All Forum Posts by: Tyler McCracken

Jay,

Very good -you sound like you've got a very level decision making process. I didn't mean to be the one to bring up pessimism; however, I go into every deal with a pessimistic creditor's opinion and build my way towards neutral (or the realistic numbers) versus the typical salesman that on the other end of the chart.

That being said...., it's great you working numbers on potential deals that you'll never do, as the more you get involved and work the details the more confidence you'll have when it's time to strike.

One thing I always do is follow up on deals I passed on, check in on it in 6-12 months..., see what it goes for and follow up till it ends up into a landlords or homeowners hands to see the end result.

Happy Investing.

I'm not a fan of long-distance investing -especially for someone new.

Have you seen this property? Do you know someone (really well) that is non-biased and you trust -who has seen it?

How did you arrive at looking at property thats 4k miles away? My first recommendation is to start in your own backyard.

Not saying its not a deal nor that it can't be done..., just that the odds of risk are certainly higher.

Really it depends on the lender.... Typically the hard-money lender will advance rehab money as work is completed. Therefore only 20% down on the purchase price + closing costs not rolled into the loan at close would come from the borrower.

I would recommend getting clarification from the lender you intend to use.

What State are you in? and also state city/county if you are in a rent-controlled area.

If your in NC, there is a 5-day grace period with a maximum allowable late fee of $15 or 5% of rent, whichever is greater.

Definitely up for grabbing lunch. Windsor Park has been a good steady eddy rehab-to-retail market. I'm involved over there from the lending side. NoDa -can't say enough. Just got a house where I'm splitting off a lot. I've lost your number -do you still have mine. Let me know what your schedule is like.

Bryan,

Think you knew I was watching from a distance as I had been talking to Alex. I've got the home about 3 doors to the left in the mint green color -it's one of my rentals.

Anyway, you did a fantastic job in turning the property.

Did you pull the triggar on the 15'r?

Phillip... I don't have all the answers. I will say it depends on two fronts... Does your State have Safe Act Regulations that the Fed defers to if in place? Such as NC allows a seller to owner finance to 5 owner occupants per year.

Best bet is to find a well versed Investor Friendly Attorney (locally) that knows the laws.

think of it this way...., if your a landlord do you do a credit, criminal, and eviction check on an applicant before handing them the keys to your $50-100k home? always verify via third party...

i'm not a fan of paying money up front for the promise of money... the odds of B.S. -lets just say at this level of investing, are high.

I would suspect that you don't know or haven't posted the whole story.... as the dollar amount is ridicules as I'm sure you would agree -perhaps its a response to your friend making a ridicules proposal.

Typically, one would sit down with the insurance adjuster and come to an agreement of the scope of the work and amount to pay for it. Then as the work is completed, draws would be made for 'completed work'.

If your post is what it really is, I would tend to think that the mortgage company has a real concern that 'your friend' is trying to pull a fast one, doesn't understand that they pay after work is completed, and/or concerns about the competency of whom is or quality of the work being completed is....

if this offends i'm sorry -its not meant to. Simply don't think the whole story is presented.

Bob,

I don't personally know anything about the coarse nor the teacher/author.

I am a local investor in Charlotte, NC. I would be more than happy to talk real estate and my thoughts with our markets. Have you tried joining our local real estate investment group -Metrolinareia? (www.metrolinareia.com) I am presently Co-Chair of their Charlotte Landlord Subgroup. There is alot of free and small fee (such as $119/annual membership to our reia) advice to be had. Shoot me an email if you'd like to discuss.

Sincerely,

Tyler McCracken