All Forum Posts by: Brian Ellwood

What's up man! I'm in Denver as well. 

I haven't heard of them. A company I can definitely recommend is Marshall Reddick. They've been great to work with and we've done at least a dozen loans. 

Are you thinking Covid will linger for so long that bars/restaurants won't make any kind of comeback, or get back to how they used to be relatively soon? How long you thinking this will go on? 

Are these traditional banks or "institutions" (like a lending One type of place)? 

What is their minimum loan size?

Ive seen banks have 75K as the min loan size recently. It's definitely a pain if you are buying cheaper houses like I am. 

You can always roll them all into one loan and make sure you have the option of selling the houses individually down the road if you wanted to (in which case they have to adjust the loan). 

6% is high if it's from a local bank, should be more like 4 something, 5-6% for institutional money. 

I like the owner finance angle, maybe aim for even less down payment? The cashflow is pretty tight on that deal, I'd want as little of my own cash in it as possible. Are you/will you be bankable after 2 years? You can always negotiate an option to extend for another year. 

There's a lot to unpack here those are just a couple initial thoughts. 

What market? Where are you finding your deals? (marketing source)

People usually don't sell a property at a good discount unless they are in a bad situation. So you may need to either get used to that or pick a new strategy that isn't wholesaling. 

Way to own your $%&@! That's always step #1 :) 

Short answer, you'll likely need to market for your own deals to find anything that makes sense price-wise as a rental, the way the market is right now. I do direct mail to motivated sellers and get much better deals than anything listed on the MLS.

Typically I get it under contract based upon my rough analysis and then get a contractor over there to give me a repair estimate, only then can I actually make a good informed decision. 

What size properties are you going for? I have been marketing to MF in this area and only get calls back from duplexes, triplexes, nothing that's true MF. 

That's a loaded question - it depends on the market, the neighborhood, the rent/price ratio, the property taxes, vacancy rates, how much in repairs the property needs, etc. If you have an example it might help to clear it up, we could look at it.