All Forum Posts by: Jose Reyes

@Account Closed

My goal is to get in contact with any/all investors whose willing to look at my deal and see if its worth it to them. Bigger picture, I want to get these project rehabbed and rented out. I don't assume an investor will invest hands off. I'm trying to develop trust with investors and ultimately just get these project up and running. I see you are an investor, if you have any insight on how I should be approaching my dilemma, I'm all ears. 

@Mike Cumbie Thank you for your reply! 

I've went the credit card route and wasn't successful, unfortunately. But, you make a very good point with selling the less desirable one, but the amount I estimate we would get wouldn't be sufficient enough to fully rehab our second property.

Looking for investing advice from anyone who has been an investor or has dealt with an investor before.

My goal is to be more informed on how to approach investors and how to locate investors. 

From my experience so far, I have learned what documents are need for investors and what they like to see. I've also realized that when you're looking for smaller amounts of money a lot of investors won't do a deal. In my case I need about 20K to 30K on my investment properties that I own free and clear and I tried call every investing group in New York State. I got through to some and they either told me their minimum was 50K or they kept me around to pay for an appraisal and broker fee then wrote up a deal that would of put me in a bad position where I would of been paying back for than I needed. 

Some things to know about me. 

I am in my last semester in college and have started my own LLC by the name of Dream & Believe Investments. My income isn't where I want it to be right now because of the school contingency but my credit is at a fair rating (630 FICO). Because of this factor I was forced to go through hard money lenders and that situation didn't work in my favor. I hope to gain some expert opinion on how to go about getting financing for properties that need to be fully rehabbed for under 30K.

Thank you all in advice for your insight and expertise! 

@Bryan O. I tried everything to avoid using a hard money lender. Reason why I could go to the banks is 1. my credit is about 630, but my in coming income isn't where I want it to be because of college and it isn't sufficient enough to their standards. 2. I'm working with a partner who has terrible credit but their income is good since he's a police officer and engineer for the marines and that didn't satisfy them either. Plus the banks told me in order to refinance the properties they would have to be habitable and that is not the case with our properties because they were gutted and re-framed.

If you have any other way I should be going about this, please I'm all ears! 

I'm currently looking to get into contact with all lenders for knowledge, insight and advice on how to close on financing properties

I am fairly new to the business, but I do own a couple properties in the downtown Albany NY area free and clear. My goal is to GET THESE PROJECTS REHABBED!

From my experience I have been in contact with two hard money lender companies, both of which I did not close on. Reason, they were offering way more than I needed and asking for too much to bring at closing. Prior to this, I was clear on my second go with a company that I could not bring a lot to close and is it possible to get funding on a project without coming out of pocket? I was told yes! For these companies they make you come out of pocket for appraisal and broker fee ($1,000 plus), which I understand and I'm not against investing in my company but to lose that amount and not get a deal hurts, especially when it happens twice. But throughout the 7 months of disappointment with these companies and them not being straight forward, I have learned a lot and I do thank them for that.

This may come off to some of you as venting. But, honestly I'm in my last semester in college beginning my career in the real world and I'm looking for positive guidance and look forward to seeing the vision having my personal professional portfolio of investments.

Looking forward to hearing from all of you! Thank you in advance!

I'm currently looking to get into contact with all lenders for knowledge, insight and advice on how to close on financing properties

I am fairly new to the business, but I do own a couple properties in the downtown Albany NY area free and clear. My goal is to GET THESE PROJECTS REHABBED! 

From my experience I have been in contact with two hard money lender companies, both of which I did not close on. Reason, they were offering way more than I needed and asking for too much to bring at closing. Prior to this, I was clear on my second go with a company that I could not bring a lot to close and is it possible to get funding on a project without coming out of pocket? I was told yes! For these companies they make you come out of pocket for appraisal and broker fee ($1,000 plus), which I understand and I'm not against investing in my company but to lose that amount and not get a deal hurts, especially when it happens twice. But throughout the 7 months of disappointment with these companies and them not being straight forward, I have learned a lot and I do thank them for that. 

This may come off to some of you as venting. But, honestly I'm in my last semester in college beginning my career in the real world and I'm looking for positive guidance and look forward to seeing the vision having my personal professional portfolio of investments. 

Looking forward to hearing from all of you! Thank you in advance!

Looking for investors.

I own a couple multi-families in the Albany NY area and want to discuss my offer and see what I can improve on or if my strategy works and where should I shop it around too next. 

Thank you in advance for your consideration!

Looking an investor to work with in the Albany NY area

Looking for some advice on finding funding for my projects!

I'm fairly new to the real estate investing world I've established an LLC and have properties that need rehab.

I currently own 2 multi-family properties free and clear that was passed on to me from my father.

I've went through the hard money lender route and from my experience.

I tried working a deal out with 2 companies, paid 600+ for appraisals and 500+ for broker fee's for both companies and unfortunately, no deal was closed because they were offering way more than what I needed. 

What I didn't know was most of these hard money lenders don't lend unless you need 50,000 or more. for my deals I only needed 20k-30k. 

I am currently in my last semester in college so credit and cash on hand is not where I want it to be but I'm refusing to let this stop me from getting a deal. I am writing on this forum for help and advise from anyone with investing experience or real estate experience. I hope to hear from someone and thank you in advance for anyone who sees this and responds.

ps

I have documents, budgets, and scope of work calculated and ready for anyone who wants to see what deal I am working with.