Tips on How to Getting Lenders Fast Approval

Author channel New Jersey Real Estate Investors Group   4 мес. назад
14 views

0 Like   0 Dislike

REI Focus #24 : 3 Ways to Find the Right Contractor

Watch Glen Gallucci as he discusses three ways to find the right contractor for your job. Learn More | Close More | Earn More http://www.njreigroup.org "Hi, Glen Gallucci back again from Peak Private Lending. Today's video we're going to be talking about three ways to find your contractor for your next project. Stay tuned. Today we're going to talk about the three ways that you can go and find good contractors for your next rehab. The first is simply referrals. Referrals are probably the best way to find qualified contractors. Getting referrals from fellow investors is even better because now they can tell you the pros, the cons, the good, the bad about their contractor and what experience they've had with the contractor on their project. They can tell you things like was the pricing okay? Did they show up every day? Was the quality of their work good? So referrals by real estate investors are the number one way to find good contractors. The second way is to go to some of the supply houses. If you're looking for a plumber, electricians you can go to the plumbing supply, electrical supply. If you're looking for a general contractor, you can go to Home Depot, you can go to Lowe's. You can go there and what I'd like to do is look at the vans and the trucks that the contractors are driving. And one indication that a contractor is probably reliable and good is if they have really nice vans, nice lettering. And most important, their name on the van. If they put their name, you know Bob Smith's contracting, you know they're putting their name out there. So more than likely they should be pretty reputable. Also, you wanna see their address, their phone number, and their license number, their home improvement license number on the truck or van. You don't want to take numbers down of vans and trucks that just look dilapidated or they're barely running or the lettering is kind of wiped out on it. It just doesn't show that they have pride in what they do and that might reflect on the type of work that they do The third way is to really just drive around the neighborhoods looking for projects that are under construction, stop in, go in and look. Meet the contractor, you can see what type of work they're doing and you yourself can go and say wow this looks really nice or gee this looks kind of shoddy, the moldings aren't matching or it's messy, is nobody here, there is only one person and a big job. So that's another great way just like when we go to look out and find houses we drive around. Nothing wrong with driving around going out because with all these ways you wanna go and see these contractors, their past projects. Whether from referrals, or you go and find their trucks at Home Depot or Lowe's or just by driving around. What of the projects have you done? Let me see the quality. Let me speak to the owners of the home. So those are three pretty good ways of finding contractors for your next project. If you like these videos you subscribe to our channel and we give a lot of tips on these and hope to see you on the next one. Become a Member of Our Real Estate Investing Community https://njrei.group/membership Be Part Of Our Real Estate Investing Community Learn More | Close More | Earn More Money https://www.NJREIGroup.org https://www.meetup.com/njreigroup https://www.facebook.com/NJREIGroup New Jersey Real Estate Investors Group Organizers Glen Gallucci http://www.peakpropertiesllc.com http://www.peakprivatelending.com Paul Kim https://www.segisgroup.com https://www.segisproperties.com

