All Forum Posts by: Tiffany Plovie

@Ashley Pittman 

In general, private lenders are avoided for long-term buy-and-hold properties. If they are used, it should be for no more than a year while your property is 'seasoned' and you are establishing a rent history. The next move is to re-finance into a traditional mortgage.

Most investors use traditional conventional  mortgages to get started, and then use properties they have purchased to use as leverage to finance later deals.

BP contains a wealth of information about creative financing, basically how to finance your investments with little to no money down.

You might want to check out this link. It includes a case-study (including financing details) done by @Brandon Turner on a property he later bought:

http://www.biggerpockets.com/renewsblog/2013/04/09...

He is also hosting a webinar this upcoming Wednesday about how to find, analyze and fund a deal:

http://www.biggerpockets.com/pages/webinar

The Podcast below includes details about Peer-to-Peer Lending, which charges 5-6% less than most hard money lenders. (However, they provide less funding, generally capping around 35k per deal):

http://www.biggerpockets.com/renewsblog/2013/08/01...

Seller Financing should also be considered. I know someone in my area who was driving by a FSBO for what they thought was one townhouse in a complex of six. She gave the owner a call and ended up buying the entire complex for no money down and at an interest rate of 5%. It was a steal. All from one phone call!

Please excuse the update. It uploaded before it was ready for publication.

It is supposed to read:

Also, I can't imagine that charging a buyer a commission is going to go over well. Pay your agent's commission. While it may hurt now, it will help later. Investors are looking for a deal, that is why they are working with you. Most importantly, it will help you build your reputation as a wholesaler... So that you become the person who has the best deals in town.

@Wesley Merriweather  I may not be understanding this correctly... So clarify when needed!

  It is my understanding that you brought on this agent as a private investor to increase your investor's network so that you can close more deals. If this is the case, they should be bringing you the buyers.

Also, I can't imagine that charging a buyer a commission is going to go over well. Most investors are looking for a deal, that is why they are working with wholesalers. Most importantly, it will help you build your reputation as a wholesaler... So that you become the person who has the best deals in town; part of this is paying your agent out of your wholesaler fee.

@Marshae H. 

@Christopher Hunter is right on. I would suggest reviewing Redfin first and look for similar homes in the neighborhood. Get intimately familiar with area surrounding this home. Understand what makes pricing different (make sure to throw out the delusional sellers who have way overpriced their homes), and be prepared to answer questions about your perceived values when asked.

When in doubt, ask an agent, as we have a lot of practice!

I have attached a couple of links that I think you might enjoy:

The Ultimate Beginner's Guide to Real Investing

http://www.biggerpockets.com/real-estate-investing

The Definitive Guide to Real Estate Wholesaling

http://www.biggerpockets.com/renewsblog/2010/06/10...

Podcasts you might like that are related to wholesaling:

http://www.biggerpockets.com/renewsblog/2014/07/31...

http://www.biggerpockets.com/renewsblog/2014/07/03/bp-podcast-077-negotiating-way-1000-wholetail-deals-michael-quarles/

http://www.biggerpockets.com/renewsblog/2014/05/22/bp-podcast-071-lead-generation-phillip-vincent/

http://www.biggerpockets.com/renewsblog/2014/04/24/bp-podcast-067-tim-gordon-wholesaling/

Most of all, BP is information-rich! Mine away, and explore the site!

Welcome to BP!

@Wesley Merriweather 

I am unclear as to your relationship with this agent. At any point was compensation discussed? Most purchase and sale agreements feature an addendum that includes the agent's commission. Is this included in your assignable P&S agreement?

What was your understanding as to who was supposed to bring buyers to the table?

It takes good connections for an agent to bring a buyer to the table immediately and close fast. This person sounds relatively inexperienced and new. Do they have the connections you need to make this deal happen? If not, why are you working with this person?

@Jennifer Clancy 

@Chris Stromdahl 

@Albert Bui 

I will add you all to the list! I haven't met many of you before, and I am so looking forward to making new friends and connections.

@Mike Sumsky  I think we may be going with the 13th, as that seems to be the date that most people can make. However, I will keep you updated of any changes and upcoming meetings.  On another note, I have seen you present before, at another meeting, and missed connecting with you.  It would be nice to finally actually 'meet' you!

Hi All!

   We are going for a relaxed, casual atmosphere much like the Official BP Meet-Up that @Brandon Turner and I hosted earlier this month. No solicitations will be allowed, this strictly a networking event where we can all get together, connect, share ideas and have some fun!

 @Sam Albert 

@Erik Trefzger 

@Justin Baker 

@Brandon Turner 

@Joshua Clark 

 I will add you all to the list!

Watch for a formal announcement of date and time!

@Stacey Olson Thank you for putting this all together!

 I am interested in assembling another event much like the one I hosted with @Brandon Turner and turning into a monthly meet-up event.

 If you are interested, please reply here and I will add your name to the list!

Great feature! 

@Steve C. 

   What are your numbers? Can you afford to hold the property until it is filled? If need be, can you put it back on the market and have enough equity to come out ahead?

  Ultimately, the numbers and my ability to hold the property vacant for longer than average would determine my decision.