All Forum Posts by: Bobby Eastman

Quote from @Devin Peterson:

Quote from @Bobby Eastman:

This is very weird to me since other lenders will work with buyers from  any state. I don't understand why commercial lenders will either not do it or very rarely.
Does anyone know some creative ways to get around this and save the deal? I am trying to purchase a quadplex with one commercial unit in Missouri.

Is there some other quirks to this deal that we’re missing information on here? There are a lot of wholesale lenders out there that cover mixed-use investment properties.

Thanks Devin, I was told by the lenders I contacted that they just wouldn't work with out of state buyers. I did find one that would do the deal later but with the interest rate(9%) he was offering it made the deal unattractive.

This is very weird to me since other lenders will work with buyers from  any state. I don't understand why commercial lenders will either not do it or very rarely.
Does anyone know some creative ways to get around this and save the deal? I am trying to purchase a quadplex with one commercial unit in Missouri.

I've been looking in this area for a few months now. Cash flow has been a little difficult to find with the current asking prices. But that should come with the understanding that this is a desirable place to live and it is growing. You would be purchasing in this area to take advantage of good rents and appreciation. There are other markets you can find great cash flow but appreciation is lacking. Most properties that I have found in Grayson County are close to breaking even but since this area is growing I am ok with that. With all that said make an offer that works for you and someone may take it. There are so many ways you can structure a deal to make it fit within your parameters.
Happy to share ideas and talk further if you want.

Quote from @Michael Calvey:

Hey Bobby - Have you tried contacting an agent in that area through the Find An Agent feature with BiggerPockets? https://www.biggerpockets.com/agent/match 

Check it out. The entire goal is to help you / individuals like you who are interested in a finding an agent who works with real estate investors. In the Dallas area, there are a handful of great agents you'll find through this feature. 

Thank you very much Mike. I was unaware of that feature but will check it out.

I am also looking to purchase in the area. Would you be open to connecting and sharing ideas? Good luck on your journey.

I am looking to purchase a residential or commercial multi family in the Sherman/Dennison TX area. I am also open to partnering on a transaction.  Can anyone suggest and agent or property manager that can help me with this? Any advice would be appreciated.

I would be interested in exploring that deal. Please send me a message if it is still available.

Thanks I will try to connect with Nick Hughes.

I currently live in a house with 5 other roommates.  We are all on the lease.  I think the landlord did that so she could come after any of us if the rent is not paid. I would put everyone on the lease.  Also stipulate how long someone can have a guest stay without notifying you.  In TX I think the law states if someone stays a certain length of time they can be considered a tenant.

I was at a seminar a while ago and the speaker spoke about renting houses to students.  He said he never rents to students.  He will rent to the students parents but not the student.  That seemed like good advice to me.  

The someone I am referring to is a lawyer or someone who knows everything that needs to be filed.  Minutes of meetings need to be taken among other things.  If you can do it yourself that it great.  I have just read stories of people that forget to keep track of everything and things get messy.