REI Focus #23 : 3 Lethal Mistakes A Lot Of Investors Make

Watch Glen Gallucci as he discusses three lethal mistakes that a lot of investors make. Learn More | Close More | Earn More http://www.njreigroup.org Hi, Glen Gallucci from Peak Private Lending and today's tip of the week is going to be on the three lethal mistakes that a lot of investors make. And today, we're going to actually write it on the board for you. The three mistakes that hopefully you’ll avoid when you go to invest in your real estate deals. Lethal Mistake # 1: Not Planning Ahead The number one mistake investors make is not planning ahead. They just don't have a plan before they go and buy the property. They kind of wing it as they go. You can't wing it as you go when you're investing in real estate. You need to be sure of the after repair value which you would be selling the house for, that's critical. You need to be sure of what your estimate is going to be in the rehab work. You can't just buy a house and then start saying let's get some contractors in to give us some prices because we think it's $80,000. You will be unhappily surprised when you find out that $80,000 might be $110,000. So you need to have those two things lined up. And the solution to this is you pick your investment model first. Whether you want to buy and hold or buy and flip. Then you go out and find that particular property. If you're going to buy and flip, you're going to be looking at a low LTV, loan to value, of 65% to 70%. So that means if your ARV is $300,000 which you sell the property for and take 70% of that. You want to be into that project for any more than $210,000. That's where you get your holding cost, your profit. Now if you're buying to hold, you can go up on that loan to value which you'll be holding your property for a long time. You get appreciation out of it and you'll still have probably some good cash flow. So those are the two to three things that you want to do when are you planning ahead. Lethal Mistake # 2: Being a Lone Ranger Number two is not to be the Lone Ranger. What does that mean, you don't want to be the Lone Ranger? Well, you don't do everything yourself. That's really not your job. You don't want to be going out and getting the ARV all by yourself. You don't want to be doing the construction estimate coming up with that all by yourself. You don't want to figure out how you doing your financing all by yourself. The quick solutions to these are you're gonna hire professionals. Who are the professionals? You have real estate investors, real estate agents, you have contractors. These are professionals. You have professional lenders. All these people will help you make an informed decision on the property that you're looking to buy. So don't be a lone ranger, get some help from this business. Lethal Mistake # 3: Thinking Get Rich Quick And the third is thinking that you can get rich quick, okay? We see this on TV late night, how you can get rich quickly in this real estate investing. While real estate investing does provide a lot of profits and it can come quickly especially if you're wholesaling. Rehabbing will take you four, five, six, seven, eight months. So it's not really quick-quick but if you’re wholesaling, you can get profits in 30 days or less. So one of the things is you need to work hard just like any other business. You can make good profits but you need to work hard. Some of the gurus on TV make it seem like they don't have to do any work. That's just not the case. You want to make sure you're calculating your risks, know what your risks are before you purchase the property. Get educated in the flipping business. We have many meet-ups through our New Jersey meetup groups that we provide a lot of training. Peak Private Lending also provides workshops that we have many successful borrowers. They attend our one-day workshops. They go out, they find the right properties they know exactly what to do. We train them how to do it and then they come to us for financing. We give more financing that they need and we also help them along with the project. So remember, you're not gonna get rich quick but you can make substantial profits in this business if you do your homework. And you know you're associated with reputable people in this business. And you have the financing lined up behind you and that's what we do here in Peak Private Lending. So hopefully we’ll see you at the meetup group that meets New Jersey Real Estate Investment Group. You can see us on meet up and we have the first Tuesday of every month. Hope to see you there. Become a Member of Our Real Estate Investing Community https://njrei.group/membership Be Part Of Our Real Estate Investing Community Learn More | Close More | Earn More Money https://www.NJREIGroup.org https://www.meetup.com/njreigroup https://www.facebook.com/NJREIGroup

