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All Forum Posts by: Shanaya Smith

Shanaya Smith has started 6 posts and replied 24 times.

Post: Mentorship /Guidance/Partnership

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2

@Scott.. Yes I am looking to wholesale in the Atlanta, GA area. I'm going to shoot you a msg.  

Post: Mentorship /Guidance/Partnership

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2

I have been bird dogging for quite some time and feel that I have yet to learn anything besides locating sellers that aren't really that motivated. The person I am bird dogging for is out of state, so I only have phone contact. I really wanna fix and flip and I know that requires capital. I would like to know how to successfully wholesale to be able to fund fix and flip deals..

Post: Mentorship /Guidance/Partnership

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2

Hi BP, 

I have been reading and educating myself on different real estate strategies and niches. I have read many different forums and listened to many podcast here in BP. I have obtained a great deal of knowledge in regards to investing in Real Estate. I am still trying to complete my first deal. I have a basic idea of how to analyze properties. I was in contact with an real estate investor, who offered to teach me how to flip and fix for $500. He is in Stone Mountain, GA and I currently reside closer to Atlanta, Douglasville to be exact. I work until 5 so I was not able to commit to traveling so far away from home. I am looking for someone who can mentor me . As many other newbies, I am very eager to learn and start profiting from great deals. I have a great real estate agent and contractor that come highly recommended. I would like to network with other wholesalers and rehabbers that can show me the ropes as far as starting out. If you are in Atlanta, GA or surrounding areas, I would love to work with you and learn as much as I can, hands on. I learn better when I am actually hands on. I will also still be educating myself on as much information as I can possibly absorb before jumping into my first deal. But I would really like to partner or shadow a seasoned investor so that I am to start my career as a successful real estate investors. If interested networking, shoot me a message. 

Post: Private Money Lender - Advice Needed

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2
Originally posted by @Nicole Pettis:

@Shanaya Smith

Hi Shanaya!

As someone who came from the same place you currently are, I can tell you, its difficult to find a private investor when you don't have the experience, but it is doable. 

It took me about a year and a half and during that time, I just kept networking and talking and building relationships with other investors. Also, I focused on a farm area and studied the market, I would look at distressed properties and do the analysis, then I would show people what I was finding. Eventually, I had someone say they would help me start rehabbing. Yay!!

Our structure was pretty simple. We used a HML, formed an LLC, he provided the funds (down payment, closing costs, holding costs and some of the rehab) I managed the project from design decisions to budget to handling the contractors and marketing. Then we split profit 50/50.

Things to keep in mind. No matter how much education you have or teams in place, your first one will be your college education. Things will go wrong, things will take longer, you'll probably go through a few contractors. But stay consistent, on course and be persistent and you will get it done.

Hope this helps!

Have a great day!

Thanks Nicole for the words of encouragement. I will remain consistent during my journey. I appreciate your feedback.

Post: Private Money Lender - Advice Needed

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2
Originally posted by @Sean Cole:

Hard Money Loans are designed to fix exactly the situation you find yourself in. While seemingly expensive at 10-15%, they are almost always less expensive than 50-70% of the profit on a deal, especially if you get in and out quickly. Of course, for you, the attraction of giving up profit is not having to make the monthly payment, but HML like the added time pressure created by the rehabber having to feed the interest monster.

I've met a few people here locally that have broached partnering with me, where they'd provide all of the capital, but I have always wound up doing some work myself on projects to save $, but it's a different equation when saving $2,000 on demo is really only putting $1000 in my pocket.

 Thanks for your insight Sean. I will certainly look into a Hard Money Lender.

Post: Private Money Lender - Advice Needed

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2
Originally posted by @Will Barnard:

What about a hard money loan then? Even though you may pay 11 or 12% interest plus a few points, that total cost should be less than offering your half or more of the deal.

@Will Thanks, I will consider a HML.

Post: Private Money Lender - Advice Needed

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2
Originally posted by @Will Barnard:

Some private lenders strictly want a set rate if return and Bevin a lender position rather than a profit share position, which, in the event of profit absence, they get nothing.

Private money lenders are people you know or meet whom you have a relationship with or a recently formed one. They are typically family, friends, neighbors, Doctor, attorney, CPA, other parents from your kids school, etc. etc. etc.

My question to you is, why would you want to give up a high % of the profits when you can simply pay 9% or 10% straight interest?

 Hi Will,

Thanks for your response. I don't know anyone that is a close relative or friend that can provide a loan for my upcoming project. I thought that by giving a larger amount of profits would show that I am willing to do whatever it takes to get the ball rolling. But now that you put it that way, I could possibly make more money another route. Do you have any suggestions, as far funding goes?

Post: Private Money Lender - Advice Needed

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2

Hey BP,

I am trying to find a private money lender to assist with the finances of house flipping. Originally, I was going to obtain a hard money loan. However, after a great deal of research and analyzing the outcome as far as profits, I have decided to not go the HML route. I have been networking and feel that I have a pretty strong team as far as contractors, real estate agents, property managers, etc. So I already have a plan on how the work is going to be accomplished. I have been trying to break into the investment game for quite a while now and I truly feel that it's now or never. I would like to partner with a private money lender and instead of doing a 50/50 split, we would do something more along the lines of 60/40 or 70/30 (depending on profits). I am extremely confident I can pull this off. Especially since Atlanta is such a HOT Market right now. How do you guys think I should go about finding a lender that will agree to these terms? Any and every input is greatly desired.

Shanaya S.

Post: Contracts In GA

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2

Hi Everyone,

Does anyone know where I can find Purchase & Sale and Assignment contracts, used by wholesalers in GA? or If anyone has some wholesale contracts that they can email me, that would be great too.

You Help is Greatly Appreciated.

Shanaya S.

Post: Contracts In GA

Shanaya SmithPosted
  • Douglasville, GA
  • Posts 27
  • Votes 2

Hi Everyone,

Does anyone know where I can find Purchase & Sale and Assignment contracts, used by wholesalers in GA? or If anyone has some wholesale contracts that they can email me, that would be great too. 

You Help is Greatly Appreciated. 

Shanaya S.