All Forum Posts by: Darnell Lockett
Darnell Lockett has started 4 posts and replied 159 times.
Post: Blanket loan or LOC Needed on Portfolio of Duplexes for LLC
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
Hi @Douglas Underwood. Have you thought about doing a cashout refi DSCR loan? It could be an option. We do them for investing clients often. I even do them my for my own portfolio of properties.
Post: What kind of loan should i obtain ?
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
Hi @Jianlan Sheng. I know I'm late to your post but am curious if you found a solution for the right loan. It seems like a DSCR portfolio loan could have been a good fit for you. We love doing them for our investing clients. On another note...I see you're down here in South FL as well. I love working and connecting with fellow investors in this area. We're in Miami.
Post: Duplex package, $4.5m, I have no money.... help?
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
H @Adam Smugala. You’re a new investor looking to purchase a 14 building/28 unit package project? Interesting. Do you or,your business partner have any experience managing 28 units? Do you all have cash reserves on hand? How much cash reserves do you need on hand for this size project? Even if you go with seller financing and the seller negotiates an affordable DP with you, there are so many other factors to consider. Cash and experience go a long way in RE investing. Without both….I’d be cautious trying purchase this. However if you do proceed, do your due diligence.
Post: DSCR LOAN LENDERS
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
Good morning @Lina Castano. We're here in Miami and love doing DSCR loans for our investing clients. We have a variety of DSCR loan programs available. Feel free to reach out to me. I'd love to see if we can help you.
Post: What are the stages of buying a commercial property?
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
Quote from @Charles Carillo:
- Process of purchasing a property
- Preliminarily review a deal
- Submit an LOI (letter of intent)
- Negotiate the price and terms with the seller
- Start reaching out to lenders
- (If you are raising money and this is the first time doing so – start putting the bug in your potential investor’s ear now)
- Finalize the LOI with the seller and have it signed
- Send executed LOI to your attorney to start drafting the PSA (purchase and sale agreement)
- If you are doing a syndication; prepare the offering memorandum and send it to potential investors
- Reach out to your property manager and inform them of the acquisition
- Start preparing for inspections and due diligence – reach out to inspectors
- If you are doing a syndication; reach out to your SEC attorney
- Start your due diligence over the next 2-4 weeks
- Reviewing; leases, utility bills, bank statements, financials, etc. – review everything
- Perform on-site inspections – walk every unit – w/ inspectors and property manager
- Prepare the loan package for your lender
- If you are doing a syndication; reach out to investors to start confirming equity commitments
- Finalize the loan documentation for your lender
- If you are doing a syndication; start taking backup commitments in case investors pull out
- Setup your property-specific LLC
- Setup property specific bank account
- If you are doing a syndication; send the final PPM to your investors – have them execute and wire funds to escrow – preferably 1-2 weeks before closing
- Close
Very detailed response. Btw...I see you're also down here in South, FL @Charles Carillo.
Post: New member here, let’s connect!
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
Hi @Svetlana Kazantseva. Welcome to the BP community. I'm in Miami where prices are probably just as high as in SF. Other parts of Florida are definitely more favorable to investors..imo. As a Mortgage Broker and investor myself, I see a lot of potential and business in Georgia and Ohio. Many of our investing clients continue purchasing in those states. My wife and I also purchase in Alaska (hidden gem) Central TX. I'm always willing to share knowledge and connect with other investors. Feel free to reach out anytime if you have questions about South FL. I'm always willing to share what I know.
Post: Why you always need multiple exit strategies
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
Quote from @Jennifer Turner:
@Darnell Lockett Thank you; agreed! I firmly believe that putting your tenants' safety and best interest first and above profit is one of the most important keys to long-term success as a real estate investor. This leads to mutually respectful relationships, healthy communication, less turnover, less damaged property, higher quality tenants, and better communities overall.
Since my professional background is in social work as an independent living case manager, I also offer all of our current tenants optional (free) 1-on-1 coaching on budgeting, improving credit score, and home ownership education so that they too can become investors in the future if they choose to. Love being able to merge these two fields!
Wow. That's great that you're able to incorporate your social work background into helping you to be more than just a landlord to your tenants. You are giving them resources and knowledge that will benefit them for years to come.
Post: Loan Assumption Strategy
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
You're welcome @Michael Bridgett.
Post: I'm looking to build out my team to invest in Will and Kankakee Counties in Illinois
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
Hi @Sarah Stapp. I'm a lender and investor myself. I'd love to connect with you. I'm always willing to share any knowledge I have with others, while at the same time helping other investors get funding. The BRRRR method has definitely been a popular choice for some investors over the past 10-15 years. It can still be used with success even in todays higher interest rate climate...imo!
Post: Loan Assumption Strategy
- Real Estate Consultant
- Miami
- Posts 165
- Votes 62
Quote from @Michael Bridgett:
@Alex Fenske Do you know if you can assume an FHA loan and owner occupy, if you already have an FHA?
You're allowed to have more than one FHA loan at a time. As long as the servicing provider approves the assumption, that should be no issue. Of course there must be legitimate reasons as to why you're needing another FHA loan (relocating to a new city, upgrading or downgrading due to family situation..etc).