All Forum Posts by: Teresia M.

 Hi thanks Loren...I'm still looking...Tell me about your lenders.

I'm seeking funding for the rehab portion of a new project. 3BR home in Riverdale GA. I'm seeking $30k in rehab funding will pay 8-10% annualized. Rehab will start 5/4, project should be complete and listed by 6/30. Home purchase was $9700.00, ARV estimates from comps and experienced realtors are ranging from 55k-60k. If interested, please let me know.

I hate reading posts and being left hanging about what happened...so I will strive to update threads that I start. So, I took the advice given by Brian about JV with the seller. I asked and the seller accepted that so I am partnering with the seller on this and if all goes well other deals. Now I am working on the private money part...will keep thread updated.

 Brian does this make any since: an annualized loan at 8%, and intended to be held no more than a year, with an expected payback in 3-6 months, with interest payments beginning in the 6th month and payoff by 12th month.  

I am about to go to a family get together and I am working on a few  RE deals.  I know a few of my family members have some friends with deep pockets.  I have a few questions about where I'd start.  I will get an opportunity to share what I am doing and  I'd like to get them to come to me and offer instead of me asking them.  A direct ask won't work with my family.

 What's the best way to put the word out that I am looking for private lenders, without offending anybody?  

Has anybody used facebook or any other social media to get private lenders? if so what did you do? 

Has anyone tried substitution of collateral? I'd like to know how that works.

Thanks in advance for sharing.

Has anyone tried this substitution of collateral? 'd like to know how that works.

A big Thanks to Brian Gibbons,

I posted in the forum, How to get Rehab funds

and Brian responded. I took this advice and offered the seller a JV. After messaging with Brian via phone he advised me to have the seller give me a property inspection so I could really see the scope of work to be done. I wasn't sure about that approach because after talking with the seller, I didn't think he would go for the property inspection at his expense. Brian's advice, "You tell him, 'if you get an appraisal I will be able to help you get cash for your fire damaged house. But you need to do a joint venture with me I will use my money to fix it otherwise good luck selling.'" The seller was so excited and convinced about the prospects that he asked me to JV on another property he has and wants to do future deals. I didn't present to him the margins above, so this is going to pretty much be a 50/50 split on profit.

I needed to get over the analysis paralysis that I had and just through a few text messages, I was able to see what the seller paid is not important and that the comps are the most important thing, and talk to the seller right away.  Thanks again Brian.

I had a development a few years back, a LIHTC project using mods in Aurora. I got all the city approvals. It was pretty straight forward, since the mods were built to the existing code. Should be no different in Denver. I had a friend who put up mod homes all over CO. Been gone a few years from there but, the zoning would not have gone backwards from that time. HUD code units were not permitted, except for in mobile home parks but IBC, was the standard code at that time. Now I think it's ICC. Your right on about the time savings, that's why we were using them. Do what you can to keep us posted about this. Sounds great.

Hi Aimee,

I am looking for property in the Aurora-Denver area to start a daycare center.  PM and lets talk.

Ty @ Brian Gibbons,

I like what you said. Took a minute to wrap my head around that. But, that might work. The seller bought for 9701 and would have only been getting from me approximately 11k anyway spread out on terms. I've never done a JV can you give me more details, please.