All Forum Posts by: Stephen Gallagher

How do you vette private Money lenders. I posted a plan on the Facebook page and three private Money lenders reached out.

I have been working with a couple and have checked that they are registered with the attorneys Generals in their state, but that is about all I can find.

how do I make sure I am not getting scammed when I am not finding info on the lender?

thanks in advance.

@Dan P.

Is Memphis on a fault line? is there a history of Earthquake? Not familiar with the area, but I would probably gamble with not getting Earthquake insurance. At a minimum, I would at least seek a second opinion from another agent three quotes, don't commit until you are satisfied and are comparing apples to apples.

There is very little inventory.  Stuff that has been on the market for a long time is getting bought up.

Very few markets with inventory equals elevated prices.  

This is a great topic,  and lets say the catalyst to get my but back in here at BP.  So Thank You.

A little background from me,  bought my first house in July of 1998 at 28, but a vacation home a month later and fell in love with the vacation home,  so moved into and rented the first home.  Rented the first home for seven years then moved back and sold the vacation home (2006 recession).  Lived in the first house for the next seven years than moved back in with my parents until the first house sold.  A year later house sold for 315K  I paid 128.  Took the profits and bought my current house, bought my shop, and bought a vacation property.

2019 I took real estate classes and passed my test on the first attempt,  that was July 25 2019.  In the past year I have maintained my normal work but have also listed two properties and have seven buyer looking.  June I put two properties under contract and expect I will put two more this month.  Hopefully by October I will have completed the six transactions needed to test for my brokers license.

I want to focus on Real estate management, the reason I want my brokers license.  The Broker I work for wants no part of Management of others properties.  I have been following Real estate and the Market for 30 years and now that I am turning 50 I think I am done with analysis paralysis and ready to make that leap.

I am looking at a commercial acquisition that is a body shop, a parts store and 3 unit multi family.  Asking price is 500K  Owner is willing to hold the note for three years with 10%down.  the two commercial spaces bring in enough rent to pay the mortgage, taxes and insurance.  On paper it is a no brainer.  My hiccup is securing the 50K down.  that is where I am.

I am in the process of reaching out to some private money lenders to see how I can make it work,  hopefully soon I can report back.  Not bad for a nearly 50 year old.

@Jeremy Mohler

Include the electric in the rent a d it's two units.

Just adjust rent accordingly. Otherwise shell out the bucks to separate the electric.

@Hud Floyd

Full time with City of Portsmouth NH since 1993. In the fire service since 1986. Electrician since 1994. REALTOR since 2019, investor and landlord since 1999.

@Ray King

As an electricia, I would be interested in seeing the inspection report. Your estimate is what I would be charging for an entire service upgrade, panel, meter socket, grounding, and surge protection. You more than likely could just add a service disconnect between the meter and panel without paying more than $700.

I spend a lot of time writing rebuttal letters for sellers and buyers. Without seeing the report, it is hard to justify the reasoning for that cost.

I am in NH, VT, ME, Ma.

@Andre Jernigan

I just got my realtor license in August. Already have my first listing.

I cant speak to the online because I took mine face to face. What I can say is the 6 weeks of three hour classes and the full weekend session flew by. The time invested was minimal to the amount of future prospecting.

Some of the things I liked about the in person class. Was you kick off your networking party and are introduced to many of the future agents you will be working with.

The instructors, at least in my case are sounding boards and encouragement for as long as I need it. One of my instructors was a residential expert, the other commercial.

The interaction and acknowledgement of my peers, and being able to give input to questions asked and asked questions that needed input, you can never get online.

Your mileage may vary, but I have already decided that when I take my brokers class it will also be in person, face to face.

@Brent Paul. Good pricing, that is 1/3 of New England pricing.

@Pat L.

Sounds like a handyman not an electrician. Did you ask for references? Did you get his insurance binder?

Apprentices can not work alone, they have to be supervised. In NH, even Journeymen can not run a company, they have to be supervised by a master.

Not familiar where you are, but sounds like someone not to call back.