All Forum Posts by: Skylar Simpson

Good deal man. I got out of the military a few years back so welcome back to being a civilian. Been doing real estate for a while now. Let me know if you ever need anything. Love me some real estate  :)

So if you have an LLC and are putting deals under contract with your LLC then your signature at the bottom will be something along the lines of "David Todd managing member" but within your contract you will be using your LLC's name as "buyer".

My LLC has a business checking/savings account that I deposit my investing checks into (since all my deals I use my LLC to close with)

You 1000% do not need a RE license to invest in real estate. In some cases having a license is actually detrimental but in other cases it can be useful. Like when a seller won't sell low enough for a wholesale, won't sell with owner financing and just wants to cash out. You can just list it for them instead and still make money from it.

Why do you think getting your license will give you more opportunities to get into RE investing?

Hey Greg,

Man there are so many ways of investing out there. What makes you want to specifically get into fix and flipping instead of some of the other investing options?

Quick question(s) for you.

1) Are you guys wanting to put your name/llc on the properties title instead of theirs?

2) Are they wanting you to assume the loan or keep it in their name?

There are some super easy ways to do this so I just want to make sure what the exact goal is for those two questions.

To add onto this - if you want to be a Private Money Lender start going to and meeting with investors. Whether that's through REI meetings or just calling them up and taking them out for lunch to find out about their business and how you could be a part of it.

Let me know if you have more questions.

Great question Demjan. So there is a HUGE difference between a hard money lender and a Private Money Lender. A hard money lender deals with points and fees and tons of other expenses attached to the money they lend. Hard money is expensive for investors.

Private money lenders are usually people you personally know and have a relationship with. They lend purely for interest. An example of this: I have a friend who lends me 30k for 5yrs at 8% interest, interest only payments (4% paid every 6 months). Private money lenders DO NOT have points or other filler fees. If they do they are not a private money lender they are a hard money lender trying to trick uninformed investors.

A hard money lender example is much more complicated and would look like 30k, 2points, 12% interest and 6-12months and require a lot more paperwork. There are also silly fees like underwriting fees, paperwork fees and tons of other different ones depending on which hard money lender you work with. 

I personally DO NOT use hard money because private money is not only cheaper but also better for every type of possible deal I'll ever do including huge complex deals.

I always vet my tenants myself and it's never been an issue. There are plenty of programs out there that help you with this. One that I use is called "my smart move". I have the applicants pay for the background checks/credit checks. It can all be done online and you never have to meet with them to sign things or for payments.

No need to use an Agent for anything real estate related usually - especially if you can do it yourself and save that money.

Absolutely go further out than half a mile if there are zero comps, but I do have a question. How are you "comping" your properties? Are you using something like Zillow or a program you pay for or...? What's your method. I ask because that might be an area we can help you improve with other methods.

Hey Josh - you're actually really close to where I am (Salem, OR). So first things first... Take a deep breath.

You have a ton to break down in that long post but let me ask you this.  What are the pro's and con's when it comes to KEEPING the condo?