REI Focus #26 : 5 Ways To Locate A Homeowners of Vacant Homes

Vacant properties can result in some of the easiest profit for investors. These types of properties can be bought low and sold low, which means a quick profit and a quick sale for you. One of the biggest challenges when investing in vacant properties is finding the owner of that property. They obviously don’t live there, they don’t announce that they are the property owner, it’s not public record who owns the house, etc. So how do you find out who owns the property? Paul Kim discusses 5 ways to locate homeowners of vacant homes. "All right so in today's episode, I want to talk to you about five ways to locate homeowners taking home. Most of the time houses that are vacant, you know that is vacant because there are either boarded up windows or the grass is high and you're trying to find the homeowners. The first method you know simple thing is to go and talk to the neighbors. You'll be amazed at you know how much information the neighbors may have that next door neighbor the person across from that house because at the end of the day people that live nearby want to make sure that their neighborhood is in good condition because it keeps up the value of their home as well. You'll be surprised at the kind of information that they know. So simply by going out and asking the neighbors is a good way for you to get started to locate the homeowners. The second method is simply to put a note or put a door hanger on the door because at the end of the day somebody is going to show up or somebody is usually coming by to pick up the mail. Do not put anything in the mailbox because it is illegal for you to be touching other people's mailbox. That is a federal offense. So simply by putting a posted note or some sort of note on the door or putting a door hanger can be a way for you to get your message across to the homeowner. The third method is simply to write a letter or handwritten letters. Best thing write a letter to the homeowner to that property address as if because if they have moved or they're not living there then they should have had a forwarding address and so that mail should go in forwarding address. But in some cases, it doesn't and it comes back as a return mail. In that case, we'll go to number four to do what's called a skip trace. When you get a return mail because there's no forwarding address or there's nobody at that property address. And you get the return mail you can do what's called skip tracing is basically finding and locating that homeowner. There are two ways that you can do that you can do skip tracing online which one website that I use is Spokeo.com and you can put that probably property address at best and they'll then it’ll pull out up any information that's related to that property. It may give you alterable multiple people so that's one way that you can do a pricier option. There are private companies out there that will charge you per search to locate a specific person based on that skip trace. And so as long as you have the property address and you are able to locate that or find that homeowner's name through either the tax records or the public record you're able to give that information to the skip tracer and they will provide you your either contact number or some more information. And the last one is basically doing a Google search. Basically, if you have the homeowner's information or the property address, you're able to google that person's name and possibly a combination of the name and the property address. just And you'll be amazed the kind of information that Google picks up. Thanks for stopping by today. All the If there are other ways that have worked for you to locate homeowners write there in the comments below. I would love to hear about." Become a Member of Our Real Estate Investing Community https://njrei.group/membership Be Part Of Our Real Estate Investing Community Learn More | Close More | Earn More Money https://www.NJREIGroup.org https://www.meetup.com/njreigroup https://www.facebook.com/NJREIGroup New Jersey Real Estate Investors Group Organizers Glen Gallucci http://www.peakpropertiesllc.com http://www.peakprivatelending.com Paul Kim https://www.segisgroup.com https://www.segisproperties.com

REI Focus # 28 : Common Mistakes Wholesalers Make (Part 2)

To wholesale of a property might sound easy. However, there are common real estate wholesale mistakes that are frequently made by wholesalers while preparing for a purchase, as well as before and after the wholesale process. Learn the Common Mistakes Wholesalers Make. In part 2 of this 2 part series, Glen Gallucci discusses common mistakes made by wholesalers. "Hi Glen Gallucci from Peak Private Lending. Here today we're going to give you the tip of the week which is a continuation of our last video on the 20 common mistakes and questions that wholesalers has asked. Stay tuned. We're going to cover them today. Hi Glen Gallucci from Peak Private Lending. Today's tip of the week some of the 20 common mistakes and questions that wholesalers make. One of them is taking advice from unqualified advisors. This is something that I see a lot of beginners do and it's really a mistake. You don't want to be taking advice on people who don't understand the real estate business. This includes lawyers, accountants, neighbors, friends, relatives. They Take the advice from investors who are actually doing this business everyday. Those are the individuals that you should be listening to. You can find them at the meet up meetings. NJREIGroup is our group which meets the first Tuesday of every month. We have a lot of seasoned investors, a lot of beginning investors, you can get great advice, we do presentations there. You may want to check that out. Worst enemy believe it or not is our family. We just get advice from them and they don't really know the business either. Loved ones are merely trying to protect you. No nobody wants to see you get hurt or lose money. But you know they'll say “well you can't buy houses for 50 cents or 60 cents on the dollar”. Yes you can. They don't and that's the problem. But if you listen to investors that do that you will find out exactly how they do that. The last thing is my spouse is afraid to take a risk. While he or she may not understand how everything works so ofcourse they may be fearful of it. Help them to become involved in the learning of the business. Speak with other investors, take them along to the meetings with you. They'll support you and they will help you. And that's what we do at our meetings. Husband and wife teams make great investor teams. We have a lot of husband and wife teams that we'd lend to. Lastly, taking financial advice from people that are making less money than you. You're Your out of work brother-in-law, rather than the person people are struggling to make a weekly paycheck. Free advice is almost worth exactly what it cost and that's nothing. So take advice from professional real estate investors and they will help you in this business. That's our tip of the week. See you next time. Become a Member of Our Real Estate Investing Community https://njrei.group/membership Be Part Of Our Real Estate Investing Community Learn More | Close More | Earn More Money https://www.NJREIGroup.org https://www.meetup.com/njreigroup https://www.facebook.com/NJREIGroup New Jersey Real Estate Investors Group Organizers Glen Gallucci http://www.peakpropertiesllc.com http://www.peakprivatelending.com Paul Kim https://www.segisgroup.com https://www.segisproperties.com

