All Forum Posts by: Sam Ally

Carlos:

Curt, Charlie and John are all spot on with the information provided.  The caution here is while your friend doesnt have an understanding about investing, do you?  Truly no offense intended here, but should you even think about taking money from a friend when you obviously are not well versed in this arena.  Are you willing to risk your friendship because that is truly what is at stake here jot to mention financial ramifications.  Educate yourself, continue to conduct your diligence and seek legal counsel as suggested above.  Good Luck!

@Jose Hooker I laud you for your desire to jump into this arena, however, while it is great to listen to pod casts, read, and act upon what you've learned you must procceed with caution.  There are so many variables to consider. If financing the asset, is it currently tenanted or vacant. Will the numbers meet the debt service coverage ratio to qualify for funding via bank or alternative lender?  Are you bankable? What is your ability to repay? Since you have no expertise, what are the area comps based upon the scenario your presented, who will provide property management, what condition is the asset in, what value can you add to increase profitability, how much "skin" in the game will you contribute? No this is not "brain surgery" but to become an industrial engineer took time for you right? These are big ticket items that can derail your financial dreams in a flash if you simply "jump in".  Network and build relationships with those that are doing what it is you wish to do, listen, watch, learn. Add value to them in exchange for their knowledge and assistance, learn about market cycles and trends, start building your power team of individuals that know what you do not and can do what you cannot.  Diligently vette everyone, assume nothing, find sound legal counsel, and never put any asset into your own name, and if it is truly a "good deal" you will have to act quickly and without emotion. Lots of work ahead for you to achieve your goals but it is worth it.  Good Luck!!

Sean:  I've been authorized to release information about the project in question so check your inbox. If you wish to proceed let me know and I shall endeavor to connect you both.

I am there as well as So. Cal Doran.  

Sean:

I'm a direct lender in Florida, perhaps we can assit each other as you may provide options I cannot.  I have a client seeking Equity on a Luxury project in the Palm Beach area.  If that is a niche you serve I will gladly make the connection.  Perhaps we should speak and learn how we may add value to each other.  

Sam Ally 407-494-3329

I am a direct lender based in Orlando and Anaheim CA . I fund several assets monthly in the the Tampa St Pete Clearwater market.  Up to 80% of purchase price pending valuation is what I will provide for a flat fee of 3900. plus 1% per month for 12 months no pre-payment penalty.  If you have your entity created we can get you to the closing table in 10 business days or less.  407-494-3329 

Stephan:

If you can get a 5% loan take it. Robert is spot on. As an alternative direct lender that does offer commercial loans under $1mm w/ 25yr options, the rates will typically fall into the 8-12% range pending the numbers behind the deal and your credibility. Why not a blanket loan on your SFH to acquire the multi family? I'll be in Clearwater on Thursday (tomorrow) @ 9a meeting affluent area investors, perhaps they could assist; there is a host of money looking for a place to work. If you would like to join us message me. Good Luck

Anthony:

It is wonderful that you may have found an interest in real estate as a profession, as that is what it will have to be.  This cannot be a hobby or even part time.  To be successful you must be 100% laser focused, you must continually educate yourself but take action as well on what you learn.  Listening to podcasts and books are great and essential.  Frankly you do not know enough and we can only assume you have no experience as a contractor, and have no money so from that perspective Fixing and Flipping will be a "goal" for you, not a starting point. Buying and Holding until you learn some advanced strategies, again without money, that is not where you are going to start. 

Our man Eric Harris gave you some sound advice above, so I will take it another step: While this is not difficult, this isnt just some easy money profession or opportunity. It takes hard work, it takes consistency, daily habits of doing all the little things no one wants to do but has to get done. It takes relationships, constant education, it demands your undivided attention. Without that your last question about getting an investor should be answered. Why would anyone with money give it to someone without a track record of performance let alone no real industry expertise? 

Some people think I may be to candid or harsh, well frankly it is better you know and understand this now before you spend money you don' t have on seminars, bootcamps and other offerings.  We are not talking pennies, nickels and dimes here, this is big dollars and serious.  The team you build and surround yourself with is the most important investment you will make.  Pick a strategy that serves your needs currently like wholesaling to earn and learn.  You must first determine what value you bring to the table then seek out those who know what you dont & can do what you cannot. To learn how to be successful in this you must seek out someone who is doing what you want to do and offer them some value in exchange for some of their knowledge.  Perhaps offer to wok for free in exchange since you have no liquid capital to give them for coaching or expertise you can exchange.  Keep asking questions, keep learning but remember learning without action will serve you no purpose.  

As a Direct Lender we've worked with an abundance of Title companies & frankly if we could move all of our closings to SE Pro Title we would do so. They understand the needs of investors as well as the structure & formats the lender needs to complete the process successfully. 

As both Brian & Darrell mention, your first steps should be to review the agreement between the investor & HML then call the HML to discuss what may be acceptable to them, remember they control the deal not your investor. Based upon their business model this could be exactly the scenario they are looking for..i.e. borrower fails to perform on a deal with a solid spread, they take over complete it, sell it, or add to their own portfolio. As investors & a Direct Lender in Florida we have seen many instances where leverage was used irresponsibly and perhaps where lenders have intentionally set up the investor to fail by providing the funds. Talk to the HML asap! Good Luck