All Forum Posts by: Ivan Correa

I have two investors with cash and ready to join me , one problem is that they want to join my company and thats an issue because at the moment my partners and i are new and are waiting for a deal so that we can work our own kinks out before even thinking of adding people to the mix that have no strategic purpose aside from the cash. Now  we weren't planning on raising money because of that particular reason but we all have great reputations and the more we talked around friends and family they became interested but these are the first to say lets sit down and get it on paper. They are looking to 100K investment, for us it would be wise to sue them as a lender as oppose to a direct company partner . I want to know your feedback on what you would do so that everyone gets a good deal.

My structure currently is: 100K minimum investment 6 months 

Guarantees: 1 point monthly on total loan + 4-6% on the back end once sold. 

I havent been on in a while, I've been working hard at lining up the right things and the right partners. I've yet to do my first deal but its for many reasons that are not part of fear. One main reason I traveled a lot because i had the time to do it and unique opportunities to get the local experience. SO, i currently work for a hard money lender here in NJ also i have gotten my Real estate license. I've lined up partners strategically both capital and labor partners willing to work with me, were solidifying everything on paper officially next week.

we will be doing a deal rather quickly which is very exciting i have been looking at properties non stop day and night and any chance i get. NOW, with my finance background i analyze the properties in a way that makes sense to me with that being said IM REALLY INTERESTED IN LEARNING HOW PEOPLE VIEW AND ANALYZE a "deal".

be as detailed as possible on your analysis and how you go about it, your steps and the reasoning behind it. as i see posts come in i will posts how i go about mine so that you guys can critique and also give me pointers.

PS: if you guys have deals in northern and central NJ please let me know were looking to close on the right deal ASAP

No home equity available, the note would be a 20 year commercial no balloon payment. But yes that's what I want to try to avoid is the higher interest payments it will lower the cf on the property and the over all return, but I would have a cash pile upfront so those are the dilemmas.

Hello guys i have a question one of my properties is a two family with a studio added on the basement as well, i don't know what it is currently valued at but I'm sure it's valued for more then what i purchased it for since I did a full Reno. I was speaking with some colleagues and one of them was telling me he could get me approved up to 75% loaned out based on the appraisal. He says it will be a commercial loan at around 6-7% he says it's a good idea to use the cash and leverage my self out through hard money loans to grow my flipping business. Current rate is 4.75 on a standard 30 year note, home was purchased for 140k did a Reno of 94k. By their calculations they say that it can be valued at around 250k I only owe about 108k on it. My question is what are the pros and cons of this move and is it truly something wise to do? Any input would be greatly Appreciated.

I’ve seen a couple of properties that make sense in the neighborhoods I’m interested in off of the auction.com and hudstore.com websites, now I’ve never purchased off of these websites but I know it is away to find some deals I just wanted to ask from some investors who have purchased from here and what the requirements are some of the benefits and perhaps some of the downside. Any info I would appreciate .

@Charlie Fitzgerald do a search here on bigger pockets? or do you have a specific link?

Hello guys

I have officially worked my way into full time real estate investing a little quicker then id like but there is no better time than now. i have been meeting with hard money lenders and speaking with them via the phone... I spoke with one particular lender whose program sounds like the best fit for both them and I. The program sounds to good to be true and i was wondering if anybody has worked with them before  Do hard money is the name of the company and if you guys need i can give you the specifics any one who has worked with them or can point me to someone who has worked with them so i can speak with them would be greatly appreciated. 

@Johnathan Boyle @Evelio Gonzalez @Account Closed

THank you guys i have PM'd all of you guys i appricate the support.

hey Michael good to see someone else looking to step in...I'm also in nj where are you located in nj?

Originally posted by @Chris Masons:

welcome!!! I invest in your neck of the woods to Ivan.

I am a buy and hold long term investor.

Please don't hesitate to contact me for any info and it questions!

Good luck!!

Chris

 Chris it's fantastic to hear from someone so close to me I have PM'ed you thanks again.