All Forum Posts by: Jonathan Newsome

I'm over in the Richmond, VA market and currently looking for a hard money equity lender. By equity lender I mean to say one that loans solely based upon the equity base in the property. Someone who's ONLY concerned with the equity position in the property. I'm not particularly looking for a lender that lends a percentage of what I'm paying for the property. They shouldn't be concerned with how much I paid for the property or how much money I put down, or even my history. Taking a first position is a given. Here's an example straight from Mr. Quarles: "I can buy a property at 60 cents on the dollar and they will loan 65% of the equity position. So if the house is with a hundred, I can buy it for $30,000. They will loan $65,000 against the property. They will cut me a check for the difference after costs are paid". Again, a true equity lender only cares about the equity base- this is what I'm looking for.

Quick question about assigning beneficial interest in a land trust. I’ve got a property under contract in a land trust. I will be assigning this property over to another investor.

When assigning beneficial interest of the trust over to another investor, what document(s) is used to show the assignment fee? Would it just be recorded on the “assignment of beneficial interest” document or would I just draw up a regular assignment of contract to show the fee for assigning the trust? Thanks!

Quick question about assigning beneficial interest in a land trust. I’ve got a property under contract with the “buyer” being a land trust. I will be assigning this property over to another investor.

When assigning beneficial interest of the trust over to another investor, what document(s) is used to show the assignment fee? Would that just be recorded on the “assignment of beneficial interest” document or would I just draw up a regular assignment of contract to show the fee for assigning the trust?

Quick question about assigning beneficial interest in a land trust. I’ve got a property under contract with the “buyer” being a land trust. I will be assigning this property over to another investor.

When assigning beneficial interest of the trust over to another investor, what document(s) is used to show the assignment fee? Would that just be recorded on the “assignment of beneficial interest” document or would I just draw up a regular assignment of contract to show the fee for assigning?

Hi BP, just looking for your recommendations on great business automation books, if any are out there. I know YouTube had great vids on breaking down your REI business into sections and there's great blog articles on BP about automating different strategies, but is there any great Books out there that y'all recommend? Thanks!

@James Wise great answer, this is actually my train of thought. The thing is, I’ve built up a decent buyers list and know exactly what each is looking for in a property, down to the smallest of criteria. So for me, to do a double close and send or sell to one of my “preferred buyers” would be no issue, aka no marketing needed, as I know who on my list it would be a great fit for.

So in this instance, would you say it is okay? Or does it still fall under that grey area?

Now do you gents feel the same way about double closing, as you do assignments? And to clarify on double closing, I mean using either transactional funds or personal funds. Still think this is wrong? Just looking for your input here.

@Andrew Postell awesome, that’s exactly what I was looking for! I really appreciate the information that’s you’ve provided!

There has to be a way that we can help you out a bit? I see you’re a lender and from the Fort Worth area? Maybe I can refer some contacts to you? I’m from the DFW area myself, just in Virginia for work. What type of lending do you offer? I’d like to bring you some business or find a way to add value, at the least.

@Andrew Postell or what I should of asked is, if I use hard or private money and they have a lien in place, could I still use one of the 3 methods in your write up to get their loan paid without a seasoning period?

@Andrew Postell So in that case if I borrow from a HML or private money lender and they file a lien on the property, there's no need for me to use the LLC method because the bank will see the HML/PML lien and pay them back the money (after refi), correct?

And with the above method, I can still receive the “refi” aka pay back the lenders, with no seasoning period?