All Forum Posts by: Andrew Halbert

 Thanks Michael,

These are the little details that you don't see mentioned very often. 

Thanks!

 Hi Nathan,

I was thinking that was the next step. Leveraging our LLC in the refinance steps. Any advice on where to start with that process? I have not gone down the commercial lending road yet.

The next stage for our company is to utilize the BRRRR method. T

he question I have is around the re-finance part. When putting permanent financing on the property the bank is going to look at our credit/personal DTI etc. Our DTI is already pretty bad because of the amount of properties we acquired the past 18 months using conventional financing. I understand that I can't claim rental income on the balance sheet until it has been coming in for 2 years. So on paper my DTI is destroyed. Is the answer that I just simply have to wait until I can claim all my rental income as income, thus allowing my DTI to recover? Making it easier for financing?

Am I missing a step here? 

regardless of the area, 10% and up. 

This may be a silly question but I don't care I  am going to ask. :) 

When using a Private or HML, how are you guys/girls getting contracts written up without a sufficient POF letter? What I mean is, There are several private lenders and HML I have access to who require the property to be under contract before funding the deal. I have worked with several different realtors on MLS properties and they all have required POF before submitting the offer. The last deal we did off the MLS I had to jump through a bunch of hoops because the listing agent would not accept our offer until the POF came through, even though my realtor, which we've used several times in all cash purchases, vouched for us and funding capabilities. The listing agent didn't care, they wanted some kind of bank statement with my companies name on it.

So what am I missing?

Hi Everyone, I am back online and ready to roll.  End of school year and beginning of summer I usually drop of the face of the earth for a few weeks due to kids/family/vacations etc. 

I'll be bouncing back in our group asap. 

Thanks for that info @Jon W. I really appreciate it. 

 Jon,

How many units do they manage for you?  How long have you had them as your property manager?  I see you have posted several times giving them high praise.  Are you affiliated with them at all?  Not trying to stir the boat here but I have had a hell of a time trying to get my property listed through them.  Communication has been slow, they can't seem to get my listing online to the major players (zillow, craigslist).  I am also concerned about their business model.  It seems to good to be true.  How can you possible make a profit charging only 79$ per unit, with no tenant placement fee?  

Welcome buddy!

Congrats on getting started.  I also invest in Warren/Detroit.  Tons of good information here. 

Some quick tips at a high level:

1. Always have an exit strategy, more than 1 preferrably

2. Don't get paralyzed by options/what if's (analysis paralysis) It's so easy to get overwhelmed with all the different strategies and options.  Pick something and DO IT! 

3. Understand leverage and when to use it or not use it.

4. Trust your gut, even if your gut tells you something different than a calculator or pie chart, TRUST YOUR GUT