All Forum Posts by: Cody Barrett

Hello everyone.  

As I google and search more and more about lending I am seeing more and more advertisements on the side of my pages. Click advertisements that lead you to lending sites.  One being arborloanexpress.com 

Any experience from these types of lenders? I just get the vibe of a shark in the water.... haha!  

Although the how it works section seems really detailed and kind of opened my mind up to what to ask from sellers so I can obtain actual data vs the Pro Forma Data.... Kind of seems like they prefer experienced investors too.... Which I am not. lol 1 deal is not enough experience.

Just thought I'd see how other investors felt about these side ads... 

Thanks BP, you guys rock! 

Great information here, thanks guys!

  @Jeff B. lets say someone finds something on loop net with pro forma data given via links on the advertisement from the Commercial Broker.  Would you then contact the broker to ask for rent rolls, 2 yrs of income/expense statements, and anything else that would contribute to actual data that can bring someone to a more solid valuation using the market CapRate?  I guess the whole trust but verify kind of deal?

Thanks for your input, always enjoy reading your responses and experiences! 

Cody

@Leonid Sapronov how did this deal end up?  Have you figured out how to obtain actual data rather than pro forma?  That is my current hurdle right now.  Loop net is providing pro forma from the listing agents but I would like to verify. 

Nice this was something I am trying to learn more about.  How to learn about local market cap rates for 8 units and higher.  Smaller city so I don't think sales happen to frequently with higher unit apartments in Racine/Kenosha.  We will see though as I do more research! Thanks guys

Oh man this is really superb. Thank you so much @Alex Franks!! It is so nice to hear and read what other investors are doing and how they are going about it. That sounds like something I can definitely do while giving them snapshot of my intentions and goals/timeframe... I just emailed a few REIA's in the local area to learn about their meetings and joining fees so I can network and maybe find some great people to work with! Thanks again, never know what happens when you put the feelers out there lol.

I will definitely be in touch when I hit a few roadblocks in the very near future lol, good luck on finding that winner!! 

Got a little busy with the extended weekend we have and finally got around to seeing this.  Thanks everyone for the tips!! Means a lot to keep me on a solid path.  @Chris Mason great heads up on that, no experience vetting lenders yet, so I will watch out for that and start learning more about red flags in that department.  Thanks a bunch!! 

Cody 

Nice... Good stuff for sure.. Definitely walked away with a better understanding of the types of metrics used to analyze deals.  Thanks everyone! 

Alright I have 1 deal done and fully rented.  (duplex in Racine) I got pre approved and then found my deal. 

Just wanna make sure I am not being disrespectful towards agent's time and efforts.  

Now after reading the ABC's of Real Estate Investing I would love to really dive into analyzing buildings with 4-30 units to practice and maybe find a solid deal.  I found myself sending emails to agents asking questions on some potential properties but quickly realized that even if I find something I have zero funding.  So I felt bad because I don't want to waste their time.  But they might have the info needed to put a presentation together for investors in my area.  You never know, if someone asks and it makes sense then something special could happen.  Especially if its a great deal..

Anyway.... 

From what I keep reading they state that agents, brokers, property managers, etc are major resources for finding data that I could use/crunch to determine property value more accurately.  I am not certain of what the average CapRates are for certain submarkets in my target area so that would be a question that I hope they could help me with... 

So is this OK for me to do with agents/brokers or should I leave them alone until I find some partners?

Otherwise I could just call owners and figure out if they're interested in selling and then ask for their numbers to crunch and follow up with an offer... 

Thanks everyone! 

The ABC's of Real Estate Investing has some great tips on evaluating markets and forming a team to help find market and submarket information that might give clues to current status, future growth, planned developments, major highway expansions, progressive agendas like building bullet trains to connect cities like Chicago and Milwaukee.  

Nice! Has wholesaling been a positive experience for you? I really don't know too much about it or how to be successful at it.