Pinned
6d •
We're building a Masterclass Series on Finding Deals ...
... and we need YOUR help‼️ We're putting together a full Masterclass series dedicated to one of the biggest questions asked in our community: how do you actually find deals for transactional funding? Our goal is to get this series started before the end of August, and we want to stack it with the best guest speakers we can find. Here's what we need from you: names. Lots of them. Who do you want to learn from on the topic of finding deals? This could be someone great at in-person meetups, one-to-one outreach, social media, or any other way of generating deals for transactional funding. These do not need to be people you know personally or can reach out to yourself. We'll handle all the outreach. Just tell us who you'd want to learn from, even if it's someone you follow online, admire from a distance, or have only seen speak once. Drop their name below. If you know why they'd be great, tell us, but don't overthink it. We'd rather have too many options than miss out on someone great because you weren't sure what to write. We're looking for an overwhelming amount of feedback here, so don't hold back. The more names we get, the stronger this series is going to be for the whole community. Who do you want to learn from?
2d •
Too much to ask of the back-office staff?
I submitted a deal (for the buyer) on Friday that may be too messy for the back-office staff. I don’t even have a copy of the current PSA (just the numbers: current loan payoff, rehab cost, amount seller wants, etc.), but a foreclosure sale is coming up in less than 2 weeks, so I just submitted what I had. Buyer is actually hoping to close this upcoming week. Buyer and seller can make the purchase price whatever it needs to be to make the transaction work. Buyer needs an Echo (and a hard money loan). The seller understands and agrees that the ECHO amount + funding fee will come off their side of the HUD statement (paid from seller’s funds at settlement). A to B contract only. No double close. The reason it was really messy on the submission was because the buyer had the rehab cost, 12 months Interest Reserve, closing cost, etc. included in their purchase price. All the items are listed separately in the submission but totaled together as the purchase price. I didn’t realize this until after I submitted it. I don’t think any HML is going to do it that way because if that total amount is the purchase price that money belongs to the seller and not the buyer (to use for those expenses). For future submissions, should I try to get buyers to understand issues like this and clean up their contracts before submitting?
14h •
Raising Capital
We are currently raising $75,000 to acquire a fully rented 4-bedroom mobile home in Florida that is already generating strong monthly cash flow. Capital Needed: $75,000 Gross Rental Income: $3,700 Operating Expenses: $2,500 Net Monthly Cash Flow: $1,200
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3d •
Updating Email Address on White Label and Submissions
I changed email address on the profile page of my white-label site (My Deal Machine). Just wanted to confirm all the places that updates my email address. It changed the email address that shows on my white-label site and for the login. Hoping that also changes the email address that will attach to future submissions at my white-label site. That is, the first couple auto messages that go out after a submit and the CC address that the back-office staff uses when they email the client? I am guessing it will not change anything on submissions that have already came through and started? Also guessing that’s the only places it changes anything. Example: Does not affect email with Skool membership.
3d •
Seasoning
Is there seasoning when converting from a HML to a DSCR? Does it matter who funds the HML?
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