All Forum Posts by: Bob Razler

Hello @Oscar Jacome !  I am looking forward to seeing you again at the next meeting!

FEMA maps the country to determine which flood zone areas are in.

https://msc.fema.gov/portal

Depending on which zone the property is in (it's likelihood to be inundated during a given event of projected reoccurrence - 100 yr event has the odds of happening once every hundred years) it determines whether your mortgage company will require you to carry flood insurance on the property.

The good news is that usually the seller, agent or title company will tell you/catch it.  But if you are near a body of water, it is always a possibility.

Bob

Hello @David Acra .  

I reached out to a local community bank when I started 2 months ago.  I spoke to the head of commercial lending and I let him know what I was planning, my background, my goals, my current financial position, etc.

Once we got past the initial questions and discussion, and I felt that we could work together (eventually) I opened a simple checking account with them just to give them my business.

After a few weeks of communication, I shared my latest deal with them.  Here is my email:

"Good Morning XXXXX:

I just wanted to get you some information on the next investment I am investigating.

Please see the attached report for XXXXXXXXXXXXXXXXX I am inspecting the home tomorrow. If it goes well I will make an offer.

The attached report assumes a commercial loan (25% down) and fully rented.

My other option is an FHA with 3.5% down and I would occupy the main unit.

Please let me know if you feel you would be interested in working with me on this as my lender. I would love to kick-start our relationship with such a great deal.

Also, please let me know if I would be dealing with someone else at XXXX should I opt to go FHA/3.5% rather than commercial.

I am looking forward to working together!

Thank you,"

The report was a full proforma on the property.

I got a very favorable response and I think we will be working together.

Now I am not just trying to get financing for one deal. My long-term goal is to have them serve as a portfolio lender for me, maybe get a relationship with their REO department to pick up some foreclosures or even buy some notes from them.

In the end, it's really just about relationships.  Show them that you have a plan and goals.  Show them that you are a PRO and not just someone hoping to get lucky on a loan.

Break the ice.....reach out!

Bob

Hello @Ryan Fitzhugh !  Thank you!

I have heard good things about the Tampa market.  Most other markets have to be better than South Florida (on a $invested/$Rent basis).  It's very expensive here.  :-)

I only recommended it here because of the AIR B&B Play.  This is a hot destination and I have a friend who is renting an investment via AIR B&B and he is doing well with it.

Bob

Hello!  Absolutely!  I would be happy to chat or even give you a tour!

Hello @Mike Feathers .  Thanks for the leads!

@Louis Piront , I don't know about other markets but I have not seen home inspectors that do appraisals.

Thanks,

Bob

That's a lot of wood @Colin O'Neill :-)

I would go for a contrast in colors.  However, I would decide on the floor material first and they check your color options.

I may be in the minority here at BP on this, but I prefer tile for wet areas.  It is pretty easy to replace 1 tile if someone drops their anvil on it.  Plus you can buy a few boxes and use them as needed.

Hello @Lissette Deleon !  Welcome and congrats on your decision!  You came to the right place!

Don't blame me @Phil Allen .  Blame Jean-Paul Sartre.  :-)

@John Thedford , yes.....sheds, railroad embankments and community gate houses......the foundation of a solid portfolio.

LOL.....I remember back when I was working with a group in the tax sale business we got a maintenance shed at a cemetery.  It was one of the most interesting evictions I ever worked on.  :-)