a Company (LLC, C Corp, etc) to put up funds for a flip?

2 - I am buying flips and will be using HML to most of the funds (85/100/80) and would be looking for private investors to put up some funds for the difference that I am not getting from the HML and also the carrying costs. (I typically est. 6 months.) My return would be 10% interest at the close of the selling portion of the project. The question is: should I expect the investors to want to be a lien on the property (would need to be the 2nd behind the HML) and if so, are there HMLs that will allow the 2nd lien on the same property?

Thanks in Advance,

Ronald Logan

Russell, Steve and Christopher,

Thank you so much for the response. This has put so much into perspective for me. I appreciate the help.

Ronald Logan

Hi Folks- I am running into a few questions that are really holding me from moving forward. They are simple yet for some reason I just want to make sure I understand before getting myself into trouble:

1-How do I make multiple offers (on different properties) if I need to put up $$ for each (I.E $1000 for each)

2- what happens if I get multiple offers accepted yet I only have funds for one deal. (I realize this would be a great situation to be in) However is there a way out to where I am not obligated?

I hope this makes sense.

Thanks in Advance,

Ronald Logan

Hi Folks- Thank you so much for your responses. I really appreciate your comments/advice. As I indicated and now realize, I am going to look for properties asap as well as begin to Network. In addition I am going to seek a mentor and perhaps a partner.

Thank you all. I hope we cross paths again real soon.

Ronald

I am fairly new to the Real Estate Investing business. I say this because about 10 years ago I purchased a single family property with a 80,80,70 finance deal (not sure that even makes sense anymore) and the rest was from a private investor. I rehabbed the property and sold it about 3 months making a nice little profit of about $3k after paying off all debt including the investor. However after that the market was really tough and I could not find any properties and therefore my situation forced me to move away from Real Estate. However I am now in North Carolina, just north of Charlotte and am very motivated to get back (and stay) in Real Estate. My goal is to buy single family properties, rehab them and then rent them. My interest is in building a portfolio of properties for cash flow. That being said, I am really having a struggle in figuring out where to start. Do I look for properties 1st, obtain financing 1st, network or work all at once. I am not afraid to work, and I am real good with numbers but just seem to be stuck perhaps in analysis-paralysis. Any thoughts or comments would be much appreciated.