All Forum Posts by: Antonio Barnes

Thank you so much! @Bruce Lynn

Hello BP!

For those in the Dallas, Texas/DFW area, I'm searching around for local and virtual meetups where I can connect with other investors, lenders, contractors, wholesalers, etc. If you guys have any suggestions, they'd be very much appreciated! Thanks in advance!

@Andrew Postell Thanks for this! I actually found these questions from an older post you were under and compared to questions I had already.

@Mark Clayton FYI, these questions are for conventional lenders whenever needing to be approved for a regular mortgage and needing to refinance out of hard money.

I would say mixture of all. You can definitely find off market deals from wholesalers, but I'm going to first try driving for dollars to see if I can scope out properties myself.

From my reading and research, it seems to just depend. Definitely want to do 'local and small' banks or credit unions. I just want to interview both options just to see how they compare.

I'm not familiar with that site. Has anyone used that?

I'm not worried about qualifying. I'm just trying to gather up some options between banks and credit unions to see the differences in their requirements and who I should use for refinancing out of hard money. I would love to chat for a moment though Andrew. This will be my first time talking with lenders, so any insight would be appreciated!

Thanks! I'll send him a message!

@Mark Clayton Hi Mark. Welcome to BP! I see that you are in Frisco. I'm in downtown Dallas! I'm new as well but my current focus is on buying distressed properties using the BRRRR strategy to hold long term. Eventually, I will get involved with flipping since the only difference from BRRRR would be to sell the property instead of holding it.

As far as the LLC, it's really up to you and what business you are doing. For me, I'm in the process of talking with hard money lenders to see if they only lend to business entities. If that's the case, I will setup the LLC (will have to setup one in the future anyway as I grow). If I don't start with a LLC, I will save money from not setting up/maintaining it, and I will just have liability insurance to make sure I'm covered from any slip ups with tenants. When setting up your LLC, I've read to do it as a disregarded entity so that everything passes through to your personal taxes.

I've made a list like you of people I need on my team. I would say network and add to your team as you progress. You don't have to have them all at once but make sure you have people in mind before your first deal.

Hello all,

I'm in the process of lining up financing before finding my first distressed property in Dallas, TX / DFW to invest in using the BRRRR strategy. It is KEY to know who you'll be refinancing with and their requirements before you ever sign up for a hard money loan. Can anyone provide a few suggestions on small, local banks and credit unions to use for the refinance out of hard money? With the suggestions, reasons why you like the lender would also be very much appreciated. Thanks in advance!

Hey BP Community,

As a new real estate investor looking to purchase my first rental property, would it be smart to go ahead and create a rental business LLC and build business credit? Or would I be okay with using my personal credit and info for first starting out? If you can, please provide some advice/guidance with this. Thanks in advance everyone!