All Forum Posts by: Jessica Martin

@Jacque Fairbourn this is Jeremy I have actually already contacted your company and was speaking with a Erik Thompson. I spoke with him on Friday. We spoke for several minutes and he told me he would call me back in 10 min, I waited around for 30 min the call never came. So I called back today and was advised he would be given the message to call me back. Again here we are end of day and no phone call and no emails. Which led me to doing some research on the company. None of which has been good by any means To some people this is no big deal but to me my word is my bond and if you can simply call me back how can I believe anything else that comes from him. This is very serious stuff and a lot of money at stake. I don't have a ton of money to just throw around and then only have it taken and then not get funded.

My husband and I did a few wholesale deals last year down in Houston, but have since moved back home to a much smaller area about an hour south of Dallas. He ran across some very motivated sellers that started out asking about 65k for their house and have just agreed to sell it to us for 32k to just be done with it. My husband partnered up with a good friend of his already running a successful remodeling company here when we came back and we are now looking at this home to do our first flip and remodel it using the company they run here. 

This would be the first time we have ever used hard money. Not really sure of what to expect and what red flags to look for in a company. Ive heard some horror stories and seen some other people lose money and deals because things were not clear about fees and up front costs between them and the hard money lenders. 

This house can be purchased, remodeled and all in at and/or under 70% of the ARV which is hard to come by now days. We dont have a lot of up front cash and heard of Dohardmoney.com and they claim to let you pay almost everything on the back end. Has anyone here in BP ever used them? What was your experience?

Thank you!

Ok, so my husband and I lent a couple grand to someone for some of the closing cost on a house. Of course we have a signed document stating how much was borrowed, by whom, and when it was to be paid back. The due date was April 30th. We sent her on email about 3 weeks ago as well as a final reminder to please pay or we would unfortunately have to take it to a level I had hoped it would not and file a lien on the property. She is flipping this home and will probably go up for sale soon. 

Can someone please let me know how to file a lien on the property. I contacted the county but they said they are not allowed to tell me how to do this... so I dont even know where to start...

Thanks so much!

I have a bit of a situation...

Bought a property where a SFR and a Manufactured home were both located. The deal closed over a month ago. The agreement was we were to purchase the land and the SFR on the property and the prev Owners were to have the Manufactured home moved off the proerty within 45 days of closing. It is now past 45 days and the Manufactured home is still on the property. The prev Owners will not answer our calls, so we have no communication with them. They DID sign a separate agreement from the contract, stating that they would have the trailer removed within 45 days or late fees would begin to apply and they would have to be paid before they can move it... exc... the SFR on the property is supposed to be ready for resell in Aug and the trailer is in front of the property and SFR... so we need it gone before we can show the house or sell the house.

Does anyone know what legal options we may have to get the trailer gone without threat of being sued by the prev Owners? Anyone had a similar experience? What do we need to do or who can we contact for help?

Thank You!

Thank you @Tim Booz

My husband and I live in and cover this area. We have an email list we send out properties to. If you would like to sign up to receive our property emails(no spam, strictly only property emails), please go to Ifthekeyfits.com and go to the Investors tab up at the top and just put in your name and email address. All other information is optional. We send our properties out through email first before advertising them anywhere else so buyers on our email list get the first look. If we can help you in any way, please message me. Thank you. 

Im wondering if some realtors/brokers or other knowledgeable people can give me some advice on something...

Im taking online classes now to get my license. The site offers "specializations" courses such as:

C.F.S. - Certified Financing Specialist

C.P.S. - Certified Property Management Specialist

C.S.S. - Certified Seniors Specialist

C.T.S. - Certified Technology Specialist

Are these specializations widely known about by other professionals and/or potential clients and truly helpful in gaining more clients and advancing your career, or is this something that only this website offers that no one will really know what they are? 

One Specialty came with the package I bought, so I chose C.F.S, but if it is truely helpful to me I will purchase the other specialty courses as well. 

Thank you!

@Ayodeji Kuponiyi

 Thank you for the feedback! 

So now how do I go about figuring if my Cap rate is better or worse than others. I can find comps but how do you know the expenses to subtract when trying to figure the cap of other properties to compare to mine to know if I have a good deal or not?

Do you just figure taxes and insurance estimate as expenses and not worry about potential financing interest cost of the comp? Just compare assuming each comp as being bought as cash? (Hope that makes since)

Im taking my real estate classes now and going over Cap rate right now and I really want to make sure I have a good grasp on how to figure Cap rates. I'm still a little confused about it. Do you use gross or net amounts?

Please use for example: I can purchase a house for $50k and it will rent for $1,000/month.

First of all, is cap assumed to be purchasing the property cash? Because financing would include interest which would be an additional cost of ownership taking away from net profits.

Second, do I go ahead and multiple the rent of $1,000 by 12 months and then divide by the homes value to get the cap rate? Or do I subtract taxes, insurance, exc from monthly rent before multiplying and dividing?

Third, is value determined as the amount I paid for the home, or is it determined as the assumed market value per comps... I ask this question because I do wholesale, so I get properties under market value, so i need to know if cap is figured by price paid or by the actual presumed market value per comps? Im assuming market value but I want to make sure that is correct? Would love to know how to figure cap rate for my buyers.

Would really appreciate feed back on this! Thank You!

Im taking my real estate classes now and going over Cap rate right now and I really want to make sure I have a good grasp on cap rate. I still a little confused about how to figure Cap. Do you use gross or net amounts. 

Please use for example: I can purchase a house for $50k and it will rent for $1,000/month. 

First of all, is cap assumed to be purchasing the property cash? Because financing would include interest which would be an additional cost of ownership taking away from net profits.

Second, do I go ahead and multiple the rent of $1,000 by 12 months and then divide by the homes value to get the cap rate? Or do I subtract taxes, insurance, exc from monthly rent before multiplying and dividing?

Third, is value determined as the amount I paid for the home, or is it determined as the assumed market value per comps... I ask this question because I do wholesale, so I get properties under market value, so i need to know if cap is figured by price paid or by the actual presumed market value per comps? Im assuming market value but I want to make sure that is correct? Would love to know how to figure cap rate for my buyers. 

Would really appreciate feed back on this! Thank You!