is a term used to denote the giving of some item in exchange for something else. For example, let's say that an investor said that he needed to receive 12% on his funds while they were being used by you for a rehab. But you said that was too much. So he counters at 12% but he will agree to pay your rent of your office for the 3 months while the rehab is going on. The paying of the rent is something that benefits you but you never got to control the money. That is soft money. Hope I am clear enough on this post.You usually don't see soft money in normal real estate transactions anymore. When the banks were loose, soft money was done all the time as an incentive to close on a property.
__________________
Always Looking to Acquire Houses | Always Looking to Amaze Investors
let's say i just want to flip the house so i want to pay a little bit of money to secure the deal on my name but with an option to exit it if i won't be able to flip the house.
in general: when the term "soft-money" is used in a real estate transaction what does it usually mean? and how does it work for due diligence ( what's due diligence all together in the context of real estate )
Due diligence is what you do to determine if you have a deal. Such as inspection, determining true ARV, repair or remodel costs, title, commissions, closing costs, etc.etc.
Why would you need soft money to get a house under contract and flip it? Are you a member of Dean's academy or have you read his books? You will learn what a contingency (escape clause) is and how to put it in your contract by studying. Then, you should study some more.
Good Luck!
Michael Mangham
MD Home Acquisitions LLC
__________________
Knowledge is power, but execution trumps knowledge. Tony Robbins
Get pre qualified with a hard money lender and if you get a property under contract that meets the lender criteria they will lend you the money. You have to offer them the deal not vise versa! Usually if you get no response you are paying to much and they are not interested because the $$$ is not there. OR you are talking to the wrong people.
James, I try! Gotta give back, I hope it helps someone. I try not to be to grumpy like you've been getting lately. Ha Ha!
Michael Mangham
MD Home Acquisitions LLC
__________________
Knowledge is power, but execution trumps knowledge. Tony Robbins
When I did my first HML I included all this (plus all of my normal disclosures and information I give to PML) and they were all VERY impressed with my presentation. If I can do it, so can you!
Where in New York would you like to buy houses? I'm in Rochester, NY.
If you like you can post your information on my website just click on below and visit the site the me what you are looking for on the contact page, and I will see if I can help you out.
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is a term used to denote the giving of some item in exchange for something else. For example, let's say that an investor said that he needed to receive 12% on his funds while they were being used by you for a rehab. But you said that was too much. So he counters at 12% but he will agree to pay your rent of your office for the 3 months while the rehab is going on. The paying of the rent is something that benefits you but you never got to control the money. That is soft money. Hope I am clear enough on this post.You usually don't see soft money in normal real estate transactions anymore. When the banks were loose, soft money was done all the time as an incentive to close on a property.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
thank you so much. could you tell me, please, how does soft-money work for due diligence and seller-financing?
thank you once again
I would have to know more of the exact transactional details to know more. PM me with the details so I may give you better guidance.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
let's say i just want to flip the house so i want to pay a little bit of money to secure the deal on my name but with an option to exit it if i won't be able to flip the house.
in general: when the term "soft-money" is used in a real estate transaction what does it usually mean? and how does it work for due diligence ( what's due diligence all together in the context of real estate )
thank you so much !
Due diligence is what you do to determine if you have a deal. Such as inspection, determining true ARV, repair or remodel costs, title, commissions, closing costs, etc.etc.
Why would you need soft money to get a house under contract and flip it? Are you a member of Dean's academy or have you read his books? You will learn what a contingency (escape clause) is and how to put it in your contract by studying. Then, you should study some more.
Good Luck!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Well Michael it looks like your work is never done, full time job just keeping up with the esssssss.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Get pre qualified with a hard money lender and if you get a property under contract that meets the lender criteria they will lend you the money. You have to offer them the deal not vise versa! Usually if you get no response you are paying to much and they are not interested because the $$$ is not there. OR you are talking to the wrong people.
James, I try! Gotta give back, I hope it helps someone. I try not to be to grumpy like you've been getting lately. Ha Ha!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
do you have any houses for sale in NY ?
you will get it funded; one way or another! There's a great thread on this site about what to include in your presentation of your deal to a HML. Good stuff! Look at post #4 here: http://www.deangraziosi.com/real-estate-forums/financing-and-credit/6315...
When I did my first HML I included all this (plus all of my normal disclosures and information I give to PML) and they were all VERY impressed with my presentation. If I can do it, so can you!
Where in New York would you like to buy houses? I'm in Rochester, NY.
If you like you can post your information on my website just click on below and visit the site the me what you are looking for on the contact page, and I will see if I can help you out.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
You are never grumpy like Jim. You are always a regular "Mr Sunshine".
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thanks for the thread referral. I have bookmarked it.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
mostly in NYC: manhattan, brooklyn