All Forum Posts by: Scott Freer

Hey guys,

I disappeared for like a month to get my head around some things including my fiancé's commercial property dilemma,(see previous posts) and I think I'm on the right track now. However I was looking for some opinions. Here we go.

I recently became a student of Mike La Cava's House flipping school. I have heard nothing but great things about Mike here and on other sites but what I heard was that he was a great investor who is smart as they come. I have not heard a word about what they think of him as a coach. I contracted with him for the live coaching instead of the home study because I really want to get this right. So if anyone knows or knows of his coaching acumen I would love to hear about it.

Second, I am looking to build a great real estate flipping/investing team and I need help. I am in the far northeast of Philadelphia and am interested in that area as well as lower Bucks and Montgomery Counties. I am looking for everyone, Attorney, CPA, Realtor, Insurance agent, Contractor......... I have signed up with many local REIA type groups including REIA, but I live in Philly Work in New York so that is a 6a-9p day and all of the meetings are during my work time. I am going to do as many weekend opportunities as well as leave early from work on occasion but I thought if I can talk to 50 people at a meeting I can talk to 500 via BiggerPockets. I would like to thank everyone in advance, and if there is anything I can do for you just ask.

Regards,

Scott Freer

[email protected]

Thanks for your help Hillary,  and for everyone else too. I will make this work. I've never been beaten by a challenge,  I always come out on top. I will retain someone and sift through this and look into some offices soon. I'm already lusting after 2 buildings in Bucks County. I'll keep you posted.

Ethan, Sound advice for sure, but I am interested in maybe getting more involved. I have a 9-5 that pays 6 figures but I could use a bit of a break since I commute to NYC daily. As far as her entity status, dad wasn't as good with business as he was with real estate. Every property she owns is in her name.

Bill, $7000 a month is net prior to taxes.

Steve, I see how 4% can be a daunting number, however, she needs to get some protection so I think its money well spent. As far as the equity goes, 1 building appraises for $700k she owes $300k one appraises for $400k and she just told me this morning, she owns that out right. She also has 2 single family properties that appraise for $500k combined, (a $65k she owns out right) so as it turns out it looks like more equity than I anticipated.

I thought someone may know a broker either sales or mortgage that could hold my hand through this like with my own properties so I can learn something about this industry, since it look like I may need to have a quick education and a means to better advise her.

Thanks,

Scott    

l have some real estate interests by sheer accident. I never sold a house I lived in, but instead rented it out, this is due to 2 divorces. I am now ready to marry again and with my new wife comes, $1.6mm in various real estate holdings. There is roughly $600k in equity, mostly commercial, and she asked me to "find" her some office buildings that sell below market value to increase her porfolio. 

Here is my problem, as I mentioned, l am in realestate by accident, both of my purchases were new buyer deals, one with me and one using wife 2 as the new buyer. Both houses were owner occupied and a conventional mortgage guy held my hand through both. I am as much of a guru as my cat. She aquired her properties by and through her father who has passed, she has not done a deal since he passed 5 years ago because he was the catalyst for purchases, she dosent have a clue how to go about this beause she has a management company deposit $7k a month in her bank and thats what she lives off of (as daddy planned). She only knows the more you own the more you make. she has no interest in getting dirty aquiring new property because "it stresses her out" dealing with lawyers, accountants, contractors and the like. my questions are as follows........

1. I am incorporated for my 2 single family row homes in Philly worth $230k combined. Should she incorporate since all her holdings are commercial and worth substancially more?

2. Can she just fall under the blanket of my LLC?

3. Where do you find commercial REO? Like I said, she wants office buidings. Where do you find below market value commercial in Phila., Bucks, Montgomery counties in Pa.?

4. Where do you go for financing? How will she parley her equity into purchaces? 

5. She has no interest in hard money, and is trying to avoid conventional ( she says her dad told her commercial equity is a very difficult thing to borrow from) so she is looking at like portfolio lending or private equity. 

I dont know, and as Im sure youve been able to tell by now, its my job to get her up and running. She figures whats the difference between two single family properties and a few office buildings. I am in desperate need of direction on A. where to find offices, and B. How to turn her $500k into down payments for "a few" office buildings that are cheap.

Help,

Scott

Thank you. I am a realist, and I appreciate a slap once in a while to help me refocus. I agree with all and thank you for your insight, but where do you go for a loan that dos'nt require 20% down plus all of the origination fees and closing costs.

I am very fortunate, I don't want to sound greedy or risk adverse, but where are the "no money down" deals with creative financing I keep hearing about?

I havea pretty good stomach for risk, but my wife is asking, why are you getting a second mortgage, I thought you said 10-20k down, this is not what we agreed on".

I'm just looking for lenders with a quicker process with less up front fees. I'm not affraid of a million dollar loan, I just need to know where to go.

First deal investor here. I have found many REO listings I like but by the time I get to see them all and make an assessment, they are gone. I have an 800 FICO and I have been researching real estate in my area for a decade. I just can't seem to get financing in a timely manner without putting up 30k for a 70k house. There has got to be a better way, conventional is killing me. oh and by the way I own a 500k house and owe 300k on it. I have a portfolio worth a least 500k, but why should I risk tens of thousands of dollars of my own money. someone talk me off the ledge please I have yet another offer in on a house pending.