All Forum Posts by: Samuel Ksiazkieicz

Hi ya'll.  

I see a few past posts about this with several scattered reviews of experiences and am wondering if anyone else would like to share their experiences with the M1 or GoBundance programs?  I'm looking at M1 and amaware of the differences in programs but assume that as both are run by Rock, they have similarities as to their efficacy and value. 

For many years I have been searching for and working to build community with other motivated, focused, open-minded friends who are actively working to improve themselves, their situation and the world. I don't have many friends on the same path and the M1 program sounds like it fosters that sort of focus.

I would like to learn from other experienced individuals even if that learning isn't directly related to my situation and I would like to have a community of people who really care about each other and assist each other in growing and evolving.

Thank you very much for taking the time to share.

Samuel

Thank you all for chiming in.  I will get in touch with the references and also dedicate a day to chatting with local agents.

Hi ya'll, I hope everyone is having an excellent, positive and powerful 2019!

I have three rental properties in Southern Michigan which are currently insured through Hastings Mutual.  Two years ago they were offering me a competitive rate however after one year they raised the rates quite a bit.  Do you have a favorite insurer that you work with?

Many thanks.

Sam

How is this going @Josh Carlegis?  Did you move forward with the deal?  Either way, what did you learn about the septic issues and solutions?

This article has a good comparison of most of the big players, though not Property Radar.

https://retipster.com/real-estate-data/

Really great replies on here, thank you guys very much! Considerate and informative replies that didn't talk down to or degrade the OP unlike some responses can be. This is the kind of interaction and information that makes Bigger Pockets great!
Thank you again guys!

George, I know several seasoned note investors who use Madison Managment and I am currently in talks with them as well. In my acquaintance's experience, one of whom has triple digit number of loans being serviced by them they have produced quality and reliable results.
FCI is another large, well known servicer used by many people in the industry.

Thank you everyone for the replies. hahaha I had no idea a little question like this would raise such emotional and angst filled replies!
I do appreciate ya'll looking out for me.
In answer to a few of the questions / comments. It is not that he is my friend, he is a business associate, but I am not someone who just jumped off the porch, I stated he was a respected investor because thats what he is, not because I have stars in my eyes and believe anything anyone says. He is one of the top 10 investors in this area. If you invest here you know him. He has been here for several decades and his history and track record are impeccable. I appreciate the concern but I don't just say things to say them. The deal has a built in $80k right now and with the local appreciation, at least 6% a year around here (was 29% last year...), it will be around another $100k, i.e. 20% would be around 40k.
Yes obviously he is looking for an out, he did 84 deals last year so his options with regular financing are dried up. As for the flakiness, he decided he wants to live in the area, has to do with family etc, nothing more to say on that. I'm not as worried about non payment (of course nothing is guaranteed), but I will have access to the payments so I will know immediately and be able to evict etc.
Ellis, those are good points, we didn't hash out all the details on the trust yet, I will keep those in mind.
haha so besides all that, any input on the question I posted, what sort of % cut is normal for this sort of deal? I shook the bushes with a few other....respected investors....in the area and 20%-30% is what they are used to as well. I figured I would come out of our SoCal bubble and see what the BP population as a whole thought.
Thanks again.

@Bill Gulley you mentioned that Samuel (good name by the way) should study up on the SAFE act as well. I'm sure I'm missing something, but isnt the SAFE act for mortgage originators? How does this impact someone purchasing notes from a fund etc?

Evening everyone. I was approached recently by a respected investor in my area to be a credit partner. Said investor has a home under hard money that he was going to flip but now has decided to rent until Oct and then live in for the next two to four years. I have high credit and no mortgages. He proposed me getting a mortgage and buying this house, he would make the downpayment and all monthly payments as well as giving me a $2,500 up front fee and 20% of the profit on the back end in two to four years.

I have no experience with this sort of deal, do these numbers seem good to you? I am putting my name and credit on the line and taking out the mortgage but he did find the home and is making the downpayment and all monthly payments.

Is there anything else I should ensure is agreed upon? I will also be asking that the profit percentage takes in the equity paydown of the four years and that I get a cut of the cash flow from the rents to October, although again, not sure how much of a % of these is right?

Besides that, am I missing anything that I need to cover my back? He said the deed will be put in a trust but I feel that I would want to own the deed so if he does stop paying (he is highly respected and I would not ever expect this to happen) I can sell the house. And then we will also have to agree on if either of us disagree on selling when the time comes. Anything else?

Thanks a lot