All Forum Posts by: Matt Crusinberry

@Joshua D Rodriguez, I would suggest you familiarize yourself with the Biggerpockets Money Show, with Mindy Jensen and Scott Trench. They have some great strategies for pinching pennies to overcome your situation. Also, you can search out the forums as others have been exactly where you are and have talked about their way out. Good luck!

@Brian Tran, There are several ways that will make it easier for you to search out your questions. One would be the way you have suggested, utilizing the search bar above. Once you do that, there is an additional option to the left of the page that will help you filter your searches. I also use Google to conduct the searches, and just end my question with Biggerpockets, that usually helps. The last part would be again as you suggested, just re-ask your question, but with your specifics. 

To answer your second question, from a personal standpoint, I opt for the emails. Every time a question gets asked that is in my forum that I am following, BP blasts it to my inbox. I scan these several times a day during my down time. What I would recommend for you is to pick a strategy that you would like to learn more about, and start your searching there. I'm a big fan of the blogs as well. I hope this helps, and good luck with what you're looking for!

@Londell Reedman, The refi process is fairly simple, especially if you have all your ducks in a row. As far as what to expect, I would suggest you contact several lenders and ask what they offer along with anything they would require to expedite the process. In regards to your LTV question, I would just reiterate that it would be in your best interest to contact several lenders and ask each of them individually. I hope this helps, and good luck!

@Sherman Dunn, Ask them for their last 2-3 years of taxes, if they're serious about selling. Your lender will require this information as well. So at some point they must produce it. I hope this helps, and good luck!

@Jim Growfer, I would type into the Google machine "Banks near me" and speak with them about their capabilities (to include both big and small). You can also look up lending brokers to see what they have to offer as well. Good luck!

@Brian H., I would say you have a few options, but keep in mind it sounds like you may be moving toward the syndication realm. This means you're going to have to check with an SEC attorney before you continue down the perceived route that is indicated in this post (FYI). Also, I am personally not advocating that for you at this time (in regards to my post), as there are more qualified individuals here on BP that would be better suited should you choose to move in that direction (if it's possible for you). 

With that said, my recommended options would be to speak with the seller directly. I would make an attempt to either ask for seller financing or a master lease. Try and figure out the seller's motivation for selling and see if you can't come to terms in giving them an alternative option that would suit both parties. I hope this helps and good luck!

@Sean Collins, I would suggest you continue to learn the RE investing game as much as possible and the markets. I'm a big fan of being able to reach out and touch my properties, but others have made significant strides with long distance investing. You'll want to put a team together, people that are going to be reliable to make this work. Whatever you decide, I wish you the best of luck!

@Jack Pomerantz, That's like asking which color is better, blue or black? What are your goals? Are you a long term investor or do you want cash fast? Are you thinking about retirement, or are you just dabbling in real estate? You could either sell or refinance them. I would suggest you give some more information, as each strategy will produce a different outcome. Some things you may want to keep in mind is the seasoning factor. How long have you owned these properties, and do you own them out right or do you have a loan on them already? Also, before taking them to a lender you may want to fill them up with tenants first to add to the appraised value; and preferably at or near market rents. Good luck!

@Ray Rhoads, You may want to consider seller financing. Speak with the owner, and see if he/she would be willing to do a rent-to-own or just act as the bank until you can acquire a loan. Whatever your able to negotiate... Good luck!

@Aaron Hale, Some banks will give you an 80% LTV, so this shouldn't be an issue. I would double check my numbers though, as this will leave you little room for error. However, I don't think it's necessarily a bad thing if you leave a little money in the property. What do you think your ROI will look like if you did? Will the property still cash flow? These are some other contributing factors to keep in mind as you build your portfolio, especially if it's in a good location. Good luck!