All Forum Posts by: David Atis

Hey Trevor, welcome to the real estate world! Wholesaling is a great way to get started, and networking is key to success. I'm always looking to connect with motivated investors and wholesalers. I'm happy to share insights and see how we can help each other.

What market are you focusing on? Let’s stay in touch and see if there are any deals we can collaborate on!

That’s incredibly frustrating, especially after investing so much time and money. You might consider: 

Consulting a Real Estate Attorney – Your emails may possibly prove misrepresentation.
Requesting Public Records – A FOIA request might reveal why the city denied you but later approved the duplex.
Escalating to City Officials – Bringing this to local officials could expose inconsistencies.
Exploring Tax Write-Offs – A CPA might help offset your financial loss, if it is possible.

I’d definitely seek legal advice. Sorry you went through this!

Hey Adrian, Here are a few strategies I’ve seen people use:

Targeting motivated sellers with direct mail, cold calling, or text campaigns. Absentee owners, pre-foreclosures, and tired landlords. Wholesaler relationships, or using tools like PropStream while driving neighborhoods to identify distressed properties, and REI meetups as deals can come from relationships.

What strategies have worked best for you so far?

Welcome to BiggerPockets! It’s awesome to see your excitement for real estate investing, and congrats on your first land sale, that’s a great milestone!

Since you're looking to expand into Florida and other states, I'd recommend starting by narrowing down your focus:
Market Research – Florida has great opportunities, but each state and city has different laws, taxes, and demand drivers. Are you leaning toward a specific metro?
Strategy Selection – With your interest in STRs, multifamily, and fix & flips, consider focusing on one strategy first to build expertise before branching out. You can also do value add STR & Multi-Family Rentals by starting with distressed properties and using a bridge loan to acquire them with a lower down payment compared to a DSCR loan.
Networking – Connect with local investors, wholesalers, and realtors in your target markets. BiggerPockets meetups and REIAs can be super helpful.

Feeling overwhelmed is totally normal at this stage! My advice: Take action, even if it’s small. Whether that’s underwriting a few deals, reaching out to agents, or networking with investors, progress comes from momentum.

Looking forward to hearing more about your journey! Let me know if you ever need insights from a lending perspective, I’d be happy to help. 

Quote from @Jaycee Greene:

Hey Jaycee, we currently lend on several loan types: Fix & Flip up to 90% LTP, BRRRR, New Construction, Bridge Loans, & Multi-Family.

For myself personally, I'm looking in the Orlando, Philadelphia, and Southern NJ markets, 1-4 units.

Quote from @Twannisha Jackson:

Thank you! With your focus in using house hacking, Conventional or FHA loans would be your best options. Keep in mind, it would be in your best interest to go for as high as 4 units on each purchase to maximize your door count.

I've seen some people house hack a single family home by renting out the rooms, but keep in mind that traditional lenders would not be able to use the income from renting out the rooms (known as boarder income) towards additional income on the application.

Quote from @Joe S.:

Joe, HML have a balloon that would be due at the end of the loan's term, commonly 12 or 24 months. However, with a DSCR loan that's amortized over a longer term, a wrap may be possible.

While this strategy may work, the way it's structured right now leaves you with no leverage and puts you in a risky position as a beginner. Before moving forward, negotiate better terms with the hard money lender you initially spoke with and ensure the seller is fully on board with second position financing. Without control in the deal, you’re at the mercy of both the lender and the seller, which is not a good place to begin in real estate investing.

Because you’re not putting any of your own money into the deal, neither the lender nor the seller has much incentive to be flexible if problems arise. You’re committing to a large lump-sum payment at the end of the term without any leverage to negotiate extensions. If you can’t flip or refinance in time, while making interest payments to both the HML and the seller, you could lose the deal entirely.

As @Twannisha Jackson mentioned, 75% LTV is very high. If you like help structuring this deal differently to give you more leverage, let me know, I've worked with new investors on game plans and seen others start with 90% LTV on their very first deal.

Hey everyone,

I'm excited to be here! I've been in the real estate lending industry for over a decade, helping investors secure funding for their deals. Now, I'm stepping into the investor role myself and looking to learn, grow, and connect with like-minded individuals.

I'm eager to share insights from my lending experience while also gaining knowledge from seasoned investors. Looking forward to great discussions and opportunities to collaborate!

How did you get started in real estate investing?