I see several positive posts regarding investing thru norada 7 mos ago but would love to hear from anyone with more recent dealings with them. I am in the process of looking at turn key investments in Memphis, Kansas City and Indy. So far my dealings with norada have been professional. Does anyone have a long term relationship with them who'd care to comment?
Hi @Loreen Flaherty - thanks for your trust and the opportunity to serve you.
Please ask your Investment Counselor for some references. We're always happy to provide them.
BTW - There are more recent posts on BiggerPockets.
Please let us know if you have any questions.
I'm working with Steve Olsen at Norada right now. I'm very close to purchasing my first Memphis property. So far I've been very pleased with everyone involved.
Hi @Loreen Flaherty - I worked with Norada in March 2016 to acquire a property in KC. Everything went smooth and the property is performing well so far. The investment counselor (Michael R.) I worked with was very helpful. Good luck
Great to hear! Appreciate your reply. Flying out to KC, Indy and Memphis in July.
Hi all, to everyone who has purchased through Norada, did you fly out and see the properties and/or meet and greet with their team?
Bump. Do most of you go see or just trust...? I just spoke to Steve at Norada and am hopeful to move forward soon.
Shawn in VA
Patrick Faherty ,@Russell Pitts
I have bought several properties through them and have not visited in person. I have been focusing on Tennessee right now and everything has worked out good.
A minor problem with one house that I'm hoping to rectify this month.
Overall it has been a good experience.
This week I closed on my second property with Norada. You hear a lot of negative feedback on BP about Turnkey operators, and I'm sure they're not all professional and trustworthy, but I've had a great experience with Norada. When I had an issue arise during the closing process, I was able to turn to my investment counselor (Steve Olson) for input. In this case, he actually went the extra mile to negotiate a contract change with the seller due to my concerns. For a new investor, it's nice to know you're not on an island all by yourself trying to figure it all out.
I did travel to Indianapolis to visit the team on the ground. I was very happy with the operation and I was able to see properties throughout the different stages of renovations. I wouldn't say it was necessary, but it did give me a sense of what I was buying. It was also nice to meet the team I'd be interacting with throughout the process.
I am a new investor out of San Francisco Bay area and after 90 days of BP Forum and Podcast, I have decided to reach out to Norada last month and I was able to get a phone consultation in 6 or 7 days after booking via their website, Next they connected with me with one finance company that was unsuccessful to fund my investment. Since I am self employed, I was hoping they have a pool of lenders catering to Self employed. So now I have look for a lender on my own under (Stated income funding).
I am in contact with "Steve Olson" not Marco. We had only one phone conversation but exchanged several emails since his calendar is book days in advance.
Overall the process is moving slower than I anticipated. However I am giving them another week or so to see if they meet my expectations or not. Its just too early to tell.
@Hicham Rani -- Hope you're having a great weekend.
I just spoke with Steve this afternoon and he mentioned he had talk to you today. I'm glad you two were able to connect.
Although we have a pool of conventional and portfolio lenders, the challenge today is there are not a lot of "stated income" loan products. However, many of the portfolio lenders will do asset-based lending provided you have qualifying credit and the assets (property) makes sense to them.
If our lenders can't get you financing, I have a hard time believing you will find it elsewhere. We've been able to fund foreign nationals with absolutely no U.S. credit.
P.S. Thanks for being patient. It's a busy time of year for most builders and providers, and a several day delay in scheduling a phone call does happens. We do strive to reply to emails within 24 hours in the in term between calls. (We do strive to reply to emails within 24 hours in the interim between calls.)
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