All Forum Posts by: Adrian Smude

@Steven Smith welcome to BP!

What type of money do you have access to?  If a bank will loan you money and you're willing to put up with the BS then that's the cheapest way to go.  Take your profits to use as the down payments.  But just because you have 4 tenants instead of 1 doesn't mean you will have more money in your bank at the end of the year.  Will you be trading up or down?  What type of turn over do you have now verse projected to have with duplexes?  Can you find a way to keep your properties and add a duplex?  Do your current tenants want to stay and buy it from you? Just some questions to think about.  

@Eric Odum

@Jennifer Byrne Welcome to BP and the investment side of RE!! 

@Rose Davis I don't give them ANY real info.  I don't bring my wallet and it wouldn't matter because they would actually be lending to my wife and not me.  I'm basically there to interview them.  I also want to make sure my wife is a good fit for the type of loans they are wanting to give.  I don't talk solid numbers because they will change by the time we use them, basically I want to know if the mortgage person is knows how to make things work if there's a hang up, if they understand real estate investing, and if I just like/have a good feeling about the bank/person.  I hope this helps.  

@Ace Saxon first of all congrats on taking the steps to do your first deal! Buy and hold is the way to go!!!! I would talk to as many lenders as possible. This will include small local banks, credit unions, mortgage brokers, private money at REIA meet ups, private money as friends of friends, etc (don't waste your time with the big banks). My wife has a contract being submitted to the under writers today with a mortgage broker we like but not the best LONG term solution for us. Therefore I am always on the search for more money, this morning I met with another small local bank and they may be who we have been looking for. The biggest key is they KEEP their loans which means they make the rules. Believe it or not they can close as quick as 5 days which is incredible for a bank. This idea of a bank is around you, so keep searching (took me 8 months for me to find it)

I will also PM you a lending company that loans based on the asset with pretty good terms.  So if you find an house under valued enough you can get in for 10K or less.  

@Carol Donaldson I have not purchased from them, but know people that have.  As state above, the main concern is doing your own numbers.  Hope things workout :)

@Ben G. I actually met an investor that will partner on these. I pass him the return mailer, he skip traces and if he's able to make a deal he splits it 50/50

@Benji Jean welcome to BP and RE! As far as I'm aware the two big REIA meet ups in Orlando are CFRI and GOREIA, I have been to both once. You can also search on meetup.com for REIA. I'm sure some others will be able to provide more detailed information. Wishing you the best!

@Dave Foster I'm sure you're not bored :-)

@Christopher Rodriguez www.pcreia.com

Talk to more than one bank and more than one type of bank.  

@Michelle McKoy welcome to BP!