All Forum Posts by: Sam Byrd

@Jamon Stanton my pleasure.  I'm happy to answer any questions along the way.

no, only the first was sub2.  All others have been private money / hard money, with 80% cash out refi.  Have had to pass 3 deals to others because I couldn't work on more at the same time and I need another contractor.  Oh well, better than no deals in the funnel. 

@Matt Geerts 6 total, #6 rehab will be done in 2 weeks, #5 rehab, tenant moving in today.  As of #3 rehab, all leases are 2 years minimum.  I have one at 3 years.  

3rd house (3/1/1, 1,400 sf) closed  in late January, rehab complete end of February, rented 1st week in March.  4th house (4/2 w/ 2/2 mother-in-law suite) closed 3/10, rehab will be complete next week.  5th house (3/2, needs leveling and cosmetic improvements) went under contract a couple of weeks ago, waiting for seller to get an agreed judgment amount confirmed so we can close.  6th house (2/2, 1,000 sf, will convert into a 3/2) verbally agreed to today, hope to execute contract tomorrow. 

Got another private money investor on the team and his brother is a builder and he would like to invest as well.  

It's been an exciting learning experience, I'm having fun  and I've truly been blessed.  I'm making the most of BiggerPockets, the relationships I've developed and am doing my best to help show a few folks how they too can change their lives dramatically through real estate investing.  

My goal is to be at 10+ units by the end of the year. 

Hello BP Community,

Just wanted to take a moment to share some info about my experience with a hard money lender.  I know financing can be the difference between doing a deal and not doing a deal.  Sometimes hard money lenders are the answer.  For those of you who are new or those of you who are looking for a better partner to work with, perhaps @Zack Lofton from Loan Ranger Capital can assist you.

I first came to know Zack via the "Texas Roll Call" forum post.  Shortly thereafter I had a deal for which I was seeking funding.  I reached out to Zack via email and then we had a brief call.  He explained how his company works and lending terms.  Although the proposed deal was one that Zack was willing to fund, the purchase price and rehab costs weren't what I had hoped so we didn't proceed.  I asked Zack to take a look at a couple more deals before I had one that I was ready to move on.  I sent it to Zack he reviewed and approved the same day, in under 4 hours as I recall.

Zack has been great with communication, availability, willingness to answer questions and handling the mechanics of the deal related to the contract, closing, escrow, draw requests and leveraging technology all along the way.  My inspections have been scheduled and completed with a 48 hour window from time of request.  Funds for my rehab draw requests were wired within less than 24 hours of completed inspections.

If you have a deal in Texas and are looking for a great HML partner, I would highly recommend Zack and Loan Ranger Capital. If you're not in Texas, I would recommend that you introduce yourself to Zack anyway. From what I know, Zack works tirelessly to improve products available to potential borrowers. My guess is that sometime in the future, Zack may expand his geographic lending region as well as the types of products offered.

Zack, thanks for being such a great partner and helping me with my real estate investing projects.  We'll be doing more business in the near future.

Appraisals on my first two purchases are back and came in around expectations, no surprises.  80% cash out, fairly low rate, and rented.

My private money lender left me a voicemail today.  My heart skipped a beat thinking the worst.  He just asked that I change the entity name so either he or his wife could sign and he wanted to know if I wanted a check for JUST the acquisition or if I wanted a check for acquisition AND rehab.  Furthermore, even though we don't close until 1/17/16, he's going to go ahead and fund me Monday, instead of a week in advance as previously discussed.  Wow!

Hey Josh,

I've been VERY fortunate.  Check out the last thread I started and you'll see why I say that.  It pays to be honest, genuine & nice to people.  

As an aside, another investor asked me to talk to his HML Friday of last week. He was on the hot seat with his loan coming due 1/1/16. He asked me to tell his HML about the market. I did and told him that his borrower had a GREAT property that should sell easily. After that call the borrower texted me to thank me. I said, "I'm always looking for private lenders. You should connect me with him." He called me w/in 10 seconds of that text and went on to tell me that he has over $500k in loans with him and it took 7 years to cultivate this relationship. Bottom line...he wasn't going to give me his contact info. Little did he know about the private money lender I have been fortunate to find.

Anyway, I don't mean to hijack this thread.

Hello @Alex Saleeby,

I'm in Nederland.  Bought my first property on 10/2 (Bridge City), fix & flip that I decided to rent.  Tenants move in tomorrow.  Bought my 2nd (Nederland) on 11/2, tenants move in next week.  Got an accepted offer on my 3rd today (Groves).  Closing in January.  Got a call today from a seller of another property in Nederland. Going to look at it tomorrow. 

Feel free to reach out anytime.  SETX is a great market right now!  Would love to help any way I can. 

-Sam

Update:  I got my first house leased today, deposit paid and move in date 12/9.

The 2nd house - took a deposit on Monday.  Tenant saw it w/o flooring, bathrooms torn out, and walls textured only.  Found her on FaceBook complaining about how hard it was for someone with excellent credit, low debt and great income to find a decent rental in our area.  We connected, set an appointment and I warned her that she was seeing the house mid-rehab.  She was fine and said she could see past that.  Showed her before and after pics of the first house.  She left to go see something that was move in ready, called me 30 minutes later and said, "We'll take your house!"  I have $1,000 cash for the deposit and will give you a check for the remainder."  Done deal.

My wife and I met with the couple that wants to invest their money and take 40% of profit...they are all in and are chomping at the bit to get started 1/1/16.

#VeryGrateful & #Blessed