All Forum Posts by: Paul Jamgotch

Hi @Paul Z.

Can I assume that the home is titled in name of investor and your team works off a draw for rehab? Also, a contingent exit is "refi into a rental". Does your team have the capacity to get that refi or would that be on the investor? Thanks for clarification.

Hi @TImothy Talarico What's a 'typical' deal for you (property type, area, price, arv, profit, investment split, etc,)? Are you willing to share references?Thx

@Mark Milan

Would you be willing to outline what you might do in a hypothetical situation like this?

$220k, 30 year, 4%, fixed, 25 year left: $1,050

Taxes and insurance $350

All utilities and lot care paid by tenant

I'm simply trying to understand what one might do here other than a short sale. Many thanks.

@Paul Z.

I am one of those 50/50 PMLs. After agreeing with no fewer than six people to be 'that guy' I now simply tell people to find an actual deal and we can talk. Too many people in your position never find a property to rehab/flip. It takes too much time to vet each other to never hear back from the rehabber because he/she never finds a deal. As many have said, "find a good deal and the money will follow". Best of luck.

I am an unlicensed, private individual looking to loan money on a home which was purchased to rehab and flip. I do not want to simply fund the rehab and take a 2nd position if possible. Can someone confirm that I CAN loan a party in Texas the money to pay off their 1st-position loan and rahab without running foul of Texas rules and regs?

I am assuming that I can (see below) but I'm trying to structure an asap deal.

Thank you.

12th Question:

http://www.sml.texas.gov/tdsml_faq_mb_general.html

Q: I am a

@Davonte Durden

Looks like a deal to me. Are you going to stage or anything? I'm curious how you will make this stand out from the $45K listing hud had. Best of luck!

Thought I would bump this thread as I am on the other side of this lately. Here is what I finally had to send one contractor from another state who sent me a link and unreadable comps to a random home from Zillow which he hasn't inspected as far as I know. I had a call with this contractor as well as quite a few emails. I hope this might help someone out there looking for PML and what a PML might need included to take ACTION:

"I can't read the comps too well as they get distorted when I zoom in. I believe I see listed properties @ $137/sf and solds @ 120/sf? This puts value $270K-$317K??

I hope I don't come across as rude but here are the facts for me right now: I'm not in a position to 'review' potential projects from here in Michigan (don't have the time nor local market knowledge). To make a decision I need the complete marketing package of a home you have ready to go:

- Purchase price,

- exterior and interior pictures

- rehab estimate & break-down

- comps

- projected sales price & TOM

- carrying costs

- HML costs

- closing costs, etc.

If you are not sending something like this to potential PMLs I'm afraid you are going to burn them out with emails, ideas, etc.

Please forward me something like this when you have one (under contract). If I am not committed I will do that project as long as there is $xK profit potential within four months or less. Please consider using something like this as you will get better results with PMLs: http://www.biggerpockets.com/flip-analysis "

I'm sure this gent will not want to work with me anymore (especially if he sees this post) but an investor needs clear, accurate, and concise information to move forward on a project. Again, I hope this helps someone out there looking for PML. Have a great week!

What town? Perhaps I can get eyeballs on it for you if it is close enough to me.

@Rich Danielson would you be willing to demonstrate how "sharing of the profits though a mortgage" is structured and the verbiage on the note?

Consider a $80K 1st which is paid off in four months with $30K net profit to share(19% return/56% APY) I'm not sure how the PML could receive $15K without exceeding usury laws and/or point maximums.

Many thanks.

@Dustin Faeth dd return on contributed funds or apy? Thanks.