All Forum Posts by: Shannon Threlkeld

 Mountains are the only place to vacation.. why would you go someplace where you can only walk one direction? Away from a shark infested public bath tub. Also, there’s often far to much sun in these areas.

Now if you are talking a cold bleak cloud covered beach with views of some mountains in the Pacific Northwest?, well now I’m in.

I am super stuck at finding properties, either fix and flip or ready to go cash flows (Detroit area). Everything on market is ridiculously over priced for the comps and everything I’ve seen from wholesalers is an absolute dump in class D- neighborhoods. Am I missing something or is there just no ‘in’ for someone entering this game post 2008?

Getting max discouraged 

Any truth to hard money rehabs.

The idea that RichDadPoorDad folks try and sell is that it is possible to find private investors willing to put up 2/3 of after repaired value even if this is an over and above sale price number.

Is there any truth to this? Do they have lists of these kinds of investors or is it all part of the hook?

Has anyone ever attended the Rich Dad Poor Dad three day workshop, and if so was it worth it? 

I attended the free sales pitch lecture this past week in Detroit and left without signing up. Did anyone here sign up and if so are you looking for someone to go as 'guest' and split cost?

Seller pays commission, he has every right to ask for standard commission for a two side sale, this is how he feeds his kids. If he revealed your offer amount to another buyer there is a ground for reporting, but you would have to be able to prove this. 

Respectfully, 6% is standard and fair, to insinuate otherwise comes off as insulting to the profession.

 How do you mean, “leave some money into the deal”? 

Thanks.

Alex,

I have been in the remodel and renovation business in Michigan for 25+ years, so this is my 2c. I never start a job for less than 33%, anyone who does has had the great fortune of never having been 'had' by a customer. For smaller jobs, lets say less than $1000, I go 50%. I come with lots of referrals and have never failed to complete, often ahead of schedule, so I would look for more than just a phone number. The reason 50% is justifiable on a smaller job is because by the time you pay for materials, if you get the garage door shut in your face by some one trying to get free work (happens), not only have you just spent days of your life working for free, but you have also purchased the materials for someone. 

 If you have to personally guarantee the loans, doesn't that still show you as having a totally out of control debt to income?

But will they lend to your LLC?

So I have two properties now, one I have financed as a second home and the other is an investment. I am already just about tapped out on my debt to income, my rental although showing cash flow is less than two year history. 

Whats my next move here for lending? not so much worried about down payments, but I need mortgages. Where do I start looking for commercial loans, and, or, how do I get a commercial loan in me LLC name that can purchase the rental from me so as to free up personal finances.