All Forum Posts by: Taylor Christian

Originally posted by @Account Closed:

@Dustin P. What if you are 18 years old with no money and no credit?

Then hopefully you have great negotiating skills...

From what I have seen, the largest market in the Ft Worth and surrounding area is $150-$200k range. A lot of these homes going up are quite a bit more than that. The cost of construction has gone way up which is going to drive the cost of existing structure as well. I know North of Dallas has slowed down a bit but it seems like the up and coming suburbs of Ft Worth have not had that slow down yet. The developers I have done work for are selling lots before they even have roads finished. I think all the new construction just brings the prices up of existing structure. Especially since the new construction is not keeping up with the demand. 

I do not have a lot of years of experience but I have not seen real estate in the N Tx area really lose value the way it does in some other parts of the country. Most of my experience is with single family and raw land though. Real estate seems to always be a pretty safe investment in this area, so long as your buying something you can afford.  

@Benjamin Hurwitz I understand now, thank you for the clarification. I am not really interested in leveraging on of my larger properties for the amount of money I need and I am not really interested in having one half a million dollar note hanging over my head at this time either.  

I guess I am really looking for a private money investor to partner with on certain projects so that I dont have to spend the time messing with a bank when I am in a hurry. What kind of rates do yall typically see in this kind of transaction? I have one investor, but I think he is a little high if I correctly understand what his terms were. 

@Andrew Syrios , I will check the REIA meetings out. Im a little strapped for time with the way work is right now, but I will try to make it to one.

@Benjamin Hurwitz

I’m looking for $100-$120k to turn a place into 3 lots for $60-$70k/lot.

What would pulling money out of an existing investment do to help me find a hard money lender? If I pulled the equity out of an existing property, I would no longer have need for a HML.

@Tom S.

I was planning on refinancing a rental that has a little over $100k equity in it but have decided to sell it this next year when leases are up due to the fact that the rental rates have not kept up with the appreciation of the housing market. The cost of the refi wouldn’t be worth having 75% of the money less than a year early, in my opinion.

My other properties are a buy and hold of several adjoining properties for a future development. I built a large barndominium on one of these properties and paid cash for the build as well as the property. I would rather not have a house payment, so I’m keeping that off of options as well. However it is the reason I’m cash poor at the moment. Also, cannot get govt backed loan on a barndominium, according to the bank.

One other separate property I have is going on the market in a couple weeks of finishing it up, but no telling how long it will take to get the funds on that.

Trying to find a hard money guy do to the fact that good deals, especially right now, don’t last long. I’m not worried about qualifying, I make a good living and have great credit and assets as well.

What kind of rates and terms are typical of a loan like I’m looking for?

I am trying to put together a raw land deal. I am not completely new to real estate and have a fairly large portfolio. Have only done buy and hold up until this point. I am planning on moving into land development. I currently do excavation/forestry mulching/etc. I stumbled across a deal that I believe will be a very good “mini” development, to purchase, clean up, and subdivide a small parcel in the county. I paid cash to build my most recent house and am somewhat cash poor. I have good income and credit but at not wanting to go through a bank, partially because of time and partially because I want to make a cash offer on the place I’m looking at. The property is not a large property but it is very raw. This will basically be a flip on a raw property. Purchase, clear, clean up, improve, subdivide, sell.

My question is, how do I go about finding the right hard money lender for this kind of project?

Also, what are reasonable terms for something like this?

My name is Taylor, I am from the Dallas/Ft Worth area and I am 27 years old. I try to make a living by doing things I enjoy and making my money work for me. I currently have two rental properties. Real estate is probably my most conservative investments, everything else I do is relatively high risk, quick return. One of my business partners and I are talking about flipping houses in the near future. I'm here to learn and network.