All Forum Posts by: Ron Steele

Where are you getting the financing for these type of projects?

Here is question that I had about deal structure

Lets say a house costs 100k. Two partners are coming to the deal to partner up.

One party gets a hard money loan for 65k(65% ltv) and finds the deal. The other brings 35k cash from his pocket.

Is the partner who gets the hard money and puts together the deal obligated to inform the other partner or investor where his money is coming from. Should the split be 65% -35% or 50%-50%.

The exit strategy will be to flip or refinance and hold.

Are there legal or moral, legal, or ethical issues with this? This question was asked to me so I thought I would post for other more seasoned real estate investors thought so I could answer better, because I have never done a deal like this.

Guys I was able to secure a line of credit with a bank secured by 3 properties I owned outright. Maybe should shop around. What's a ball park figure of a construction line of credit to ask for and also is it usually secured or unsecured

Berdens I haven't either. I have purchased cashed and refinanced them for under the amount but not purchased. Couldn't find a hard money lender either for that amount.

How is the rental market in eufala?

Hey welcome,

I'm from Alabama also. Which part are you from?

Yes I read that. No fluff and step by step guide to multifamily.

@Marcus kennedy whats up. I asked James for your info info a few weeks ago. how r u? Are u still overseas? I'm in Italy. I didnt know you were into real estate.

John,

Where would you find lenders that will loan you created against your promissory note.

For example if I wanted to make a hard money loan at a 65% LTV to a private investor at a high short term interest rate with the property secured as collateral. I could present the promissory note to the lender and somehow negotiate a lower interest rate and keep the spread.

I'm a novice real estate investor (only a few properties and 26 years old), and have no experience in private money lending so excuse the questions if they are not practical.

Any opinions on this would be helpful before I purchase the course.

Thanks