All Forum Posts by: Doug Smith

Hi Anna, We're based just North of you in Tampa and we do a lot of work in SW Florida. I'm happy to answer your specific questions. We'll do investor deals up to $20M for development all the way down to smaller single-family deals. Happy to answer questions to see if we're a fit. 

Reliable contractors that return calls, communicate well, quote appropriately, have a strong attention to detail, and don't take advantage of their customers are worth thier weight in gold. Of course we would love connect and grab coffee. 

That's usually a good chunk of my day. I'll get a lot of calls that say "so-and-so said to call you about building a duplex, etc". It's really best to know how the process works and what you need to do to prepare. Looking for property is not the first step...it's understanding the process and what you need to do to get ready for it. We're always happy to talk with folks that are curious and want to learn. 

Hi Keri, Tampa here too. I spent spent many, many years as a banker prior to us forming this company during the last crash. You won't have an issue provided you register the WY LLC in FL. If you're going to use a bank in FL, start with the following link: https://dos.fl.gov/sunbiz/

It will guide you on how to register in FL. Once you've done that, you'll want to take your Articles of Organization from WY, your registration in FL, and your IRS SS-4 form, which is the letter you got when you got your EIN number when you first started. They might also want a fully-executed Operating Agreement showing who is allowed to open your bank account and sign checks on behalf of the entity. It's not that hard. You can do it. If you have any questions, PM me. I'm happy to advise. 

Hello. Tampa here too. I've been a lender here since I was moved here by a mortgage company in 1996 and we've personally been investing since 2008. I don't know of an institutional investor that will go 100%. If someone is experienced, we'll usually go up to 85% (maybe more) of the purchase price and up to 100% of the rehab cost, but we're going to limit it to 70%-75% of the ARV (As Repaired Value) for flips. For ground-up inspector spec or builder development, we're usually topping out at 80% of cost (land plus construction plus soft costs) up to 70% of As Completed Value. Rental (mostly DSCR) is a different story as you need to have the rent support/cover the PITI + HOA costs. In the current market, that would be tough to do at anything over 75%. We say we'll go 85% on that product, but honestly, it's hard to find a property that is that heavily leveraged where the rent equals or exceeds the mortgage principal, interest, taxes, insurance and HOA fees. I hope that helps.

Hi Amber, What is your friend's goal? Do they need to buy their soon-to-be former spouse out? If so, how much do they need to do that? Is the former spouse on the loan for the home? Are they trying to pull cash-out? If so, what for? There are tons and tons of questions I would have. I tell clients to think of it as if you're going to the doctor for an exam. People don't walk in and say "I need you to prescribe me X" without the physician asking a lot of questions, drawing blood, and doing other tests. A good lender or financial planner is going to do something similar. Really understanding your friend's situation is important to giving good advice. I would really need to understand more to offer significant help. 

Can you be more specific of what you're seeking? Are you trying to sell a completed portfolio? Finance the construction? Perhaps you can be more specific of what you seek. 

In Tampa here as well. Perhaps you can share more about your project. Most lenders, including us, consider both ARV and Cost. How aggressive we get depends on several factors including experience of the operator. For instance, a customer might be doing a ground-up spec build and we might say "Lesser of 80% of cost or 70% of ARV". It really depends, so I think to give an accurate answer, we (or at least I) would need more info. Thanks so much.

When I was tracking mileage, I used an ap called MileIQ. It was $5.99/month, but it worked very well. You leave it open on your phone and simply go about your day. It would use your phone's location to track your trips. You would then periodically pull the ap up and "swipe left of swipe right" for business or personal trips. It was super accurate and you can download a fantastic report for your accountant when you need to. It was worth the $

I know we don't offer DSCR 2nds, but yes to 30 year seconds. I just closed one for a customer. The do exist.