All Forum Posts by: Andre Taylor

Small local banks in my area don't care if it's in LLC...the local bank I did my last refi with just quit claim deed the property at closing and the bank I am working with now on another refi is doing the same thing

@Mari Leopold also build your plan now on how you plan to renovate those properties.. lay everything out... if you go to the bank or even a hard money lender.. and they since that you dont know or understand the deal inside and out.. they will not lend you money... so know your numbers...it is crucial.

@Mari Leopold join that meetup group... and you will get all the notifications on future events

@Mari Leopold small local banks are investors best friend.... hard money lender would be a faster process to get the funds faster but you will need some reserves to go that process not to mention have a solid team that is going to go in and knock it out... these are probably gut rehab jobs so you definitely going to need some trusted contractors that are effective.... you should come to this South Side Investor meeting tonight to network with investors, hard money lenders, contractors, etc.  https://www.meetup.com/TheSout... 

It depends on how big of update you are going to do on the property? Like when I go in... I am expecting to fully gut and rehab the whole property to allow me to BRRRR which eliminates future capex cost. If you are not going to that extent then yeah go do the inspections; what I have done because I do buy very old properties, I bring all the disciplines out such as electrician, masonry, roofer, plumber, foundation, etc.... I want those people who work on these systems to inspect and tell me pricing right then and there... because a general home inspector report will put out there an issue but always tell you to talk to a licensed contractor of that system... so I cut the middle man out and go right to the source.....I have a good team so most come out to do a free inspection since I give them enough work on other projects.

@Mari Leopold it would be nice if it was a private owner then you could had done a seller fiance option. Im sure the corporation would sell these two you for pennies on the dollar. As far as the rehab you would have to find a hard money lender or some other type of private finance. A local bank could back you if you had a good relationship with one if this is your first step out... they could be a little hesitant on your experience. Where there is a will there is a way...so if you can show numbers on paper that the ARV will be alot more then the purchase and rehab cost...somebody will jump on that deal with you.

Yeah dont use them....like everyone else said they are not investor friendly at all.. I wanted to do a cash out refi... and they told me I had to Quit Claim Deed out of my property name and leave it like that for 6 months before doing the refi.....I went to my local bank two blocks away and got the refi done with no problem

Thanks for the update @Joseph M.

@Craig Montesano could you break down some of your experience with the blanket loans.. what you like about them and if any what you dont like? Thanks

@Jesse Goldberg could you type out a demo scenario on the blanket vs individual as I have been looking into going the blanket route but wanted to understand more.