All Forum Posts by: Dan Weber

@Brandon Hall

I don't know any banks that are willing to go into 2nd lien position. Have you asked the seller to seller finance the remainder of the downpayment? From what I understand, that is relatively common when purchasing larger hospitality. Also, I would try some other commercial lenders. Although they request the two years of tax returns, they are usually lending on the asset and how that asset has performed. Could you provide them with the tax returns for the motel business from 2019 and 2021 instead?

I'm hoping to see everyone at Bunker Brewing in Portland this Thursday. I accidentally wrote Brunswick in the event description but this week is in Portland. See you all then!

Maine, Portland, Biddeford, Saco, Westbrook, New England, Brunswick, Bath, Midcoast, Lewiston, Auburn

I would try and find a lender that would either do: 1. ten years fixed on the front end or 2. amortized over 25 years to help with the monthly cash flow. One thing to consider, rents should also gradually increase every year so theoretically, in 3-5 years, the increased rents will hopefully offset some of that increased interest payment.

Check and see if your state has a corporate name search. Most states do. You can then enter the llc into that search and a name will pop up. Then you can do some digging on their name, maybe skip trace it, to get a phone number.

Your best bet for deals with seller financing is going to be as a result of direct-to-seller marketing. This could be cold calling, direct mail, driving for dollars, door knocking, zillow fsbo, craiglist fsbo, etc... If you are looking at larger, commercial deals that have been sitting awhile on the open market, then there could be an opportunity there for the seller to at least do seller financing for a portion of the downpayment. If you are checking on things that have been sitting awhile on the open market, I would cross reference the address with the registry of deeds and search for a mortgage release document to make sure the seller owns it free and clear before wasting your time, your realtors time or anyone else's time going to see the property and digging further into it. Good luck!

Do you want to move to another part of the country? If this is something that excites you, then I would go that route and take advantage of that opportunity, even if you may take a slight pay decrease. If you enjoy the area that you live and don't really want to move from there, then I would either move into that house with the least amount of cash flow OR rent, as you mentioned. If you decide to rent, I would also consider selling the house with the small amount of cash flow if you have a bunch of equity in it because you could likely roll those gains into an asset with better returns. Good luck!

I would delete the current post and then re-post it with some additional language. When you re-post, ask people in their first message to you to include some basic info about themselves like: pets; do you smoke; why are you moving; estimated monthly income; estimated credit score; have you been evicted in the past. I am willing to bet that only 10% of the people that respond would include all of that info. Anyone that takes the time to answer, whose answers also keep the qualified - that is who I would take seriously and schedule showings with.

Hi everyone, we are heading back to Flight Deck this month on Thursday, March 24th at 5:30pm. If you have any questions feel free to reach out to myself or @Robert Beardsley. Hope to see you all there!

Maine, Portland, Biddeford, Saco, Westbrook, Brunswick, Bath, Lewiston, Auburn, Boothbay Harbor, Rockland, Camden, Rockport, Augusta, Midcoast

Hey everyone, we are heading to Bunker Brewing in March for our next meetup on Thursday 3/10 at 5:30pm. I challenge everyone to bring a friend who might be interested in real estate. If nothing else, there will be good beer!

Cheers!

Maine, Portland, Biddeford, Saco, Westbrook, New England, Brunswick, Bath, Midcoast, Lewiston, Auburn