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All Forum Posts by: Daniel Mendez

Daniel Mendez has started 96 posts and replied 247 times.

Post: Any Columbus Ohio Investors currently living in DFW?

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47

Good afternoon BP,

I wanted to see if there were any REI living currently in the DFW that invest in Columbus Ohio.

Would be awesome to meet some of you.

I recently decided that I want to purchase my first Out of State Property in Columbus. 

Post: Any success stories with Hard Money Lenders?

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47
Originally posted by @CJ M.:

@Daniel Mendez

The lender will order an appraisal (which you'll pay for in your closing costs). Once the appraisal comes back, the lender will then offer 75% (or whatever their % is) of the value.

Trust me, know your ARV ahead of time. A low appraisal can really screw you!

Cj, can I do my own research and find out the ARV of a home? Or do I need to rely on a real estate agent to do that for me?

Also, should I get a preapproval before going to a hard money lender?

Post: Any success stories with Hard Money Lenders?

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47
Originally posted by @Joel Thompson:

@Daniel Mendez using OPM (whether hard, private, etc.) is feasible for a first time purchase, you simply need to make sure that you factor holding costs in to your calculations.

I work with new investors on projects in Washington & Oregon regularly, and a good hard money lender will want the investor to be successful. We see success on the regular.

If you have people in your network that are willing to fund your purchase, that would be my recommendation. Usually terms are more favorable and its less expensive. That said, you can definitely be successful using hard money.

 I appreciate the advice, Joel.

I think Hard Money will be my way to go if I don't find any private funding. 

Post: Any success stories with Hard Money Lenders?

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47
Originally posted by @Jay Hinrichs:

If your looking to BRRR with HM that's doable that was the core of my business pre 08.

But one thing you must do before anything is get pre qualified for your refi.. don't want to get stuck in a HML with no way to refi out..

So for BRRR with HML

1. qualified for take out and I mean fully qualified not just a pre approval letter.

2. find market were you can be all in at 75% of ARV.

3. get a 75% arv loan  refi out most of your cash.

in some instances all your cash.. but then U also are mortgaged so careful with debt management

When I get a 75% ARV loan do I ask lender that I want to get a cash-out refi for a certain amount? Or do I find the lender and ask that I want to get qualified for the most money?

Post: Any success stories with Hard Money Lenders?

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47

Hey BP,

I am looking to purchase my first out of state property soon.

I am looking to potentially use a hard money lender for my first property even though I know it will eat up my profits. 

Would you guys suggest I use a hard money lender? Or should I attempt to acquire funding through friends and family members?

Does anyone have a success story using a hard money lender for their first investment property?

Post: Any Columbus Real Estate Investors? I need your help

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47

Good afternoon BP,

So I am currently doing my research in determining the city that I would like to invest in for my first deal.

Looking into potentially investing in MFR in Columbus Ohio.

Are there any REI here in the BP community that currently invest in Columbus? If so, what are your thoughts? Any neighborhoods that I should stay away from?

Post: How did YOU go about raising you first private funding?

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47

Good evening BP,

I am looking to purchase my very first deal this summer and I want to acquire the property by acquiring private funding either from friends or family.

My question to all of you is how did you go about acquiring your first private funding? Did you already have a property in mind to present when you asked for the money?

Any tips would be awesome! 

Thanks in advance

Post: how are you finding deals

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47
Originally posted by @Brian Ellis:

I have found all my deals on the MLS. They all have been overlooked by investors, that's why Ive been able to capitalize on them. I also had to work harder to make the numbers work. A lot of that was through negotiation, and sweat equity.

Either im really lucky, or im really talented at presenting an offer that is both beneficial to me and the seller. 

Go out there and search... then MAKE IT HAPPEN!

Good luck!

 Hey Brian,

Are these properties that you are investing in are in Indy? If so, are they all MFR or SFR?

I have heard that Indy is better for SFR and not MFR.

Post: Hard money lender: Use it on your first property?

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47

Good afternoon BP members,

Out of curiosity, would you all suggest to use a hard money lender to fund my first investment property? If so, what should I look out for?

If not, why should I avoid using a hard money lender on my first deal?

Post: Best cities for Multifamily homes

Daniel Mendez
Posted
  • Investor
  • Dallas, TX
  • Posts 254
  • Votes 47
Originally posted by @Ross Denman:

@Daniel Mendez I do think that Indy is a great place to start, but finding a market where you can build a great team is more important than finding the "best" market.

I recommend finding something will very little risk when starting, which usually means MLS deals. Right now, the MLS is very competitive, but I am constantly networking with brokerages to get access to off-market, pocket listings that are great for investors but difficult to sell on the traditional market. You can follow the wholesale market, but you have to be more careful as there are many pitfalls to avoid when dealing with wholeasalers as they often have very skewed numbers. You will find the same things on MLS properties, but realtors are held accountable to a code of ethics with a license at stake.

Building a team and network is usually going to be the best place to start. One more recommendation... if you haven't ready David Greene's book, Long-Distance Real Estate Investing... I really recommend it. It's easy to digest and laid out really well. Most of my clients have read it and love it. The information is very parallel to what we teach our clients, but it's very nicely packaged.

Best of Luck! Feel free to reach out if you need anything.

 Thank you, Ross.

I greatly appreciate the information and advice. 

I did read that book and it is very book. 

At this point, I need to build my team so that I can find good deals.