REI Focus #27 : Common Mistakes Wholesalers Make (Part 1)

The wholesale of a property might sound easy. However, there are common real estate wholesale mistakes that are frequently made by wholesalers while preparing for a purchase, as well as before and after the wholesale process. Learn the Common Mistakes Wholesalers Make. "Glen Gallucci here from Peak Private Lending. I'd like to invite you to our tip of the week which involves some of the questions that wholesalers often ask us. So it's part of our quarter brought 20 common questions and mistakes that wholesalers make. Stick around. We're going to go over them today. Hi! Glenn Gallucci from Peak Private Lending with our tip of the week. Today we're going to discuss a couple of things about some of the common mistakes and questions that come from wholesalers. - One is only using realtors to locate properties. Many wholesalers just try to zero in on the realtors. And while that's okay there are other methods as well. But if you're going to use the realtors you need to show them how to do the search that's you know that you need to do. One of those ways is with MLS listings you can put in keywords to search like vacant, must sell, moving, divorced the boss, the handyman special, needs work, TLC, builder’s delight though knock down that all wall means that the properties in some sort of a distressed situation which could be a good deal for you wholesalers. Motivated seller that's always another keyword. - A lot of questions we get is how do I get them to see the house. Well a lot of times obviously you can see the outside of the house where you walk up or if you just can't get in. You might want to look in the windows and get a good idea on what the inside looks like. Then you may figure it needs a kitchen needs, a bathroom or two, things like that just to kind of come up with some sort of a rough estimate. Also if so you can get the realtor to get you in there that's even the best way to do. You could actually go in and see. say - What if I'm wrong on the rehab cost clause. You don't have to worry you just need to be close on the rehab cost and then we have clause for the wholesalers now. After multiple houses, after to seeing a lot of houses you'll get really good at coming up with a quick estimate. And we go over that don't on like our bus tours if you we go on our NJREIGroup site or we eyesight and come on our bus tours we cover call it that as well. - And lastly your investor will do the final rehab cost so you just need to get close. You going to tell them maybe its $50,000 - $60,000 or $70,000 or $80,000. They're going to go in and do the actual numbers but you just want to get close. So that's our tip of the week on some of the questions and mistakes that wholesalers make. To hear more about our tip of the week on some of these other issues check in with us and view our videos. Thank you. See you later. Become a Member of Our Real Estate Investing Community https://njrei.group/membership Be Part Of Our Real Estate Investing Community Learn More | Close More | Earn More Money https://www.NJREIGroup.org https://www.meetup.com/njreigroup https://www.facebook.com/NJREIGroup New Jersey Real Estate Investors Group Organizers Glen Gallucci http://www.peakpropertiesllc.com http://www.peakprivatelending.com Paul Kim https://www.segisgroup.com https://www.segisproperties.com

Getting a loan approval can be such a nerve-wracking wait-and-see game. There’s a lot at stake and not getting a loan approval could very well mean that the realization of a longtime real estate dream is facing a huge financial roadblock. Here are important steps you need to follow to ensure your loan can be approved without problems.

Hi Glen Gallucci here with Peak Properties. Today's killer tip of the week is going to be on how to get your deals approved quickly by your lender. Don't go away.

Hey we're back with the killer tip of the week on how to get your lender to prove your deals quickly. First thing is make sure you're very accurate on your after repair value. That's the ARV.

The tip number two is make sure you show them what the loan to value on the project is.

For the third tip is to make sure you have a good scope of work. A complete scope of work and better yet, a detailed scope of work. Looking to fund your deals and you need even a little help, you might want to come check us out at https://www.peakprivatelending.com/

My name is Glen Gallucci and we'll see you there.


Connect with us on the following social channels
Website http://www.NJREIGroup.org
Facebook http://www.facebook.com/NJREIGroup

New Jersey Real Estate Investors Group
Organizers

Glen Gallucci
http://www.peakpropertiesllc.com
http://www.peakprivatelending.com

Paul Kim
http://www.segisgroup.com
http://www.segisproperties.com

Comments for video: