All Forum Posts by: Sam Horton

@Jordan Ellis welcome! I think Chad covered a lot of good resources. As for as actionable steps outside of networking, specifically for wholesaling (or deal finding). Start driving around an are you are familiar with. Drive down all the side streets and start looking for distressed properties. Take a photo if you can and jot down the address. Keep doing this until you have a good list and then you can start to look into skip tracing tools and marketing tools to address these property owners. Good luck

@Steven Richards I think it's more or less about person preference on the hardware. I was a PC user until my mid 20's then switched to Mac. I currently use a MacBook Pro with dual monitors for work. For software, I use a CRM called Nutshell, Evernote for files/note taking, Tick Tick for productivity and reminders and Outlook for email / calendar. Good luck in commercial

@Peter Morgan A few thoughts: Look for local top producers. Interview a few, when interviewing ask about their experience, average days to an offer and what they plan to do to market your property differently than other agents would. Regarding Redfin, I don't like lumping all Redfin agents under one umbrella. However my general opinion is that they are salary versus a traditntal agent that is straight commission. If the Redfin agent doesn't sell your home they are still getting paid at the end of the week or month. Where as the traditional agent has the incentive to work harder to get your home sold in order to get paid at the end of the transaction. Good Luck

@Jonah Kolsrud Have your agent find out. They should definitely be able to tell you how long it's been under contract. As for back up offers your agent would have to discuss that with the listing agent to get more information 

@Jonah Kolsrud Best to check with the listing agent to see how long its been under agreement and if they are considering back up offers. 

@Thomas Phu We use RentRedi & Zumper. Can I ask why you are trying to get away from RentRedi?

@Kevin Donovan What part of Mass?

@George Brown That's a tough position to be in. 

What about attempting to have another conversation with the tenant your self and explain your plans to keep them in their space? Perhaps you can indicate that if they don't allow the appraiser in that the next buyer might not be as keen to let them stay and that you are just looking for win win. On the seller front, you can just threaten to back out of the deal. If they are working with an agent, that agent should be trying to convince them to work with the tenant because the issue will just arise again. 

@Jayna Stevens The refinance would occur once the rehab is completed and the unit is rented out this way it's an income producing property. Then you grab all your hardmoney docs go to a conventional lender of your choosing and apply for a refinance. At that point, whomever you choose to refinance with will send out an appraiser to value the property. Whatever they value the property at typically most banks will want you to keep 20% equity in the home so you can take 80% of whatever the appraised value is. From there use that to settle your hardmoney loan. 

I'd also recommend finding the bank you want to refi with and get pre-approved before you start rehabbing (with the assumption there is 20% in the home, and its income producing). This way you know going into the BRRRR that a bank will approve you for a refinance.

@Jayna Stevens A couple thoughts.. Yes absolutely, hardmoney and or private money can be a great option for investing. Just like anything else, do your research though. Make sure you know what the normal rates, points, and terms are for hardmoney lenders in your area. Every hardmoney lender can have a different structure or requirements to work with them. 

Pros: They typically only care if the property is actually a deal, meaning below market value and that you can add value to the structure by rehabbing it. This means they don't care as much about your personal financials. They obviously provide cash to close the deal and allowing you to close quicker as a result. A lot will finance the rehab costs aspect as well. Interest only payments on the debt for the length of the term. 

Cons: Higher interests and points than your conventional lender. Make sure you ask about any extra fees. Most will inspect your progress and allow for draws for the rehab.

Hope this helps