All Forum Posts by: Zac Chism

Long story short - I have a neighborhood that I bought out of bankruptcy 3 years ago.  I need to change the name of it and assuming the residents are ok with it does anyone have a clue of how to do it?  

I spoke to Central State recently and they are not lending unless you have a relationship with them currently.  South Point bank is good too. 

I started out by accident!  I had a townhouse and needed to get the debt off of my credit. So I rented it out to build my house!

Seller financing is an awesome tool and I have a vacant lot using seller financing right now.  It is on a lake and the couple was going through a divorce. SoFi is a private student loan refi company. If you have any federal loans put them on a 30 year payback and some of the private companies have a 20 year payback. @Brandon Turner has a great book about low and no money down so take a look at that. Also, listen to their Podcasts about funding a deal with low/no money. They go over Hard Money and Private Money.  

@jason carter CA to Alabama?!  How did you fall into that?

Welcome to the neighborhood!

Thanks all - Quick question and this is my newness showing off.  I don't mind giving a personal guarantee. I just don't want someone coming after my personal residence if the bottom falls out of the market. Am I confusing something or would my personal house be at risk?

Bob - Thanks for the reply!  I am willing to bring some but not too much. I think I can find the right partner because it is a pretty good deal.  I think the issue is HM don't know the local market and it is in Alabama.   

Thanks Seth - That is a good option. I will reach out to see if any are willing to do this.

Hi All! I am a newish newbie in real estate investing. My first project was simply renting our townhouse while our house was being built but that's not what I'm here to discuss!

My second deal was buying the remaining lots (8) in my 11 lot subdivision that went bankrupt. That was 3 years ago and the market has changed. I have been seeking Hard Money but wanted to see if anyone here had thoughts. The Hard Money isn't going great.  I cannot find someone to commit to all 8 lots.  I won't get too deep in the details but I had an appraisal done on the land with a proposed house on it and it came back pretty good. I have a great contractor and my cost is 300K per lot and after build value is 460K. With 8 that is a decent payoff.

Now.... money. Assuming I get approval from the Hard Money guys I am happy with the terms. I want to avoid personal guarantees and limit my cash outlay as MUCH as possible. Do any of you wise individuals have thoughts about my situation or recommend HMLs to talk to?