All Forum Posts by: Chris Mancini

@Jared G. does your agent have experience working with investors? I know you mentioned she was a referral from a work colleague, but how did she help him? Her mysterious replies might be coming from a lack of experience working with investment properties.

Also, have you given her a clear cut understanding of what your goals and objectives are? are you looking for flips? rentals? condo conversions? etc etc..  it might be tough for her to "lead you to water" if you arent exactly sure of what you want to accomplish. 

hope that helps.

in addition to whats been mentioned above, i would go one step further and talk with 2-3 traditional banks before buying the property to see what their requirements are for a "cash out refi".  that way you build a little rapport with that bank, show your cash "lender" your intensions on how to pay them back, and also know exactly how good of a deal you have from the start.

BP is a good start!

what area are you in?

for me the best first step was talking to as many people in the area i wanted to "flip" to understand the market and what the area presented / lacked.

have you tried to look up any real estate meet ups in your area?

do you happen to know how the utilities are set up? is each unit separately metered?  im guessing not..  do you know how other rental units in the area work? does the LL pay everything, water only? etc..?

a good start might be checking the electric. do you know how many electric service boxes there are?  if there are only 2, i am guessing he pays the bill each month and it isn't in the renters name.  if so, make sure to consider that into your monthly profit if you decide to move forward.  also, are units sharing electric boxes? as a renter at the property, have you ever had issues with it?

also, if you do want to (and can) turn it into a legit 4 unit property, you should try to find out how to get everything separately metered, and what those costs are.

hope that helps, good luck...

Lawrence, I have a referral for someone I used on a property in N Dinwiddie and I know he has done other projects in the area as well.  Send me a direct message and I can get you his contact information.

BP,

Has anyone found a way to get a consolidated line of credit based off the equity they have in multiple rental properties?  For example, say someone has 2 rental properties with 50k equity in each and you wanted to pull that equity out without going through a typical Cash-out-refi.  Is there a bank or lender that anyone has found to do this? Most of the banks i have spoken with, large and small, would only be willing to do so if the property is a primary or vacation home, not with rental properties.  

Thanks.

BP,

For those of you that do their own direct marketing, has anyone found a way to locate a current home owners phone number?  For example, when I find a potential house that seems like an opportunity, I check the tax record and get the owners name and mailing address, but I was looking to see if anyone has found a way to take it a step further and identify a current owners phone number..?

Thanks for the help,

Chris