All Forum Posts by: Bob Willis

@Mahinda Horapakse - If you approach the appraiser about reviewing and changing his opinion I would be respectful and bring facts supporting your point. Being confrontational (I am not implying you will be) will not help your cause. An investor, who was also an appraiser, was interviewed by Brandon Turner and David Greene on the Bigger Pockets pod cast and they discussed this specific topic. Sorry I don't know which exact episode. Good luck.

Same can be said for CC debt. Great post. 

There was an interview with a couple who did just this kind of thing, I think they may have even used the BRRRR method. They were on the Bigger Pockets podcast before Brandon left. I wish I could give you more than that, but that's all I got. It was a very informative interview discussing just this topic.

I think the market is saturated in may locations. Two years ago my STR was the only one in the entire subdivision, now there are more than 20. It is hurting business. I suspect that has more to do with it than people being lazy or it's too hard. I don't think the same money is there today as it was 2-3 years ago. JMO.

Talk to members of the local chamber, talk to the economic development corp, etc... I find it a little strange the other landlords are hesitant to share, is the rental market soft? I have rentals in rural area and the other landlords I know in town talk freely about occupancy, rents, etc. Good luck.

Also of note, this happens all the time. 

Do you have title, if so just apply for a loan with the property as collateral. If not, you need title. Or is there some nuance I am missing here?

To follow up on this - I agree with what is said above with the caveat, does your friend have something of value equal to, or in excess, of the loan amount? I know a friend of mine just made a personal loan to someone who secured the loan with very expensive watches (worth more than $100k). My friend is in possession of these watches and will retain them until the note is paid. Just a thought.

@Kimberly Arington - I have a question for clarification, what do you want to do with the hard money? Generally hard money lenders measure their loan term in months not years. Is that what you are looking for? Just curious about your strategy when you say you have multifamily deals given to you daily, do you plan on buying and holding, fix and flip, what? Your strategy regarding these opportunities should determine the appropriateness of hard money. Best of luck.

Hey All - Anyone dealt with assuming a Sunrun solar lease on a property they have bought? In looking online Sunrun is SLAGGED. Just wondered if any first person experience here in buying a property with leased solar panels on them?